-- Profound Medical (PRN.TO, PROF) was last seen down 8.5%% in after-hours New York trade after the company on Thursday reported a narrower first-quarter loss as revenue advanced, with both measures beating forecasts.
The medical-device company said it lost US$7.0 million, or US$0.19 per share, in the quarter, compared to a loss of US$10.7 million, or US$0.36, in the prior year period. Analysts polled by FactSet had expected a loss of US$0.25 per share.
Revenue jumped 104% to US$5.3 million over the same period, beating the US$4.9 million FactSet forecast. The company said it earned US$2.5 million revenue from recurring non-capital revenue, which consists of the sale of one-time use devices and services associated with extended warranties, and US$2.9 million from the one-time sale of capital equipment.
The company projects total revenue for full-year 2026 to be approximately US$25 million, which represents 56% growth compared to its prior year revenue. The company also expects full year 2026 gross margin to be 70% or higher.
Profound said its Profound's TULSA-PRO installed base stood at 80 at the end of Q1-2026, and the company shipped an additional six systems during the first quarter that had yet to be installed. It also announced that Humana has become the first national payor in the United States to cover the TULSA Procedure.
"We continued to execute well across our business in the first quarter, delivering triple-digit revenue growth combined with strong gross margin and lower operating expenses. We were also pleased to see statistically significant and clinically meaningful benefit from the TULSA Procedure beginning to readout from the randomized post-market CAPTAIN clinical trial comparing it to robotic radical prostatectomy, the current standard of care," said chief executive Arun Menawat.
The company's shares were down US$0.61 to US$6.55 after hours trading after closing up C$0.14 to $9.75 on the Toronto Stock Exchange.