Profound Med Corp Stock Price, News & Analysis

Profound Medical (NASDAQ:PROF) announced preliminary unaudited revenues for Q4 and full year 2024. The company expects Q4 2024 revenue between $4.1-4.2 million, representing 105-110% year-over-year growth and 45-48% sequential growth. Full year 2024 revenue is anticipated at $11.1-11.2 million, compared to $7.2 million in 2023.

Starting January 1, 2025, Profound will transition to reporting financial results under U.S. GAAP and file domestic forms with the SEC, while maintaining SEDAR+ filings in Canada. The company recently completed an underwritten public offering of common shares and achieved unique reimbursement for its TULSA procedure at Urology APC Level 7 across multiple treatment settings.

Profound Medical Corp (NASDAQ:PROF; TSX:PRN), a commercial-stage medical device company specializing in incision-free ablation therapies for diseased tissue, has announced its participation in the 43rd Annual J.P. Morgan Healthcare Conference. The company's management will deliver a business update presentation on Thursday, January 16, 2025, at 11:15 a.m. Pacific Time in San Francisco, CA.

The presentation will be accessible to interested parties through a live broadcast and will subsequently be archived on the company's website at www.profoundmedical.com in the Investors section under 'Webcasts'.

Profound Medical Corp (NASDAQ: PROF) has successfully closed its underwritten public offering of common shares, raising US$40.25 million in gross proceeds. The offering, priced at US$7.50 per share, included the full exercise of the over-allotment option, resulting in the issuance of 5,366,705 common shares.

The net proceeds will be allocated to fund the commercialization of TULSA-PRO® system in the United States, support global development and commercialization of both TULSA-PRO® and Sonalleve® systems, and provide working capital for general corporate purposes. Raymond James and Lake Street Capital Markets served as co-lead underwriters and joint bookrunners for the offering.

Profound Medical (NASDAQ: PROF) announced the pricing of an underwritten public offering of 4,666,700 common shares at US$7.50 per share, expecting to raise approximately US$35 million in gross proceeds. The company granted underwriters a 30-day option to purchase up to 700,005 additional shares.

The net proceeds will fund the TULSA-PRO® system commercialization in the United States, support global development and commercialization of both TULSA-PRO® and Sonalleve® systems, and provide working capital. The offering, expected to close around December 10, 2024, is co-led by Raymond James and Lake Street Capital Markets.

Profound Medical Corp (NASDAQ: PROF) has announced a proposed public offering of common shares. The company plans to grant underwriters a 30-day option to purchase up to an additional 15% of the offered shares. The net proceeds will be used to fund the commercialization of TULSA-PRO® system in the US, continue development and commercialization of TULSA-PRO® and Sonalleve® systems globally, and for working capital purposes.

The offering is expected to close around December 10, 2024, with Raymond James and Lake Street Capital Markets acting as co-lead underwriters. The offering will be available in all Canadian provinces and territories (except Quebec) and in the United States, subject to necessary approvals including Toronto Stock Exchange approval.

Profound Medical has entered into a co-sales and co-marketing agreement with Siemens Healthineers to commercialize a new MRI-guided prostate therapy solution combining Profound's TULSA-PRO® system with Siemens' Magnetom Free.Max MR scanner. The TULSA procedure uses real-time MR guidance for precise prostate tissue ablation while preserving urinary continence and sexual function. The partnership aligns with CMS's 2025 Final Rule establishing Urology APC Level 7 reimbursement for TULSA procedures across hospital outpatient, ambulatory surgical center, and private office settings. The combined solution is expected to launch in 2025, pending compatibility completion.

Profound Medical (NASDAQ:PROF) announces the launch of its third TULSA-AI® software module, UA Alignment Assistant, designed to streamline the alignment of the ultrasound applicator during TULSA procedures. The company will showcase this innovation alongside six presentations featuring the TULSA procedure at the upcoming RSNA 2024 and SUO 2024 meetings.

The TULSA-PRO® system offers an incision-free, radiation-free treatment for various prostate conditions, including cancer and BPH. The procedure uses real-time MR guidance and precise sound absorption technology, heating targeted tissue to 55-57°C while preserving urinary continence and sexual function. The new UA Alignment Assistant module aims to improve workflow consistency by automating the MR image alignment process.

Profound Medical Corp. (NASDAQ:PROF; TSX:PRN), a commercial-stage medical device company specializing in customizable, incision-free therapies, will present an update at the Stifel 2024 Healthcare Conference on Tuesday, November 19, 2024, at 9:45 a.m. Eastern Time in NYC.

The presentation will be available live and archived on the Company's website under the 'Webcasts' section in the Investors area.

Profound Medical reported Q3 2024 financial results with revenue of $2.83 million, showing 64% growth over Q3 2023. The company's TULSA-PRO® systems installed base reached 59 units. Operating expenses increased 42% to $10.8 million. Net loss was $9.4 million ($0.38 per share). The company maintains its 2024 revenue guidance of $11.0-12.0 million. Cash position stands at $27.1 million. Notable developments include new CPT® Category 1 codes effective January 2025 and TULSA reimbursement upgrade to Urology Level 7 APC.