Profound Medical Reports Fourth Quarter and Full Year 2025 Financial Results
Rhea-AI Summary
Profound Medical (NASDAQ:PROF) reported record Q4-2025 revenue of $6.0M, up 43% year-over-year and 13% sequentially, and full-year 2025 revenue of $16.1M. Installed base stood at 78 systems with a pipeline of 110 potential new systems and an expectation of ~120 installs by end-2026. The company closed equity financings totaling $42.45M in Dec 2025, ended the year with $59.7M cash, and reported a full-year net loss of $42.6M (GAAP). Notable operational milestones include CMS reimbursement at Urology APC Level 7, launch of TULSA-AI for BPH, and selected late-breaking CAPTAIN trial outcomes presentation in March 2026.
Positive
- Q4 revenue of $6.0M (+43% YoY)
- Full-year 2025 revenue of $16.1M
- Closed equity financings totaling $42.45M in December 2025
- Cash balance of $59.7M as of December 31, 2025
- Installed base 78 systems and pipeline of 110 potential systems
Negative
- Full-year net loss of $42.6M for 2025
- Q4 net loss of $8.2M (loss per share $0.27)
- Total operating expenses rose to $52.6M in 2025 (from $40.1M)
- Q4 gross margin fell to 67% from 71% due to product mix and introductory pricing
Market Reaction – PROF
Following this news, PROF has declined 14.55%, reflecting a significant negative market reaction. Our momentum scanner has triggered 4 alerts so far, indicating moderate trading interest and price volatility. The stock is currently trading at $6.40. This price movement has removed approximately $46M from the company's valuation.
Data tracked by StockTitan Argus (15 min delayed). Upgrade to Silver for real-time data.
Key Figures
Market Reality Check
Peers on Argus
PROF gained 2.82% while peers were mixed: RCEL and RPID rose, OWLT and SERA fell, and LNSR was roughly flat, pointing to a stock-specific reaction rather than a broad medical devices move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 13 | Q3 2025 earnings | Positive | +7.9% | Record Q3 revenue, margin expansion, and narrowed net loss versus prior year. |
| Aug 14 | Q2 2025 earnings | Positive | -23.3% | Flat revenue but better gross margin and maintained high growth guidance. |
| May 08 | Q1 2025 earnings | Neutral | -7.0% | Strong revenue growth and margins offset by higher expenses and larger loss. |
| Mar 06 | Q4/FY 2024 earnings | Neutral | -5.9% | Revenue more than doubled but operating expenses rose and losses persisted. |
| Nov 07 | Q3 2024 earnings | Neutral | -2.3% | Solid revenue growth with higher operating costs and continuing net losses. |
Earnings releases have often been followed by negative price reactions despite generally improving revenues and margins, with only one of the last five tagged earnings events showing a positive alignment.
Over the last five earnings announcements, Profound Medical has reported consistent revenue growth and margin improvement, alongside elevated operating expenses and ongoing net losses. Price reactions have been mixed, with an average move of about -6.14% following earnings. Only the strong Q3 2025 report with $5.3M revenue and higher gross margins saw a clearly positive reaction, while several other solid growth updates were met with selling pressure, underscoring a cautious market stance toward profitability and spending.
Historical Comparison
Historically, PROF’s earnings news led to an average move of -6.14%, often skewing negative even on growth updates. Any positive reaction to this report would contrast with that pattern.
Earnings releases show revenue rising from $2.83M in Q3 2024 to $4.2M in Q4 2024, then to $5.3M in Q3 2025, with recurring revenue and TULSA-PRO installs steadily increasing despite higher operating expenses.
Regulatory & Risk Context
Profound Medical has a preliminary Form S-3 shelf registration filed on Nov 13, 2025 to offer up to $150,000,000 of various securities. The shelf is not yet effective and has 0 recorded usage to date.
Market Pulse Summary
The stock is dropping -14.6% following this news. A negative reaction despite strong revenue growth would fit the historical pattern, where earnings have averaged a -6.14% move. The market has often focused on sizeable net losses like the $42.6M loss and high $52.6M operating expenses. Even with cash of $59.7M and added equity funding, concerns about ongoing burn and potential use of the $150M shelf could contribute to downside pressure.
