Canada · Delayed Price · Currency is CAD Profound Medical Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 revenue doubled year-over-year to CAD 5.3 million, with improved gross margin and a narrowed net loss. Private insurer coverage expanded, clinical evidence strengthened, and 2026 revenue is guided to grow 56% to CAD 25 million, with margins of 70% or higher.
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TULSA, an AI-driven, MRI-guided, incision-free prostate therapy, is gaining traction with strong clinical data, expanding insurance coverage, and a growing addressable market in prostate cancer and BPH. High margins and partnerships with major MRI companies support robust financial growth.
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CAPTAIN trial six-month data show TULSA offers superior safety, faster recovery, and better functional outcomes than surgery for intermediate-risk prostate cancer. TULSA's precision, flexibility, and growing evidence base support its inclusion in guidelines and broader adoption, with insurance coverage expected to improve as more data mature.
Fiscal Year 2025
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Q4 2025 revenue rose 43% year-over-year to $6M, with gross margin at 67% and a net loss of CAD 8.2M. The company expects high double-digit to low triple-digit revenue growth in 2026, driven by TULSA-PRO adoption, new clinical evidence, and favorable reimbursement trends.
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Q3 2025 revenue surged 87% year-over-year to $5.3M, with gross margin rising to 74.3% and net loss narrowing. Commercial momentum is strong, with 70 TULSA-PRO sites and a robust pipeline, while management maintains a 70% annual growth target.
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TULSA-PRO is driving rapid adoption and revenue growth, with expanding reimbursement, major hospital partnerships, and strong clinical data supporting its MR-guided, AI-driven prostate and BPH treatments. The company targets 200 sites and is launching new software and products for broader market reach.
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Q2 2025 revenue was flat year-over-year at $2.2M, but gross margin rose to 73%. Net loss widened to $15.7M as operating expenses increased. Management maintains 70%-75% full-year revenue growth guidance, citing a strong sales pipeline and new product launches.
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Q1 2025 revenue rose 82% year-over-year to $2.6 million, with improved gross margin but a wider net loss. Strong CAPTAIN trial data and new AI modules are expected to drive adoption, while management reaffirmed 70%-75% revenue growth guidance for the year.
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TULSA's CAPTAIN trial confirms superior perioperative outcomes and patient experience over robotic prostatectomy, with rapid adoption driven by new AI modules, expanded BPH indication, and favorable reimbursement. Market interest and physician training are accelerating, positioning TULSA for strong growth.
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The conference highlighted rapid adoption and strong clinical outcomes for an AI-enhanced, MRI-guided prostate treatment, with new reimbursement driving growth and a major BPH module launching by summer 2024. Expansion into women's health and oncology is underway, supported by a robust pipeline.
Fiscal Year 2024
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Q4 2024 saw record revenue and gross margin, with a significant reduction in net loss and a strong cash position. The company expects high double-digit growth in 2025 and triple-digit growth in 2026, driven by new product launches, expanded reimbursement, and a strengthened commercial team.
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TULSA-PRO's CMS Level 7 reimbursement removes a major adoption barrier, enabling broad use in hospitals, ASCs, and offices. AI-driven, MRI-guided ablation offers high precision, minimal side effects, and strong clinical evidence, with a large addressable market and new commercial leadership driving growth.
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Q3 2024 revenue grew 64% year-over-year to $2.83M, with improved gross margin and strong recurring revenue. CMS finalized higher reimbursement for TULSA, supporting a shift to a traditional device model and expected growth in installations and utilization.
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Q2 2024 revenue grew 39% year-over-year to $2.23 million, with improved net loss and strong cash reserves. New reimbursement codes and AI modules are driving adoption, and the company reaffirms its 2024 guidance and install base targets.