Welcome to our dedicated page for Profound Med news (Ticker: PROF), a resource for investors and traders seeking the latest updates and insights on Profound Med stock.
Profound Medical Corp. (PROF) is a commercial-stage medical device company that regularly issues news on its AI-powered, MRI-guided, incision-free therapies for tissue ablation. The company’s updates frequently center on its TULSA-PRO system and the TULSA Procedure™, which are used to treat prostate cancer and benign prostatic hyperplasia (BPH) using robotically controlled, transurethral ultrasound under real-time MRI guidance.
News coverage for Profound often highlights new clinical milestones, such as first commercial TULSA-PRO cases at major academic hospitals, expansion of TULSA-PRO programs at imaging suites, and recognition of clinical trial data comparing the TULSA Procedure to robotic radical prostatectomy. Releases also describe real-world experience across the prostate disease spectrum, including cancer-only, hybrid cancer and BPH cases, BPH-only patients, and salvage therapy for radio-recurrent localized prostate cancer.
Investors and clinicians following PROF can also expect announcements on regulatory and commercial developments. These include exclusive distribution and supply agreements for TULSA-PRO and Sonalleve in regions such as Canada, Saudi Arabia, Australia and New Zealand, as well as financing transactions like registered direct offerings and private placements used to support sales expansion, research and development, and working capital.
In addition, Profound’s news flow covers product enhancements such as the TULSA-AI® Volume Reduction module for BPH, new clinical data presented at medical meetings, and updates on the installed base and qualified sales pipeline for TULSA-PRO systems. This page aggregates these company-issued releases and related coverage, offering a single location to review the latest developments affecting Profound Medical’s technologies, commercial footprint and capital markets activity.
Profound Medical Corp. (NASDAQ:PROF; TSX:PRN) has announced significant management changes aimed at enhancing sales and global growth. Abbey Goodman and Hartmut Warnken have been appointed Chief Commercial Officers for the U.S. and international markets, respectively, succeeding Kenneth Knudson. Notably, Profound achieved its first North American sales of Sonalleve® systems and anticipates expanding TULSA-PRO® installations to 35 by year-end. The company is focused on securing a CPT® Category 1 code for its TULSA technology, with plans to submit an updated application in 2023.
Profound Medical Corp. (NASDAQ: PROF) announced participation in two investor conferences in September 2022. The Lake Street’s 6th Annual BIG Conference will occur on September 14, 2022, followed by A.G.P.’s Virtual MedTech Conference on September 21, 2022. Both events will include one-on-one meetings, but no webcasts will be available. Profound specializes in incision-free therapies for tissue ablation, notably the TULSA-PRO® and Sonalleve® technologies, which are CE marked and FDA cleared for various medical applications.
Profound Medical Corp. (NASDAQ: PROF) announced a U.S. reimbursement update for its TULSA-PRO® system used in Transurethral Ultrasound Ablation (TULSA). The CPT Category 1 application for TULSA has been withdrawn for the September 2022 meeting, with a new application expected in 2023. Meanwhile, hospitals are using a temporary 'C' code (C9734), with a proposed 5% reimbursement increase to $13,274 starting January 1, 2023. The CEO believes this interim reimbursement will help promote TULSA's adoption in the U.S.
Profound Medical Corp. (NASDAQ:PROF) reported Q2 2022 revenue of approximately $2.0 million, with significant growth of 48% sequentially driven by new Sonalleve® system sales. Recurring revenue was $1.16 million, while one-time sales of capital equipment totaled $864,000. Operating expenses rose to $8.7 million, an increase of 15% year-over-year. The net loss decreased to $5.9 million compared to $7.0 million in Q2 2021. Cash reserves stand at approximately $53.2 million.
The company aims to enhance commercialization of its TULSA-PRO® system.
Profound Medical Corp. (NASDAQ:PROF; TSX:PRN) will release its Q2 2022 financial results after market close on August 4, 2022. A conference call is scheduled for 4:30 PM ET to discuss these results and recent business developments. The company focuses on customizable, incision-free therapies for diseased tissue using technologies like TULSA-PRO® and Sonalleve®, which have received various international approvals, including FDA clearance and CE marking.
Profound Medical Corp. (NASDAQ:PROF) has announced that CEO Arun Menawat will participate in a virtual panel on Focused Ultrasound at Cowen's 7th Annual FutureHealth Conference on June 23, 2022, at 9:55 a.m. ET. The discussion will not have a webcast but will be accessible to registered participants. Profound develops incision-free therapies for diseased tissue ablation, including TULSA-PRO® and Sonalleve®. TULSA-PRO® is FDA cleared and offers customizable prostate cancer treatments, while Sonalleve® treats uterine fibroids and bone metastases. Both technologies have various international approvals.
Profound Medical Corp. (NASDAQ:PROF) announced that management will present a business update at the 2022 Jefferies Global Healthcare Conference in New York City on June 9, 2022, at 4:30 p.m. ET. This presentation will be streamed live and archived on their website. The company develops incision-free therapies for tissue ablation, commercializing products like TULSA-PRO® for prostate procedures and Sonalleve® for uterine fibroids and pain management. Both technologies are CE marked and have gained various regulatory approvals.
Profound Medical Corp. clarifies recent insider trading activities amid investor inquiries, confirming open market purchases by executives. CEO Arun Menawat and Independent Lead Director Brian Ellacott collectively bought approximately US$763,000 worth of shares. Menawat acquired 60,516 shares at prices ranging from US$6.6548 to US$7.05. These transactions were disclosed to address shareholder concerns, as the company does not file on U.S. SEC forms that detail insider trading. Profound continues to focus on its innovative medical technologies.
Profound Medical Corp. (NASDAQ:PROF) announced successful demonstrations of its TULSA-PRO® technology at the AUA 2022 Annual Meeting held from May 13-16. A highlight was a semi-live TULSA procedure conducted by Dr. Kenneth A. Goldberg, showcasing the device's capability in safely ablating prostate tissue. Additional presentations reported promising outcomes from a clinical study on benign prostatic hyperplasia (BPH). The company also launched the TULSA-PRO® Software version 2.11, enhancing procedure accuracy with new imaging features. Feedback from the event was largely positive, supporting its commercialization strategy.
Profound Medical Corp. (NASDAQ:PROF) reported Q1 2022 revenue of $1.4 million, a 92% increase from $711,000 a year prior. Of this, $1.02 million came from recurring revenue. Operating expenses rose by 13% to $7.7 million, with net loss widening to $10.5 million, or $0.40 per share, from $8.5 million, or $0.37 per share, in Q1 2021. The company's cash position stood at $60.1 million. Profound emphasizes growth in TULSA procedure utilization and future revenue growth driven by international market activity.