Key Terms
interventional mri medical
benign prostatic hyperplasia medical
randomized controlled trial medical
registered direct offering financial
private placement financial
cms regulatory
u.s. gaap financial
AI-generated analysis. Not financial advice.
TORONTO, March 05, 2026 (GLOBE NEWSWIRE) -- Profound Medical Corp. (NASDAQ:PROF; TSX:PRN) (“Profound” or the “Company”), a commercial-stage medical device company that develops and markets innovative interventional MRI (“iMRI”) procedures, today reported financial results for the fourth quarter and full year ended December 31, 2025. Unless specified otherwise, all amounts in this press release are expressed in U.S. dollars and are presented in accordance with U.S. generally accepted accounting principles (U.S. GAAP).
Business Highlights
- Q4-2025 revenue grew
43% year-over-year and13% sequentially quarter-over-quarter to a record$6.0 million .
- Profound’s TULSA-PRO® qualified sales pipeline also continues to grow, and currently stands at 110 new systems being classified within one of the “Verify, Negotiate and Contracting” stages.
- The Company’s TULSA-PRO installed base stood at 78 as of December 31, 2025 and, due to its strong capital sales pipeline, Profound currently expects to reach approximately 120 installs by the end of 2026.
- Profound continued to see a wide variety of prostate disease patients treated by its TULSA-PRO customers in the fourth quarter of 2025:
67% were treated for prostate cancer only,17% were hybrid patients suffering from both prostate cancer and benign prostatic hyperplasia (“BPH”),13% were salvage, and3% were men with BPH only;- For cancer grade,
5% were GG1,57% were GG2,29% were GG3, and9% were GG4 & GG5; - By intention-to-treat,
44% were whole gland;24% were sub-total but more than half the gland;24% were hemi-ablations, and9% were focal therapy; and - For prostate size,
9% were <20cc;42% were 20-40cc;31% were 40-60cc;17% were 60-100cc; and2% were over 100cc.
- In October 2025, Profound unveiled new, real-world data from the internationally recognized Busch Center. The data — marking the center’s milestone of 500 completed TULSA Procedures™ — demonstrated the procedure’s versatility and success in treating a broad spectrum of prostate diseases, severities, and aggressions.
- As user interest in Profound’s technologies continues to build, the Company is deploying its own direct sales team in North America, while partnering with select strategic distribution partners to support the business potential and the customer base in other parts of the world. In November 2025, Profound:
- Regained exclusive distribution rights for TULSA-PRO in Canada;
- Entered into an exclusive distribution and supply agreement for its TULSA-PRO and Sonalleve® technologies in Saudi Arabia with Al Faisaliah Medical Systems Co. (FMS), a subsidiary of one of the Kingdom’s most prominent business conglomerates, Al Faisaliah Group (AFG); and
- Entered into a strategic distribution agreement with Getz Healthcare to introduce TULSA-PRO in Australia and New Zealand.
- Also in November, Profound announced that the Hong Center Scottsdale, led by Dr. Y. Mark Hong of Integrative Urology in Phoenix, Arizona, achieved a world-first milestone: 200 TULSA Procedures performed independently by a urologist, without radiologist involvement.
- In November/December 2025, Profound launched its TULSA-AI® Volume Reduction module for optimizing the treatment of patients with BPH at the Radiological Society of North America meeting in Chicago, IL. The use of AI to streamline the workflow and reduce procedure times is a significant advancement that makes using TULSA-PRO for treating enlarged prostate just as efficient as other modern procedures, but with the advanced benefits of precision and customization to any prostate shape or size. The Company believes the reduced procedure times for BPH will increase adoption of the TULSA Procedure and triple Profound’s total available market in prostate disease to about 600,000 patients annually.
- In December 2025, Pejman Ghanouni, MD, PhD, Associate Professor in the Department of Radiology, Division of Body MRI at Stanford University School of Medicine, received the Cum Laude award for his presentation titled "CAPTAIN Randomized Controlled Trial of MRI-Guided Transurethral Ultrasound Ablation (TULSA) Versus Robotic Radical Prostatectomy" at the 2025 Radiological Society of North America ("RSNA") Annual Meeting.
