Can I please get your current opinion on Profound Medical? Do you see it as a buy, given the risk level? The recent earnings call sounded very optimistic with a deal signed to install their prostate cancer/BPH thermal ultrasound treatment in 20 Cleveland Clinics across North America. They also mentioned a code approval in the US effective January 2025. Thanks. Brad
In Q3, PRN recorded $1.7M in revenue, entirely from recurring revenue. This was a reduction in total revenue from $2M, but an overall increase in recurring revenue from $1.2M in the same period last year. PRN recorded a net loss of ($5.6M) compared to the previous year Q3 net loss of ($5M). PRN had a cash balance at $33.6M in Q3 but recorded negative cash from operations at ($4.3M). PRN has shifted its revenue focus to TULSA-PRO, which provides recurring revenue and has seen a 40% year-over-year increase in patients treated. TULSA AI-Thermal Boost also received US FDA 501k clearance in Q3. PRN recorded a relatively weak Q3 from a financial perspective, but improvements in recurring revenue along with positive developments from the FDA help provide an improved future outlook. Outlook for PRN continues to be uncertain overall, but positive regulatory developments could be a sign of future growth. The market opportunity does remain big. Its at the market equity program ($30M) is likely keeping pressure on shares in the short term.