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 (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.
Profound Medical announced that CMS has established the first-time Category 1 CPT® code for TULSA procedure, effective January 1, 2025. The procedure will be reimbursed at Urology APC Level 7 with $12,992 for Hospital Outpatient and $10,728 for ASCs (Medicare National Average). This represents increases of 41% and 49% respectively over previous rates, and stands 25% higher than robotic radical proctectomy. Three new CPT codes will cover different delivery methods, with a 0-day global period, allowing separate billing for pre- and post-procedure visits. TULSA will be uniquely available across all treatment settings: hospitals, ASCs, and private offices.
Profound Medical Corp. (NASDAQ:PROF; TSX:PRN), a commercial-stage medical device company specializing in incision-free therapies for diseased tissue ablation, has announced it will release its third quarter 2024 financial results after market close on Thursday, November 7, 2024. The company will host a conference call at 4:30 p.m. ET on the same day to discuss the financial results and business developments.
Investors and interested parties can register for the live call at the provided link. The call will also be broadcast live and archived on Profound's website under the 'Webcasts' section in the Investors area.
Profound Medical has appointed Tom Tamberrino as its new Chief Commercial Officer. This strategic move comes as the company prepares for the implementation of permanent CPT® Category 1 codes for TULSA, effective at the beginning of 2025. Mr. Tamberrino, who previously worked with Profound's CEO Arun Menawat at NOVADAQ, brings extensive experience in sales and marketing leadership in the U.S. healthcare industry.
Abbey Goodman, the current CCO, will transition to leading Profound's strategic partnerships. Mr. Tamberrino's appointment is aimed at maximizing the anticipated business growth opportunity presented by the new reimbursement codes. His past success includes building NOVADAQ's direct U.S. sales and marketing organization, driving annual revenue from $27 million to over $82 million before its acquisition by Stryker for $701 million in 2017.
Profound Medical Corp. (NASDAQ:PROF; TSX:PRN) hosted its second 'PRO-Talk Live!' event in Las Vegas on September 14, 2024, featuring 70 physicians, including 31 existing TULSA-PRO® users and 39 potential users. The event showcased presentations on TULSA-PRO®'s versatility in treating prostate diseases, with insights from key opinion leaders and Profound's management team.
Notably, representatives from Siemens Healthineers and Cook Medical discussed their shared vision with Profound to create a comprehensive MR solution for prostate disease diagnosis and treatment. The event highlighted the upcoming permanent CPT® Category 1 codes for the TULSA procedure, effective from 2025, which is expected to drive physician and patient access.
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