Profound Medical preliminary Q4 revenue $1.9-million; TACT 87% enrolled
Profound Medical (OTCQX:PRFMF; TSXV:PRN) expects revenue of about $1.9-million for the fourth quarter of 2017, compared to nil in the year earlier quarter, and up about 30% sequentially from the third quarter of 2017.
For all of 2017, the company anticipates revenue to be approximately $4.9-million.
Profound made the disclosure because of the lag between planned meetings this week at the J.P. Morgan Healthcare Conference in San Francisco, and its expected reporting of final 2017 results in March 2018.
As of Dec. 31, 2017, the company-sponsored TACT pivotal clinical study, designed to further evaluate the safety and efficacy of its TULSA-PRO device to ablate prostate tissue in patients with localized, organ-confined prostate cancer, had reached 87% (96 out of 110) patient enrollment.
With an additional 14 patients still to be treated, Profound expects to complete study enrollment during February 2018.
“As demonstrated by this, our fourth consecutive quarter of sequential revenue increases, we have successfully transitioned from a development-stage company to one focused on growth,” Arun Menawat, CEO, said in a statement.
“The sales traction we are seeing in Europe should bode well for the future when we are able to market both TULSA-PRO and Sonalleve in the U.S.,” he added. The company also plans to update its U.S. regulatory strategy for Sonalleve as the year progresses.