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. develops and markets interventional MRI medical devices for incision-free tissue ablation. Its recurring news centers on TULSA-PRO® and the TULSA Procedure™, which use real-time MRI guidance, robotically controlled transurethral ultrasound and temperature feedback to ablate prostate tissue in prostate cancer and benign prostatic hyperplasia.
Company updates also cover Sonalleve®, an MRI-guided therapy used for pain palliation of bone metastases, desmoid tumors and osteoid osteoma, as well as gynecologic conditions including uterine fibroids and adenomyosis. Recurring developments include financial results, revenue guidance, payer coverage, CAPTAIN post-market clinical data, scientific-meeting presentations, treatment-site adoption milestones and investor conference updates.
Profound Medical Corp. (NASDAQ: PROF) announced updated results from its pivotal TACT study on TULSA-PRO® for prostate cancer during the FOCAL 2022 Conference in Los Angeles. The trial, involving 115 patients, demonstrated sustained efficacy with a 95% reduction in PSA at one year, reaching a nadir of 0.28 ng/ml by four years. Safety outcomes showed no severe adverse events, and 87% of patients retained sexual function. These findings support the device’s potential in the market and are anticipated to be validated by ongoing clinical trials.
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.