- Also in December, the Company significantly strengthened its balance sheet via the closing of a
$36.0 million registered direct offering in the United States and an upsized$6.45 million private placement in Canada. Both the registered direct offering and private placement were structured as straightforward equity investments with no warrant coverage and were led by healthcare-dedicated investors alongside existing shareholders. - In January 2026, Profound announced two U.S. commercial milestones. The Johns Hopkins Hospital (Baltimore, MD) treated its first non-clinical-trial prostate cancer patient using the Company’s TULSA-PRO system, marking the official launch of Profound’s technology at one of the world’s most influential centers for prostate cancer innovation and coinciding with the opening of Johns Hopkins Medicine’s new iMRI suite. Soon thereafter, the world-renowned Mount Sinai Hospital (New York, NY) successfully treated its first prostate cancer patient with the TULSA-PRO system, becoming the first health system in the New York metropolitan area to offer the TULSA Procedure.
- In February 2026, PRO FAMILIA Specialist Hospital in Rzeszów, Poland completed its 500th Sonalleve® Procedure.
- Also in February, the Company received the 2025/2026 Mount Logan Award from INOVAIT, the Canadian national network for commercializing breakthroughs in image-guided therapy (IGT) and AI. The award recognizes Profound’s achievement of significant milestones, including treating the 4,000th TULSA Procedure patient, securing reimbursement for the TULSA Procedure by the U.S. Centers for Medicare & Medicaid Services (CMS) at Urology APC Level 7, and establishing strategic partnerships to expand patient access to TULSA-PRO globally.
- Today, Profound is pleased to announce that Laurence Klotz, M.D., FRCSC, an esteemed urologist and professor of surgery at the University of Toronto and the Sunnybrook Chair of Prostate Cancer Research, will present the first clinical outcomes from the Level 1 post-market CAPTAIN trial comparing the safety and efficacy of the TULSA Procedure with robotic radical prostatectomy in men with localized prostate cancer next week at the 41st Annual European Association of Urology (EAU) Congress in London, UK. EAU26 is a premier academic urology meeting, and the Company is pleased that the data have been selected for inclusion in the meeting’s Late-Breaking and High-Impact session on Friday, March 13th.
“We continued to execute well, delivering record revenues, an expanded TULSA-PRO installed base, and a stronger capital sales pipeline again in the fourth quarter — validating our belief that Q3-2025 marked an important inflection point in our business,” said Arun Menawat, Profound’s CEO and Chairman. “Moving forward, with the strengthening of our balance sheet via the completion of our financing in December, and based on several upcoming potential catalysts, including the clinical outcomes from the Level 1 post-market CAPTAIN study, we believe that we are on the right path toward driving high double digit to low triple digit revenue growth and, ultimately, positive cash flows and net profitability.”
Summary Fourth Quarter 2025 Results
For the quarter ended December 31, 2025, Profound recorded revenue of approximately
Gross margin for the fourth quarter of 2025 was
Total operating expenses in the fourth quarter of 2025 were approximately
Fourth quarter 2025 net loss was approximately
Summary Full Year 2025 Results
For the year ended December 31, 2025, Profound recorded revenue of approximately
Profound’s full year 2025 gross margin was
Total operating expenses in the year ended December 31, 2025 were approximately
Profound recorded a net loss for the year ended December 31, 2025 of approximately
Liquidity and Outstanding Share Capital
As at December 31, 2025, Profound had cash of approximately
As at March 5, 2026, Profound had 36,293,640 common shares issued and outstanding.
For complete financial results, please see Profound’s filings, which will be made available under Profound’s profile at www.sedarplus.com, www.sec.gov and on Profound’s website under “SEC & SEDAR+ Filings.”
Changes to Board of Directors
Profound also announced today that Kris Shah has resigned from its Board of Directors and Frank Baylis has been appointed as Mr. Shah’s successor, effectively immediately.
