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Profound(PROF) - 2023 Q3 - Quarterly Report
2023-11-02 20:10
Exhibit 99.2 PROFOUND MEDICAL CORP. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2023 PRESENTED IN US DOLLARS (000s) Profound Medical Corp. | | | | | Accumulated | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | other | | | | | | Share | Contributed | comprehensive | | | | | Number | capital | surplus | income | Deficit | Total | | | of shares | $ | $ | $ | $ | $ | | Balance – January 1, 2022 | 20,776,217 | 219,579 | 16,986 | 4,746 | (160,693) | 80,618 | | Net loss for the per ...
Profound(PROF) - 2023 Q2 - Earnings Call Transcript
2023-08-10 03:08
Financial Data and Key Metrics Changes - For the three-month period ended June 30, 2023, the company recorded revenue of $1.6 million, an increase of 38% from $1.2 million in the same period of 2022 [9] - Total operating expenses in Q2 2023 were $7.5 million, a decrease of 14% compared to $8.7 million in Q2 2022 [10] - The net loss for Q2 2023 was $7.4 million, or $0.35 per common share, compared to a net loss of $5.9 million, or $0.28 per common share for the same period in 2022 [25] Business Line Data and Key Metrics Changes - U.S. recurring revenue grew by 21% in Q2 2023 compared to Q1 2023, and by 63% when comparing the first half of 2022 to the first half of 2023 [27] - The installed base of TULSA systems increased from 34 to 38 in Q2 2023, with expectations to reach 50 by the end of the year [16][59] Market Data and Key Metrics Changes - Approximately 66% of patients treated were for prostate cancer, 25% for hybrid conditions of cancer and BPH, 7% for salvage, and 2% for BPH only [31] - The total addressable market for TULSA is estimated at about 600,000 patients, larger than any other technology for treating prostate cancer [45] Company Strategy and Development Direction - The company aims to drive adoption of the TULSA procedure in the U.S. and has achieved the approval of Category 1 CPT codes for the TULSA procedure, effective January 1, 2025 [13][50] - The focus remains on increasing the installed base in the U.S. while also expanding in international markets, particularly Japan [30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving U.S. revenue growth of about 70% over the previous year, driven by a recurring revenue model [27] - The company is optimistic about the impact of the new CPT codes on adoption rates and is seeing positive feedback from hospitals and physicians [61] Other Important Information - The company has a net cash position of $39.3 million as of June 30, 2023 [25] - The TACT Pivotal Study results demonstrated the predictability and durability of the TULSA procedure, with promising five-year outcomes [46] Q&A Session Summary Question: Can you provide an update on the growth of installed devices? - Management noted the need to grow by an average of six more devices per quarter to meet the year-end goal of 50 installations, with positive momentum expected due to the new CPT codes [51][61] Question: What is the status of reimbursement discussions? - Management indicated ongoing dialogue with CMS regarding the expansion of existing codes to ambulatory centers, with updates expected in early October [62] Question: How is the macro environment affecting system installs? - Management reported that the macro environment is not presenting significant headwinds, and the pipeline for installations remains strong [80] Question: What are the expectations for the CAPTAIN clinical trial? - Preliminary results from the CAPTAIN trial are expected in early 2025, focusing on head-to-head comparisons with radical prostatectomy [78] Question: Can you discuss the potential for ASCs? - Management sees ASCs as a prime target for TULSA adoption, emphasizing the advantages of outpatient procedures without incisions [110]
Profound(PROF) - 2023 Q1 - Earnings Call Transcript
2023-05-11 03:08
Company Participants Conference Call Participants Operator I would now like to hand the conference over to your speaker today, Stephen Kilmer, Investor Relations. Please go ahead. Thank you. Good afternoon everyone. Let me start by pointing out that this conference call will include forward-looking statements within the meaning of applicable securities laws of the United States and Canada. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, perform ...
