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 announced the U.S. Centers for Medicare and Medicaid Services (CMS) proposed a Category 1 CPT code for Transurethral Ultrasound Ablation (TULSA), effective January 1, 2025. This includes three physician codes for different procedural scenarios, introducing greater billing flexibility for pre and post-procedure visits.
TULSA will be recognized across Hospital Outpatient, Ambulatory Surgical Centers, and Private Offices. The proposed payments for the complete TULSA procedure are $9,208.50 for Hospital Outpatient and $7,195.00 for Ambulatory Surgical Centers.
Physician fee schedules vary based on whether one or two physicians are involved, with RVUs assigned accordingly. This move is expected to enhance the accessibility and affordability of TULSA for treating prostate diseases.
Profound Medical Corp. announced the voting results from its Annual General Meeting of Shareholders held on May 15, 2024. A total of 15,336,388 common shares, representing 62.78% of the outstanding shares, were represented. All proposals were approved by the majority vote. Six board nominees were elected: Arun Menawat (97.776% for), Brian Ellacott (98.269% for), Cynthia Lavoie (98.9% for), Murielle Lortie (97.623% for), Arthur Rosenthal (98.264% for), and Kris Shah (98.269% for). PricewaterhouseCoopers LLP was reappointed as the auditor for the next fiscal year.
Profound Medical has received FDA 510(k) clearance for its 'Contouring Assistant' AI module, designed to assist in creating automated TULSA treatment plans for prostate disease. This module utilizes deep learning with over 24 million parameters derived from 7,466 images and was validated in clinical studies by leading experts. The studies showed that urologists using the module improved segmentation accuracy and were 32% faster. TULSA is a non-invasive, one-session procedure using real-time MR guidance to treat prostate conditions while preserving urinary and sexual functions. CEO Arun Menawat emphasized the milestone's significance in improving treatment efficiency and confidence.
Profound Medical Corp. announced its first quarter 2024 financial results and issued full-year 2024 revenue guidance. The Company reported revenue of $1.91 million for Q1 2024, with 3% growth from the same period last year. Operating expenses increased by 9% to $8.8 million. Net loss for Q1 2024 was $6.2 million. The Company expects full-year 2024 revenue to range from $11.0 million to $12.0 million, representing significant growth. Profound had cash of $41.2 million and 24,428,899 common shares outstanding as of March 31, 2024.
Profound Medical Corp.'s TULSA procedure is gaining recognition as a mainstream treatment for prostate diseases, with 25 scientific research presentations this year alone. The clinical evidence showcases TULSA's efficacy in treating a diverse range of patients with localized prostate cancer and/or BPH. The company's CEO, Arun Menawat, highlights the positive outcomes from top medical centers worldwide, positioning TULSA as a leading treatment modality.
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