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. (NASDAQ:PROF; TSX:PRN) has announced significant management changes aimed at enhancing sales and global growth. Abbey Goodman and Hartmut Warnken have been appointed Chief Commercial Officers for the U.S. and international markets, respectively, succeeding Kenneth Knudson. Notably, Profound achieved its first North American sales of Sonalleve® systems and anticipates expanding TULSA-PRO® installations to 35 by year-end. The company is focused on securing a CPT® Category 1 code for its TULSA technology, with plans to submit an updated application in 2023.
Profound Medical Corp. (NASDAQ: PROF) announced participation in two investor conferences in September 2022. The Lake Street’s 6th Annual BIG Conference will occur on September 14, 2022, followed by A.G.P.’s Virtual MedTech Conference on September 21, 2022. Both events will include one-on-one meetings, but no webcasts will be available. Profound specializes in incision-free therapies for tissue ablation, notably the TULSA-PRO® and Sonalleve® technologies, which are CE marked and FDA cleared for various medical applications.
Profound Medical Corp. (NASDAQ: PROF) announced a U.S. reimbursement update for its TULSA-PRO® system used in Transurethral Ultrasound Ablation (TULSA). The CPT Category 1 application for TULSA has been withdrawn for the September 2022 meeting, with a new application expected in 2023. Meanwhile, hospitals are using a temporary 'C' code (C9734), with a proposed 5% reimbursement increase to $13,274 starting January 1, 2023. The CEO believes this interim reimbursement will help promote TULSA's adoption in the U.S.
Profound Medical Corp. (NASDAQ:PROF) reported Q2 2022 revenue of approximately $2.0 million, with significant growth of 48% sequentially driven by new Sonalleve® system sales. Recurring revenue was $1.16 million, while one-time sales of capital equipment totaled $864,000. Operating expenses rose to $8.7 million, an increase of 15% year-over-year. The net loss decreased to $5.9 million compared to $7.0 million in Q2 2021. Cash reserves stand at approximately $53.2 million.
The company aims to enhance commercialization of its TULSA-PRO® system.
Profound Medical Corp. (NASDAQ:PROF; TSX:PRN) will release its Q2 2022 financial results after market close on August 4, 2022. A conference call is scheduled for 4:30 PM ET to discuss these results and recent business developments. The company focuses on customizable, incision-free therapies for diseased tissue using technologies like TULSA-PRO® and Sonalleve®, which have received various international approvals, including FDA clearance and CE marking.
Profound Medical Corp. (NASDAQ:PROF) has announced that CEO Arun Menawat will participate in a virtual panel on Focused Ultrasound at Cowen's 7th Annual FutureHealth Conference on June 23, 2022, at 9:55 a.m. ET. The discussion will not have a webcast but will be accessible to registered participants. Profound develops incision-free therapies for diseased tissue ablation, including TULSA-PRO® and Sonalleve®. TULSA-PRO® is FDA cleared and offers customizable prostate cancer treatments, while Sonalleve® treats uterine fibroids and bone metastases. Both technologies have various international approvals.
Profound Medical Corp. (NASDAQ:PROF) announced that management will present a business update at the 2022 Jefferies Global Healthcare Conference in New York City on June 9, 2022, at 4:30 p.m. ET. This presentation will be streamed live and archived on their website. The company develops incision-free therapies for tissue ablation, commercializing products like TULSA-PRO® for prostate procedures and Sonalleve® for uterine fibroids and pain management. Both technologies are CE marked and have gained various regulatory approvals.
Profound Medical Corp. clarifies recent insider trading activities amid investor inquiries, confirming open market purchases by executives. CEO Arun Menawat and Independent Lead Director Brian Ellacott collectively bought approximately US$763,000 worth of shares. Menawat acquired 60,516 shares at prices ranging from US$6.6548 to US$7.05. These transactions were disclosed to address shareholder concerns, as the company does not file on U.S. SEC forms that detail insider trading. Profound continues to focus on its innovative medical technologies.
Profound Medical Corp. (NASDAQ:PROF) announced successful demonstrations of its TULSA-PRO® technology at the AUA 2022 Annual Meeting held from May 13-16. A highlight was a semi-live TULSA procedure conducted by Dr. Kenneth A. Goldberg, showcasing the device's capability in safely ablating prostate tissue. Additional presentations reported promising outcomes from a clinical study on benign prostatic hyperplasia (BPH). The company also launched the TULSA-PRO® Software version 2.11, enhancing procedure accuracy with new imaging features. Feedback from the event was largely positive, supporting its commercialization strategy.
Profound Medical Corp. (NASDAQ:PROF) reported Q1 2022 revenue of $1.4 million, a 92% increase from $711,000 a year prior. Of this, $1.02 million came from recurring revenue. Operating expenses rose by 13% to $7.7 million, with net loss widening to $10.5 million, or $0.40 per share, from $8.5 million, or $0.37 per share, in Q1 2021. The company's cash position stood at $60.1 million. Profound emphasizes growth in TULSA procedure utilization and future revenue growth driven by international market activity.
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