Profound Medical Announces Preliminary Unaudited Q4 And FY23 Revenues; Sees Q4 Revenue $1.9M-$2M Vs $2.02M Est.; FY23 Revenue $7.1M-$7.2M Vs $7.22M Est.
Portfolio Pulse from Benzinga Newsdesk
Profound Medical Corp. announced preliminary unaudited revenues for Q4 and FY23, with Q4 revenue expected between $1.9M-$2M and FY23 revenue between $7.1M-$7.2M, slightly below estimates. The company highlighted the growth of its TULSA-PRO® system, now in 10 of the top 20 US cancer hospitals, and discussed future priorities including increasing the installed base and supporting system utilization. Profound also mentioned the closing of recent financing and the anticipation of revenue growth with the introduction of permanent CPT® Category 1 codes for TULSA in 2025.
January 03, 2024 | 9:20 pm
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Profound Medical Corp. announced preliminary Q4 revenue of $1.9M-$2M and FY23 revenue of $7.1M-$7.2M, below estimates. The company's TULSA-PRO® system continues to grow, with installations in top US cancer hospitals and expectations of revenue growth with new CPT® codes in 2025.
While the reported revenues are slightly below estimates, the continued growth in recurring revenue and the adoption of TULSA-PRO® in top hospitals are positive indicators. The recent financing and future CPT® codes are expected to support growth, which may balance the short-term impact of the revenue miss. Therefore, the short-term impact on the stock price is likely to be neutral.
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IMPORTANCE 75
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