Welcome to our dedicated page for Profound Medical news (Ticker: PROF), a resource for investors and traders seeking the latest updates and insights on Profound Medical stock.
Profound Medical Corp. (PROF) is a leading Canadian medical device company, renowned for its innovative, minimally invasive procedures targeting prostate cancer. The company has developed the highly advanced TULSA-PRO system, which integrates real-time MRI, robotically driven transurethral therapeutic ultrasound, and closed-loop thermal feedback control to ablate prostate tissue. This technology offers a patient-specific, precise treatment with short recovery times and low morbidity rates. Currently, Profound Medical is demonstrating the potential of this technology through various clinical trials.
The company's primary focus is on the development and commercialization of customizable, incision-free therapeutic systems for image-guided ablation of diseased tissue. Profound Medical leverages the existing imaging infrastructure within the healthcare system, making its solutions highly adaptable and efficient. The TULSA-PRO system consists of both one-time-use devices and durable equipment that work with existing MRI scanners, providing a seamless integration into current medical practices.
Profound Medical is in a commercial stage and continues to invest in research and development to enhance its platform technologies. For the year ending December 31, 2023, the company dedicated approximately $14.4 million to R&D, reflecting a slight decrease from the previous year. This reduction was primarily due to lower salaries, benefits, and office supplies, while there was a notable increase in clinical trial costs, materials, consulting fees, and other related expenses.
The company's latest news typically includes updates on clinical trials, financial performance, and strategic developments. Investors and stakeholders can expect regular communication on these fronts, keeping them informed about the company's progress and future directions.
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.
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.
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