Core Insights - Profound Medical Corp. has introduced its third TULSA-AI® software module, UA Alignment Assistant, aimed at enhancing the TULSA procedure for prostate treatment [1][5] - The TULSA procedure is positioned as a potential mainstream treatment for various prostate conditions, including prostate cancer and benign prostatic hyperplasia (BPH) [2][9] - The upcoming presentations at RSNA 2024 and SUO 2024 will showcase the efficacy and advancements of the TULSA procedure [5][7] Company Overview - Profound Medical Corp. is a commercial-stage medical device company focused on customizable, incision-free therapies for diseased tissue ablation [8] - The company is commercializing the TULSA-PRO® system, which integrates real-time MRI guidance and ultrasound technology for precise treatment [9][10] TULSA Procedure Details - The TULSA procedure utilizes real-time MR guidance to precisely target prostate tissue, heating it to 55-57°C without incisions or radiation [2][9] - It is designed to preserve urinary continence and sexual function, with a single-session treatment that typically requires no hospital stay [2][9] UA Alignment Assistant Software - The UA Alignment Assistant streamlines the alignment of the ultrasound applicator during the TULSA procedure, improving workflow consistency and reducing manual steps [4][5] - This software enhancement is expected to simplify the procedure for users, thereby increasing efficiency and confidence in clinical outcomes [3][5] Upcoming Presentations - The RSNA 2024 will feature multiple presentations on the TULSA procedure, including studies on its efficacy and patient outcomes [5][7] - Notable presentations will come from institutions such as the Busch Center, UT Southwestern Medical Center, and the Mayo Clinic [5][7]

Financial Data and Key Metrics Changes - For Q3 2024, the company recorded revenue of $2.83 million, a 64% increase from $1.73 million in Q3 2023, with $2.65 million from recurring revenue and $179,000 from one-time capital equipment sales [7] - Gross margin in Q3 2024 was 64%, up from 61% in Q3 2023, with expectations to maintain or improve this margin throughout 2024 [8] - Total operating expenses for Q3 2024 were $10.8 million, a 42% increase from $7.6 million in Q3 2023, with R&D expenses up 22%, G&A expenses up 84%, and sales and distribution expenses up 34% [9] - The net loss for Q3 2024 was $9.4 million, or $0.38 per share, compared to a net loss of $5.6 million, or $0.26 per share, in Q3 2023 [10] Business Line Data and Key Metrics Changes - The TULSA procedure is gaining traction, with 64% of treatments for primary prostate cancer, 28% for hybrid patients with both cancer and BPH, and 6% for salvage treatments [18] - The commercial use of the TULSA procedure continues to grow, with 82% of treated patients classified as intermediate risk and 11% as high risk [18] Market Data and Key Metrics Changes - The company anticipates revenue for the full year 2024 to be in the range of $11 million to $12 million, based on current business planning [8] - The Medicare national average facility payment for the TULSA procedure will be $12,992, which is 25% higher than that for robotic radical prostatectomy [20] Company Strategy and Development Direction - The company is transitioning from a recurring revenue model to a more traditional medical device business model, which includes upfront capital sales and service agreements [31] - The introduction of TULSA AI modules is expected to enhance treatment efficiency and confidence among urologists, with plans to launch a BPH TULSA AI module in the second half of 2025 [28] - The CAPTAIN study is ongoing, with expectations for data to support further reimbursement acceptance by private insurance companies [29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong pipeline and the positive reception of the TULSA procedure following the PRO-TALK Live event [26][38] - The upgraded reimbursement codes are expected to drive adoption and utilization of the TULSA procedure, with management optimistic about achieving growth in 2025 [41][42] Other Important Information - The company held a successful PRO-TALK Live event, which attracted 70 physicians and highlighted the capabilities of the TULSA procedure [11] - The company is actively recruiting to expand its sales team, aiming to grow from 13-15 salespeople to about 40 [53] Q&A Session Summary Question: Update on the goal of reaching 75 installs by year-end - Management reaffirmed strong pipeline and revenue guidance, but achieving 75 installs by year-end may be optimistic due to the transition period [35][36] Question: Response from attendees of the PRO-TALK Live event - Attendees had a strong positive reaction, with many ready to discuss financial justification and moving forward with installations [38] Question: Implications of higher reimbursement on physician uptake and revenue growth - Management believes the upgraded reimbursement will positively impact physician uptake and revenue growth, aligning well with clinical data and existing user satisfaction [40][41] Question: Dynamics behind sales and install pipeline - There was a notable wait-and-see approach from prospects regarding the final reimbursement rule, but now there is increased urgency to close deals [46][49] Question: Sales team hiring plans - The company plans to add at least five more salespeople this year, aiming for a total of about 40 to support growth [53] Question: Interest in traditional model versus pay-per-use model - The shift to a traditional model is driven by increased predictability in patient treatment volumes, making it easier for practices to justify capital expenditures [56][59] Question: Plans for commercial insurance reimbursement - The company is prioritizing getting added to commercial insurance plans, leveraging clinical data from the CAPTAIN trial to support these efforts [63][66]

