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. 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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