Mr. Baylis joined Baylis Medical Company in 1989, serving as its President until 2015. During his tenure, the company grew into an internationally recognized developer of medical devices used in cardiac electrophysiology, structural heart disease, and spine procedures. He returned to Baylis Medical Company in 2019 after serving as Liberal Member of Canada’s Parliament for the federal riding of Pierrefonds-Dollard from 2015 to 2019. During his time at Baylis Medical Company, his leadership and vision helped build the company from a small start-up into a global leader, ultimately leading to its acquisition by Boston Scientific in 2022 for
Mr. Baylis is an active board member for Epineuron Technologies, a clinical-stage company developing a novel class of bioelectronic therapy that offers a transformative approach to aid in the treatment of injured peripheral nerves. In the past he has served on the boards of MEDEC, Campus de Technologie de Sante (CTS), and the Business Advisory Committee of HTX. His list of accomplishments includes several patents, the Ernst and Young Entrepreneur Award for Healthcare in Quebec (2011) and the University of Waterloo Alumni Achievement Award (2014). Mr. Baylis holds a Bachelor of Science in Electrical Engineering from the University of Waterloo, and while attending, he met Mr. Shah, and together they founded Baylis Medical Technologies.
“On behalf of the Board and staff of Profound, I would like to take this opportunity to thank Kris for his many contributions to the Company and wish him all the best in his future endeavours,” said Dr. Menawat. “I am also very pleased to welcome Kris’ long-time business partner, Frank, to our team. He is not only a successful entrepreneur and experienced executive, but also has a breadth of relevant business and Board experience that should be invaluable as Profound executes the next stages of its growth strategy.”
Conference Call Details
Profound Medical is pleased to invite all interested parties to participate in a conference call today at 4:30 pm ET during which time the results will be discussed.
To participate in the conference call by telephone, please pre-register via this link to receive the dial-in number and your unique PIN.
The call will also be broadcast live and archived on Profound's website in the Investors section here.
About Profound Medical Corp.
Profound is a commercial-stage medical device company and an innovator in interventional MRI (iMRI) procedures, enabling precise, incision-free therapies that improve clinical confidence, procedural control, and patient outcomes. By leveraging real-time MRI guidance, Profound’s technologies are designed to replace uncertainty with clarity across treatment planning, delivery, and confirmation.
The company’s flagship platform, TULSA-PRO®, enables MRI-guided, incision-free prostate therapy designed for precision and flexibility. The TULSA Procedure™ allows physicians to see, treat, and confirm therapy in real time, supporting personalized treatment strategies across the continuum of prostate care—from whole-gland to subtotal, hemi, multifocal, and focal treatment. This approach enables individualized care for the full spectrum of prostate disease, including prostate cancer and/or benign prostatic hyperplasia (BPH), while minimizing side effects typically associated with surgery or radiation, such as urinary incontinence and/or erectile dysfunction.
Profound also commercializes Sonalleve®, an MRI-guided therapy that provides a non-surgical treatment option for pain palliation of bone metastases, desmoid tumors, and osteoid osteoma, as well as for common gynecologic conditions including uterine fibroids and adenomyosis. Sonalleve delivers targeted therapy with no incisions, no blood loss during the procedure, no overnight hospital stay, and faster recovery — and, in gynecologic applications, enables uterine-sparing treatment that may help preserve fertility. Profound is also exploring additional clinical applications for Sonalleve, including non-invasive ablation of abdominal cancers and hyperthermia-based cancer therapies.
Profound Medical’s technologies are approved across major global markets. TULSA-PRO is cleared or approved in the United States, Europe, Canada, Saudi Arabia, India, Australia/New Zealand, and the UAE, while Sonalleve is cleared or approved in the United States (HDE), Europe, Canada, China, and Saudi Arabia.
Through real-time MRI guidance and data-driven innovation, Profound is advancing the future of MRI-guided therapy — expanding access to precise, personalized, and incision-free treatment options worldwide.
