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Profound Medical Corp. - PROF STOCK NEWS

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.

News

Profound Medical Announces Non-Brokered Private Placement

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Profound Medical Corp. (PROF) has entered into subscription agreements with Canadian institutional investors for a non-brokered private placement, raising approximately US$2,937,502. The Company will issue 391,667 common shares at a price of US$7.50 per share, with the proceeds intended for commercialization and development of its medical systems and general corporate purposes.
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Profound Medical Announces Preliminary Unaudited Fourth Quarter and Full Year 2023 Revenues

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Profound Medical Corp. (NASDAQ:PROF; TSX:PRN) announced preliminary unaudited revenues for the fourth quarter and full year 2023, with total revenues for Q4 expected to be in the range of $1.9 million to $2.0 million, representing recurring revenue growth of 51% to 59% year-over-year. Full year 2023 revenues are anticipated to be in the range of $7.1 million to $7.2 million. The company is making progress with the commercialization of TULSA-PRO® in the United States and is focused on increasing the installed base and system utilization of TULSA-PRO® in preparation for the permanent CPT® Category 1 codes for TULSA going into effect at the beginning of 2025.
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Profound Medical Announces Pricing of US$20 Million Public Offering of Common Shares

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Profound Medical Corp. (TSX:PRN; NASDAQ:PROF) announced the pricing of its underwritten public offering of 2,666,667 common shares at a price to the public of US$7.50 per Common Share, led by healthcare focused institutional investors. Gross proceeds to the Company from the Offering are expected to be approximately US$20,000,000. Titan Partners Group, a division of American Capital Partners, is acting as the sole bookrunner for the Offering.
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Profound Medical Announces Proposed Public Offering of Common Shares

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Profound Medical Corp. (TSX:PRN; NASDAQ:PROF) announces the commencement of an underwritten public offering in the United States of common shares. The Company intends to file a preliminary prospectus supplement to its short form base shelf prospectus in the United States and Canada. The Offering will be priced in the context of the market, with the total size to be determined at the time of entering into an underwriting agreement. The Company expects to grant the underwriter an over-allotment option to purchase up to an additional 15% of the Common Shares. The net proceeds of the Offering are expected to be used to fund the continued commercialization of the TULSA-PRO® system in the United States, fund the continued development and commercialization of the TULSA-PRO® system and the Sonalleve® system globally, and for working capital and general corporate purposes.
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Profound Medical to Participate in the Stifel 2023 Healthcare Conference

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Profound Medical Corp (NASDAQ:PROF; TSX:PRN) announced its participation in the Stifel 2023 Healthcare Conference to provide an update on the Company’s business. The presentation will be broadcast live and archived on the Company's website.
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Profound Medical Announces CMS Extension of Temporary ‘Code’ for TULSA to ASC Setting

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Profound Medical Corp. announced that the use of HCPCS C code, C9734, has been extended for use in the Ambulatory Surgical Center setting, and MRI-Monitored Transurethral Ultrasound Ablation (TULSA) of prostate tissue has been assigned device-intensive status. The ASC extension will go into effect on January 1, 2024. This decision by CMS allows hospitals and ASCs performing the TULSA procedure on Medicare patients to utilize the temporary C code, C9734.
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Profound Medical Announces Third Quarter 2023 Financial Results

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Profound Medical Corp. reported financial results for Q3 2023, with revenue of $1.7 million, a 40% increase in recurring revenue compared to Q3 2022. The company received FDA clearance for its TULSA AI Thermal Boost module. Total operating expenses decreased by 18% to $7.6 million. Net loss for Q3 2023 was $5.6 million.
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Profound Medical to Release Third Quarter 2023 Financial Results on November 2 – Conference Call to Follow

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Profound Medical Corp. to announce third quarter 2023 financial results
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Profound Medical 2023 Virtual Analyst & Investor Day Agenda

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Profound Medical Corp. provides additional details on Analyst & Investor Day event
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Profound Medical Receives U.S. FDA 510(k) Clearance for TULSA-PRO® Thermal Boost

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Profound Medical Corp. receives FDA clearance for its Thermal Boost module for use with TULSA-PRO®, enabling customized ablation in prostate cancer treatment.
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FAQ

What is the current stock price of Profound Medical (PROF)?

The current stock price of Profound Medical (PROF) is $7.55 as of November 22, 2024.

What is the market cap of Profound Medical (PROF)?

The market cap of Profound Medical (PROF) is approximately 186.4M.

What does Profound Medical Corp. do?

Profound Medical Corp. develops and markets minimally invasive, incision-free therapeutic systems for the image-guided ablation of diseased tissue.

What is the TULSA-PRO system?

The TULSA-PRO system is a device developed by Profound Medical that uses real-time MRI, robotically driven transurethral therapeutic ultrasound, and closed-loop thermal feedback to ablate prostate tissue.

What makes Profound Medical's technology unique?

Their technology combines MRI imaging with precise ultrasound and thermal feedback for targeted, patient-specific treatment, ensuring lower morbidity and faster recovery.

Is Profound Medical a commercial-stage company?

Yes, Profound Medical is a commercial-stage company focused on developing and marketing its therapeutic systems.

What were Profound Medical’s R&D expenditures in 2023?

In 2023, Profound Medical’s R&D expenditures were approximately $14.4 million.

How does Profound Medical's system integrate with existing medical infrastructure?

The TULSA-PRO system integrates with existing MRI scanners, making it adaptable to current healthcare imaging infrastructures.

What are the benefits of Profound Medical's TULSA-PRO system for patients?

The system offers precise treatment with short recovery times and low morbidity, tailored to the patient's specific anatomy and pathology.

Where can I find more information about Profound Medical's developments?

For more information, visit Profound Medical Corp.'s official website at profoundmedical.com.

What are the latest updates from Profound Medical Corp.?

Latest updates include news on clinical trials, financial performance, and strategic developments.

How can I contact Profound Medical Corp. for investor relations?

You can contact Stephen Kilmer for investor relations at skilmer@profoundmedical.com or call 647.872.4849.

Stock PROF logo
Profound Medical Corp.

Nasdaq:PROF

PROF Rankings

#3925 Ranked by Market Cap
N/A Ranked by Dividends

PROF Stock Data

186.44M
22.41M
8.6%
43.82%
1.39%
Medical Devices
Healthcare
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United States of America
Mississauga