Profound Medical Corp. - PROF STOCK NEWS

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.

Profound Medical Corp. (NASDAQ:PROF; TSX:PRN), a company specializing in incision-free medical device therapies, announced its participation in the Lake Street Capital Markets 8th Annual Best Ideas Growth Conference. The conference will be held on September 12, 2024, in New York City and will feature one-on-one investor meetings. Management from Profound Medical will be present to discuss the company's advancements and future plans. No webcast will be available due to the event's format.

Profound Medical Corp. (NASDAQ:PROF; TSX:PRN) reported its Q2 2024 financial results. Key highlights include:

- TULSA-PRO® systems installed base grew from 53 to 57
- Revenue increased 39% to $2.23 million
- Net loss decreased to $6.9 million ($0.28 per share)
- Cash position of $34.1 million as of June 30, 2024

The company received FDA clearance for its Contouring Assistant AI module and expects CMS reimbursement for TULSA procedure to be effective January 1, 2025. Profound anticipates full-year 2024 revenue between $11.0-$12.0 million, representing 53-67% year-over-year growth.

Profound Medical Corp. (NASDAQ:PROF; TSX:PRN), a commercial-stage medical device company specializing in incision-free therapies for diseased tissue ablation, has announced its plans to release second quarter 2024 financial results on Thursday, August 8, 2024, after market close. The company will host a conference call at 4:30 p.m. ET on the same day to discuss the financial results and recent business developments.

Investors and interested parties can register for the live call through a provided link. Additionally, the call will be broadcast live and archived on Profound Medical's website under the 'Webcasts' section in the Investors area.

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.