Forward-Looking Statements
This release includes forward-looking statements regarding Profound and its business which may include, but is not limited to, the expectations regarding the efficacy of Profound’s technology in the treatment of prostate cancer, BPH, uterine fibroids, adenomyosis, palliative pain treatment, desmoid tumors, and osteoid osteoma; the extent and timing of Profound’s completion of TULSA-PRO® system sales from its qualified sales pipeline; Profound’s expectations for future revenues; and the success of Profound’s commercialization strategy and activities for TULSA-PRO and Sonalleve. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "is expected", "expects", "scheduled", "intends", "contemplates", "anticipates", "believes", "proposes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Such statements are based on the current expectations of the management of Profound. The forward-looking events and circumstances discussed in this release, may not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting the Company, including risks regarding the medical device industry, regulatory approvals, reimbursement, economic factors, the equity markets generally and risks associated with growth and competition. Although Profound has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking statement can be guaranteed. Other factors and risks that may cause actual results to differ materially from those set out in the forward-looking statements are described in Profound's Annual Report on Form 10-K and other filings made with U.S. and Canadian securities regulators, available at www.sedarplus.com and www.sec.gov. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Profound undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, other than as required by law.
For further information, please contact:
Stephen Kilmer
Investor Relations
skilmer@profoundmedical.com
T: 647.872.4849
Profound Medical Corp.
Consolidated Balance Sheet
As at December 31, 2025 and 2024
In USD (000s)
| 2025 $ | 2024 $ | |||
| Assets | ||||
| Current assets: | ||||
| Cash | 59,723 | 54,912 | ||
| Trade and other receivables, net | 7,200 | 7,045 | ||
| Inventory | 8,238 | 5,801 | ||
| Prepaid expenses and deposits | 928 | 1,307 | ||
| Total current assets | 76,089 | 69,065 | ||
| Trade and other receivables, net | 300 | - | ||
| Property and equipment, net | 698 | 425 | ||
| Intangible assets, net | 138 | 261 | ||
| Right-of-use assets, net | 184 | 396 | ||
| Deferred tax assets, net | 66 | 87 | ||
| Total assets | 77,475 | 70,234 | ||
| Liabilities | ||||
| Current liabilities: | ||||
| Accounts payable | 1,563 | 1,317 | ||
| Accrued expenses and other current liabilities | 3,815 | 2,835 | ||
| Deferred revenue | 445 | 419 | ||
| Long-term debt | - | 1,737 | ||
| Lease liabilities | 213 | 257 | ||
| Income tax payable | 39 | - | ||
| Total current liabilities | 6,075 | 6,565 | ||
| Deferred revenue | 388 | 49 | ||
| Long-term debt | 4,499 | 2,924 | ||
| Lease liabilities | - | 203 | ||
| Other non-current liabilities | 79 | 71 | ||
| Total liabilities | 11,041 | 9,812 | ||
| Commitments and contingencies | ||||
| Shareholders’ equity | ||||
| Common shares, no par value, unlimited shares authorized, 36,293,640 and 30,039,809 issued and outstanding at December 31, 2025 and 2024, respectively | 323,839 | 281,552 | ||
| Additional paid-in capital | 25,310 | 21,298 | ||
| Accumulated other comprehensive income | 5,025 | 2,742 | ||
| Accumulated deficit | (287,740) | (245,170) | ||
| Total shareholders’ equity | 66,434 | 60,422 | ||
| Total liabilities and shareholders’ equity | 77,475 | 70,234 | ||
Profound Medical Corp.
