Profound(PROF) - 2024 Q4 - Annual Results

Revenue Performance - For Q4 2024, Profound recorded revenue of approximately $4.2 million, a 108% increase from $2.0 million in Q4 2023[4] - Full year 2024 revenue was approximately $10.7 million, compared to $7.2 million in 2023, with recurring revenue of $8.2 million[8] - Revenue for Q4 2024 reached $4.177 million, a 108.8% increase from $2.009 million in Q4 2023[26] - Recurring non-capital revenue increased to $2.679 million, up 33.3% from $2.009 million year-over-year[26] - Capital equipment revenue surged to $1.498 million, compared to $0 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 $32.963 million in 2023[27] - Research and development expenses for Q4 2024 were $4.649 million, up 17.0% from $3.978 million in Q4 2023[27] Net Loss - The net loss for Q4 2024 was approximately $4.9 million, or $0.20 per share, a 45% improvement from a net loss of $8.9 million, or $0.42 per share, in Q4 2023[6] - For the full year 2024, Profound's net loss was approximately $27.8 million, or $1.12 per share, compared to a net loss of $28.3 million, or $1.34 per share, in 2023[10] - Net loss for the year was $27.816 million, slightly down from $28.323 million in 2023[28] - Basic and diluted net loss per share improved to $0.20 in Q4 2024 from $0.42 in Q4 2023[27] Cash Position - As of December 31, 2024, Profound had cash of approximately $54.9 million, an increase from $26.2 million in 2023[11] - Cash and cash equivalents at the end of 2024 increased to $54.912 million, compared to $26.213 million at the end of 2023[29] - Issuance of common shares generated $62.106 million in financing activities, significantly higher than $0 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]