Company Performance - Profound Medical reported a quarterly loss of $0.38 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.33, and compared to a loss of $0.26 per share a year ago, indicating a negative earnings surprise of -15.15% [1] - The company posted revenues of $2.83 million for the quarter ended September 2024, missing the Zacks Consensus Estimate by 14.18%, and this is an increase from year-ago revenues of $1.73 million [2] - Over the last four quarters, Profound Medical has surpassed consensus EPS estimates only once and has topped consensus revenue estimates just once [2] Stock Outlook - Profound Medical shares have declined approximately 5.8% since the beginning of the year, while the S&P 500 has gained 24.3% [3] - The current consensus EPS estimate for the upcoming quarter is -$0.32 on revenues of $3.9 million, and for the current fiscal year, it is -$1.10 on revenues of $11.28 million [7] - The estimate revisions trend for Profound Medical is currently favorable, leading to a Zacks Rank 2 (Buy) for the stock, suggesting it is expected to outperform the market in the near future [6] Industry Context - The Medical - Drugs industry, to which Profound Medical belongs, is currently in the top 33% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact the performance of stocks within the industry [5]

Exhibit 99.2 PROFOUND MEDICAL CORP. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2024 PRESENTED IN US DOLLARS (000s) Profound Medical Corp. Interim Condensed Consolidated Balance Sheets In USD (000s) (Unaudited) | --- | --- | --- | |----------------------------------------------------------------------|----------------------|---------------------| | | September 30, 2024 $ | December 31, 2023 $ | | Assets | | | | Current assets | | | | Cash | 27,123 | 26,213 | | Trade and other receivabl ...

Core Viewpoint - Profound Medical (PROF) shares have increased by 2.7% recently, closing at $7.91, with a mean price target of $16.33 indicating a potential upside of 106.5% according to Wall Street analysts [1] Group 1: Price Targets and Analyst Consensus - The mean price target consists of three short-term estimates with a standard deviation of $3.79, where the lowest estimate of $12 suggests a 51.7% increase, and the highest estimate predicts a 140.2% surge to $19 [2] - A low standard deviation among price targets indicates strong agreement among analysts regarding the stock's price movement direction and magnitude, serving as a starting point for further research [7] - Analysts' growing optimism about PROF's earnings prospects is reflected in the upward revisions of EPS estimates, which correlate strongly with near-term stock price movements [9] Group 2: Earnings Estimates and Zacks Rank - Over the past 30 days, one earnings estimate for PROF has increased, leading to a 7.1% rise in the Zacks Consensus Estimate, with no negative revisions [10] - PROF holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate factors, indicating a strong potential upside [11]

TORONTO, Oct. 17, 2024 (GLOBE NEWSWIRE) -- Profound Medical Corp. (NASDAQ:PROF; TSX:PRN) ("Profound" or the "Company"), a commercial-stage medical device company that develops and markets customizable, incision-free therapies for the ablation of diseased tissue, will announce its third quarter 2024 financial results after market close on Thursday, November 7, 2024. Profound management will host a conference call at 4:30 p.m. ET to review the financial results and discuss business developments in the period. ...

– Mr. Tamberrino and Profound's CEO, Arun Menawat, previously worked together at NOVADAQ before it was acquired by Stryker in 2017 – – Appointment comes as Profound continues to make final preparations for the permanent CPT® Category 1 codes for TULSA going into effect at the beginning of 2025 – TORONTO, Oct. 16, 2024 (GLOBE NEWSWIRE) -- Profound Medical Corp. (NASDAQ:PROF; TSX:PRN) ("Profound" or the "Company"), a commercial-stage medical device company that develops and markets customizable, incision-free ...

Profound Medical (PROF) shares rallied 5.1% in the last trading session to close at $7.85. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 17.2% loss over the past four weeks. The sudden surge in share price can be attributed to positive investor expectations from Profound's lead marketed product, the Tulsa-Pro system, which is approved for the ablation of prostate tissue. In July 2024, the U.S. Centers for M ...

TORONTO, Sept. 04, 2024 (GLOBE NEWSWIRE) -- Profound Medical Corp. (NASDAQ:PROF; TSX:PRN) ("Profound" or the "Company"), a commercial-stage medical device company that develops and markets customizable, incision-free therapies for the ablation of diseased tissue, announced today that management will participate in the Lake Street Capital Markets 8th Annual Best Ideas Growth "Big8" Conference on September 12, 2024 in New York City. The event will consist of one-on-one investor meetings. Due to the format of ...

Profound Medical Corporation (NASDAQ:PROF) Q2 2024 Earnings Conference Call August 8, 2024 4:30 PM ET Company Participants Stephen Kilmer - IR Arun Menawat - CEO Rashed Dewan - CFO Mathieu Burtnyk - COO Conference Call Participants Rick Wise - Stifel Ben Haynor - Lake Street Capital Markets Rahul Sarugaser - Raymond James Michael Sarcone - Jefferies Scott McAuley - Paradigm Capital Brian Gagno - Gagnon Securities Operator Welcome to the Profound Medical Second Quarter 2024 Financial Results conference call. ...