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.
Overview
Profound Med Corp (PROF) is a commercial-stage medical device company renowned for its innovative, incision-free therapeutic systems designed for image-guided ablation of diseased tissue. Leveraging real-time MRI, transurethral therapeutic ultrasound, and closed-loop thermal feedback control, the company has developed a unique solution for the ablation of prostate tissue in prostate cancer patients. This advanced system not only exemplifies the cutting edge of minimally invasive procedures but also integrates seamlessly with the existing imaging infrastructure found in modern healthcare facilities.
Technology and Product Offering
The cornerstone of Profound Med Corp’s product portfolio is the TULSA-PRO system, a state-of-the-art platform that combines several advanced features:
- Real-Time MRI Guidance: The system harnesses live magnetic resonance imaging to adapt treatment protocols dynamically during the ablation process, ensuring precision and patient-specific customization.
- Transurethral Therapeutic Ultrasound: Utilizing a robotically driven, sweeping-action approach, the ultrasound component carefully administers thermal energy to target prostate tissue without invasive incisions.
- Closed-Loop Thermal Feedback Control: This control system allows the procedure to maintain an optimal thermal profile, thereby enhancing accuracy and safety during treatment.
Business Model and Market Position
Profound Med Corp operates within the highly specialized medical device market, focusing on ablation therapies that are both customizable and minimally invasive. The company generates revenue primarily through the sale of one-time use devices and durable equipment that are designed to be used in conjunction with hospitals' and clinics' existing MRI scanners. This integration into existing infrastructure ensures that the system is easily adopted within various clinical settings, supporting ease of transition and cost-efficiency.
Competitive Landscape and Operational Excellence
In a competitive market characterized by rapid technological innovation and stringent clinical requirements, Profound Med Corp distinguishes itself through its emphasis on precision, efficiency, and patient safety. The combination of advanced imaging, ultrasound technology, and thermal regulation is not only technically sophisticated but also strategically positioned to serve a niche yet critical segment of the healthcare market. Investors and industry analysts recognize the company for its steady approach in developing and refining a product that addresses the complexities of prostate ablation with a strong focus on quality and clinical efficacy.
Clinical and Operational Insights
Clinical trials and ongoing studies highlight the system's ability to deliver short treatment times and low morbidity, which are key benefits in improving patient recovery. The robust integration of multiple modalities reflects Profound Med Corp’s commitment to delivering tailored therapeutic options while maintaining operational efficiency in diverse healthcare settings. This carefully engineered approach positions the company as a noteworthy participant in the evolution of non-invasive treatments for prostate cancer and similar conditions.
Industry Expertise and Strategic Integration
Profound Med Corp’s approach is defined by its deep understanding of both the technological and clinical requirements inherent in prostate ablation therapy. By harnessing complex imaging modalities with precision-focused therapeutic techniques, the company bridges the gap between advanced medical engineering and practical clinical application. The strategic utilization of the healthcare system's imaging infrastructure further demonstrates an astute awareness of operational challenges and provides a framework that is both innovative and reliable.
Conclusion
In summary, Profound Med Corp exemplifies a sophisticated blend of medical technology innovation and robust clinical application. Its TULSA-PRO system exemplifies how merging cutting-edge imaging with therapeutic ultrasound can revolutionize treatment protocols, offering a minimally invasive alternative to traditional surgical methods. This comprehensive approach not only drives operational excellence but also reinforces the company’s reputation as a knowledgeable and trusted participant in the medical device industry.
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.
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.
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