Profound(PROF) - 2023 Q2 - Quarterly Report
2023-08-09 20:10
Exhibit 99.2 PROFOUND MEDICAL CORP. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2023 PRESENTED IN US DOLLARS (000s) Profound Medical Corp. Interim Condensed Consolidated Balance Sheets In USD (000s) (Unaudited) | | March 31, | December 31, | | --- | --- | --- | | | 2023 | 2022 | | | $ | $ | | Assets | | | | Current assets | | | | Cash | 42,984 | 46,517 | | Trade and other receivables (note 3) | 6,995 | 6,344 | | Inventory (note 4) | 8,125 | 7,941 | | Prepaid expenses and deposits | 861 | 1 ...
Profound(PROF) - 2022 Q4 - Earnings Call Transcript
2023-03-08 02:22
Profound Medical Corp. (NASDAQ:PROF) Q4 2022 Earnings Conference Call March 7, 2023 4:30 PM ET Stephen Kilmer – Investor Relations Arun Menawat – Chief Executive Officer and Chairman Rashed Dewan – Chief Financial Officer Michael Sarcone – Jefferies Rahul Sarugaser – Raymond James Ben Haynor – Alliance Frank Takkinen – Lake Street Brian Gagnon – Gagnon Securities Scott McAuley – Paradigm Capital Good day and thank you for standing by. Welcome to the Profound Medical Fourth Quarter and Full Year 2022 Financi ...
Profound(PROF) - 2022 Q4 - Earnings Call Presentation
2023-03-07 21:50
NASDAQ: PROF TSX: PRN Certain statements in this presentation may contain certain information that is "forward-looking information" or "forward-looking statements" within the meaning of applicable securities laws with respect to Profound Medical Corp. ("Profound" or the "Company"). Such statements include all statements other than statements of historical fact contained in this presentation, such as statements that relate to the Company's current expectations and views of future events. Often, but not alway ...
Profound(PROF) - 2023 Q1 - Quarterly Report
2023-03-07 21:10
EXHIBIT 99.1 G&A expenses for the 2022 fourth quarter decreased by 35% to approximately $2.1 million, compared with approximately $3.2 million in the same period in 2021, due to lower salaries and benefits, consulting fees, share based compensation, rent, software, insurance and other expenses. Fourth quarter 2022 S&D expenses decreased by 27% to approximately $1.7 million, compared with $2.3 million in the fourth quarter of 2021. This was driven by lower salaries and benefits, consulting fees and share bas ...
Profound(PROF) - 2022 Q3 - Earnings Call Transcript
2022-11-05 22:13
Profound Medical Corp. (NASDAQ:PROF) Q3 2022 Results Conference Call November 3, 2022 4:30 PM ET Company Participants Stephen Kilmer - IR Dr. Arun Menawat - CEO Rashed Dewan - CFO Conference Call Participants Michael Sarcone - Jefferies Rahul Sarugaser - Raymond James Brian Gagnon - Gagnon Securities Operator Good day, and thank you for standing by. Welcome to the Profound Medical Incorporated Third Quarter 2022 Conference Call. [Operator Instructions] Please be advised that today's conference is being reco ...
Profound(PROF) - 2022 Q2 - Earnings Call Transcript
2022-08-07 15:30
Profound Medical Corp. (NASDAQ:PROF) Q2 2022 Results Conference Call August 4, 2022 4:30 PM ET Company Participants Stephen Kilmer - IR Dr. Arun Menawat - CEO Rashed Dewan - CFO Conference Call Participants Frank Takkinen - Lake Street Capital Markets Zach Weiner - Jefferies Rahul Sarugaser - Raymond James Operator Welcome to the Profound Medical Second Quarter 2022 Financial Results Conference Call. My name is Darryl, and IÂ'll be your operator for todayÂ's call. [Operator Instructions] I will now turn the ...
Profound(PROF) - 2022 Q1 - Earnings Call Transcript
2022-05-10 01:02
Profound Medical Corp. (NASDAQ:PROF) Q1 2022 Earnings Conference Call May 9, 2022 4:30 PM ET Company Participants Dr. Arun Menawat – Chief Executive Officer and Chairman of the Board Rashed Dewan – Chief Financial Officer Stephen Kilmer – Investor Relations Conference Call Participants Rahul Sarugaser – Raymond James Frank Takkinen – Lake Street Capital Markets Josh Jeggings – Cowen and Company Scott McAuley – Paradigm Capital Brian Gagnon – Gagnon Securities Operator Good day, and thank you for standing by ...