Consolidated Statements of Operations and Comprehensive Loss
In USD (000s)
| Three months ended December 31, 2025 $ | Three months ended December 31, 2024 $ | Year ended December 31, 2025 $ | Year ended December 31, 2024 $ | ||
| Revenue | |||||
| Recurring - non-capital | 2,302 | 2,679 | 9,730 | 8,240 | |
| Capital equipment | 3,675 | 1,498 | 6,368 | 2,440 | |
| 5,977 | 4,177 | 16,098 | 10,680 | ||
| Cost of sales | 1,986 | 1,214 | 4,705 | 3,643 | |
| Gross profit | 3,991 | 2,963 | 11,393 | 7,037 | |
| Operating expenses | |||||
| Research and development | 4,272 | 4,649 | 20,596 | 16,965 | |
| Selling, general and administrative | 7,088 | 6,658 | 32,051 | 23,134 | |
| Total operating expenses | 11,360 | 11,307 | 52,647 | 40,099 | |
| Operating loss | 7,369 | 8,344 | 41,254 | 33,062 | |
| Other (income) expenses | |||||
| Net finance (income) expense | (160) | (332) | (1,070) | (1,436) | |
| Net foreign exchange (gain) loss | 940 | (2,828) | 2,134 | (3,808) | |
| Total other (income) expenses | 780 | (3,160) | 1,064 | (5,244) | |
| Net loss before income taxes | 8,149 | 5,184 | 42,318 | 27,818 | |
| Income tax expense | 12 | (92) | 231 | 144 | |
| Deferred tax (recovery) expense | 14 | (146) | 21 | (146) | |
| Total income tax (recovery) expense | 26 | (238) | 252 | (2) | |
| Net loss attributed to shareholders for the year | 8,175 | 4,946 | 42,570 | 27,816 | |
| Other comprehensive (income) loss | |||||
| Item that may be reclassified to (income) loss | |||||
| Foreign currency translation adjustment | (275) | (1,968) | (2,283) | 2,823 | |
| Net loss and other comprehensive loss for the year | 7,900 | 6,914 | 40,287 | 30,639 | |
| Loss per share | |||||
| Basic and diluted net loss per common share | 0.27 | 0.20 | 1.41 | 1.12 | |
| Basic and diluted weighted average common shares outstanding | 30,726,382 | 25,770,800 | 30,232,966 | 24,765,503 |
Profound Medical Corp.
Consolidated Statements of Cash Flows
For the years ended December 31, 2025 and 2024
In USD (000s)
| 2025 $ | 2024 $ | |||
| Cash flows from operating activities | ||||
| Net loss for the year | (42,570) | (27,816) | ||
| Adjustments to reconcile net loss to net cash provided by operating activities: | ||||
| Depreciation of property and equipment | 373 | 707 | ||
| Amortization of intangible assets | 187 | 229 | ||
| Non-cash lease expense adjustment | (37) | (38) | ||
| Share-based compensation | 5,490 | 2,581 | ||
| Interest and accretion expense | 63 | 600 | ||
| Change in amortized cost of trade and other receivables | - | (307) | ||
| Changes in operating assets and liabilities: | ||||
| Trade and other receivables | (172) | 186 | ||
| Inventory | (2,822) | 656 | ||
| Prepaid expenses and deposits | 464 | 31 | ||
| Accounts payable, accrued expenses and other liabilities | 378 | 815 | ||
| Deferred revenue | 371 | (948) | ||
| Income taxes payable | 42 | - | ||
| Deferred tax liabilities | - | (58) | ||
| Deferred tax assets | 26 | (91) | ||
| Net cash used in operating activities | (38,207) | (23,453) | ||
| Cash flows from investing activities | ||||
| Purchase of property and equipment | (176) | - | ||
| Purchase of intangible assets | (66) | - | ||
| Net cash used in investing activities | (242) | - | ||
| Cash flows from financing activities | ||||
| Issuance of commons shares | 42,436 | 62,106 | ||
| Payments of financing costs | (1,016) | (4,895) | ||
| Repayments of long-term debt | (290) | (2,560) | ||
| Proceeds from the exercise of stock options | 8 | 45 | ||
| Net cash provided by financing activities | 41,138 | 54,696 | ||
| Net increase in cash and cash equivalents | 2,689 | 31,243 | ||
| Effect of exchange rate changes on cash | 2,122 | (2,544) | ||
| Cash, beginning of year | 54,912 | 26,213 | ||
| Cash, end of year | 59,723 | 54,912 | ||
FAQ
What were Profound Medical (PROF) Q4-2025 revenues and how did they compare year-over-year?
How many TULSA-PRO systems does Profound (PROF) have installed and what is the 2026 install outlook?
What was Profound Medical's (PROF) cash position and recent financing activity as of Dec 2025?
What were Profound Medical's (PROF) key profitability and expense metrics for full-year 2025?
What clinical and regulatory milestones did Profound (PROF) report in early 2026 that could affect adoption?
