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Profound(PROF) - 2024 Q4 - Annual Results
PROFProfound(PROF)2025-03-07 21:02

Revenue Performance - For Q4 2024, Profound recorded revenue of approximately 4.2million,a1084.2 million, a 108% increase from 2.0 million in Q4 2023[4] - Full year 2024 revenue was approximately 10.7million,comparedto10.7 million, compared to 7.2 million in 2023, with recurring revenue of 8.2million[8]−RevenueforQ42024reached8.2 million[8] - Revenue for Q4 2024 reached 4.177 million, a 108.8% increase from 2.009millioninQ42023[26]−Recurringnon−capitalrevenueincreasedto2.009 million in Q4 2023[26] - Recurring non-capital revenue increased to 2.679 million, up 33.3% from 2.009millionyear−over−year[26]−Capitalequipmentrevenuesurgedto2.009 million year-over-year[26] - Capital equipment revenue surged to 1.498 million, compared to 0inQ42023,markingasignificantgrowth[26]OperatingExpenses−TotaloperatingexpensesforQ42024were0 in Q4 2023, marking a significant growth[26] Operating Expenses - Total operating expenses for Q4 2024 were 11.3 million, up from 9.8 million in the prior year, primarily due to increased headcount and R&D investments[5] - Total operating expenses rose to 40.099 million in 2024, up 21.7% from 32.963millionin2023[27]−ResearchanddevelopmentexpensesforQ42024were32.963 million in 2023[27] - Research and development expenses for Q4 2024 were 4.649 million, up 17.0% from 3.978millioninQ42023[27]NetLoss−ThenetlossforQ42024wasapproximately3.978 million in Q4 2023[27] Net Loss - The net loss for Q4 2024 was approximately 4.9 million, or 0.20pershare,a450.20 per share, a 45% improvement from a net loss of 8.9 million, or 0.42pershare,inQ42023[6]−Forthefullyear2024,Profound′snetlosswasapproximately0.42 per share, in Q4 2023[6] - For the full year 2024, Profound's net loss was approximately 27.8 million, or 1.12pershare,comparedtoanetlossof1.12 per share, compared to a net loss of 28.3 million, or 1.34pershare,in2023[10]−Netlossfortheyearwas1.34 per share, in 2023[10] - Net loss for the year was 27.816 million, slightly down from 28.323millionin2023[28]−Basicanddilutednetlosspershareimprovedto28.323 million in 2023[28] - Basic and diluted net loss per share improved to 0.20 in Q4 2024 from 0.42inQ42023[27]CashPosition−AsofDecember31,2024,Profoundhadcashofapproximately0.42 in Q4 2023[27] Cash Position - As of December 31, 2024, Profound had cash of approximately 54.9 million, an increase from 26.2millionin2023[11]−Cashandcashequivalentsattheendof2024increasedto26.2 million in 2023[11] - Cash and cash equivalents at the end of 2024 increased to 54.912 million, compared to 26.213millionattheendof2023[29]−Issuanceofcommonsharesgenerated26.213 million at the end of 2023[29] - Issuance of common shares generated 62.106 million in financing activities, significantly higher than 0in2023[29]CollaborationsandInnovations−Thecompanyannouncedanon−exclusivecollaborationwithSiemensHealthineerstoexpandaccesstotheTULSAprocedure[7]−ProfoundlaunchedtheTULSA−AImodule′UAAlignmentAssistant′inNovember2024,simplifyingtheTULSAprocedure[7]−TheCAPTAINclinicaltrialhascompletedpatientenrollment,withdataexpectedtobereleasedattheAUA2025annualmeeting[7]CreditAgreement−TheamendedcreditagreementwithCIBCallowsforarevolvinglineofcreditofupto0 in 2023[29] Collaborations and Innovations - The company announced a non-exclusive collaboration with Siemens Healthineers to expand access to the TULSA procedure[7] - Profound launched the TULSA-AI module 'UA Alignment Assistant' in November 2024, simplifying the TULSA procedure[7] - The CAPTAIN clinical trial has completed patient enrollment, with data expected to be released at the AUA 2025 annual meeting[7] Credit Agreement - The amended credit agreement with CIBC allows for a revolving line of credit of up to 15 million, contingent on achieving certain revenue thresholds[17]