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; 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.
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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