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) announced its participation in two investor conferences this November. On November 18, it will engage in one-on-one meetings during the Canaccord Genuity Virtual MedTech Forum. Additionally, Profound will host a pre-recorded fireside chat at the Jefferies London Healthcare Conference, available on-demand from 3:00 a.m. ET on the same day. Profound specializes in customizable, incision-free therapies for tissue ablation, notably its TULSA-PRO® and Sonalleve® technologies, which have received various regulatory approvals.
Profound Medical Corp. (NASDAQ: PROF; TSX: PRN) will announce its third quarter 2021 financial results on November 4, 2021, after market close. A conference call will be held at 4:30 p.m. ET the same day to discuss the results and business developments. Profound specializes in customizable, incision-free therapies for diseased tissue, including the TULSA-PRO® system for prostate ablation and Sonalleve® for uterine fibroids. Both technologies have received necessary regulatory approvals, enhancing their market potential.
Profound Medical Corp. (NASDAQ: PROF) has announced its participation in two upcoming investor conferences in September 2021. On September 15, the company will hold one-on-one meetings at Lake Street’s 5th Annual Best Ideas Growth Conference. Following that, on September 30 at 8:00 a.m. ET, Profound will present at the Cantor Virtual Global Healthcare Conference, which will be broadcast live on its website. Profound focuses on developing incision-free therapies, like TULSA-PRO® for prostate cancer and Sonalleve® for uterine fibroids.
Profound Medical Corp. (NASDAQ: PROF) reported a strong second quarter for 2021, with revenue of approximately $2.6 million, a 156% increase year-over-year. The growth was driven by a 145% rise in recurring revenues. Despite increased operational expenses totaling $7.6 million, net loss slightly widened to about $7.0 million, or $0.35 per share. The company maintains a solid liquidity position with $73.8 million in cash. CEO Arun Menawat remains optimistic about future performance, despite ongoing COVID-19 challenges in certain markets.
Profound Medical Corp. (NASDAQ:PROF; TSX:PRN) announced participation in A.G.P.'s Virtual MedTech Summer Conference on July 29, 2021. The event will feature one-on-one virtual investor meetings, with no webcast available.
Profound specializes in incision-free therapies for diseased tissue, including the TULSA-PRO® for prostate ablation and Sonalleve® for uterine fibroids. Both technologies have received various regulatory approvals, enhancing their market potential.
Profound Medical Corp. (NASDAQ: PROF; TSX: PRN) will announce its Q2 2021 financial results on August 4, 2021, after market close. A conference call will follow at 4:30 p.m. ET for management to discuss the results and business developments. Profound is known for its innovative medical devices, including the TULSA-PRO® for prostate ablation and Sonalleve® for uterine fibroid treatment. The company has received CE marking and FDA clearance for its technologies, showing strong regulatory support for its offerings.
Profound Medical Corp. (NASDAQ: PROF) announced participation in two investor conferences this June. The Jefferies Virtual Healthcare Conference will feature a fireside chat on June 1, 2021, at 10:00 a.m. ET, while the Raymond James Human Health Innovations Conference is set for June 22, 2021, at the same time. These events will be streamed live on the Company’s website. Profound specializes in customizable, incision-free therapies for ablation, including TULSA-PRO® for prostate treatment and Sonalleve® for uterine fibroids.
Profound Medical Corp. held its Annual Meeting of Shareholders on May 19, 2021, with 58.044% of shares represented. All proposed matters were approved, including the election of seven directors, receiving over 97% support. PricewaterhouseCoopers LLP was appointed as auditors until the next annual meeting. Notably, Rashed Dewan was appointed as Chief Accounting Officer, while Aaron Davidson transitioned to SVP Corporate Development, no longer serving as CFO. Profound specializes in incision-free therapies, notably the TULSA-PRO® and Sonalleve® technologies for prostate and uterine treatments.
Profound Medical Corp. (NASDAQ:PROF) reported its Q1 2021 financial results with revenue of approximately $711,000, a decline of 39% from $1.2 million in Q1 2020. This revenue includes $234,000 from a capital equipment sale and $477,000 from recurring revenue. Total operating expenses rose to $6.8 million, up 28% year-over-year. The net loss was around $7.5 million, or $0.37 per share. Despite early pandemic impacts, the company anticipates potential revenue recovery throughout 2021, with cash reserves at $78.5 million.
Profound Medical Corp. (NASDAQ:PROF) has announced a multi-site imaging center agreement with Akumin Inc. to integrate TULSA-PRO® systems at up to 10 Akumin centers, focusing on men’s health. The partnership aims to enhance prostate care services, particularly in Florida. The first TULSA-PRO® site is expected to be operational in Q4 2021. TULSA-PRO® offers customizable, incision-free treatments for prostate diseases, enhancing patient quality of life.
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