Profound Medical sees five-fold jump in preliminary Q4 revenue versus Q3
Profound Medical (TSX:PRN; OTCQX:PRFMF) expects total revenue of about $1.6-million for the fourth quarter of 2018, up from about $300,000 for the third quarter last year.
For all of 2018, the company expects total revenue to be approximately $2.5- million.
Profound made the announcement because of a significant lag time between planned investment community meetings, including non-deal investor events and the J.P. Morgan Healthcare Conference in San Francisco, and its expected reporting of final 2018 results in March 2019.
Profound is commercializing its CE marked TULSA-PRO medical device, which uses real-time MR imaging to guide precise ablation of the prostate while simultaneously protecting critical surrounding anatomy.
The company also is commercializing Sonalleve, a therapeutic platform that is CE marked for the treatment of uterine fibroids and palliative pain treatment of bone metastases. The Chinese FDA recently approved Sonalleve for the non-invasive treatment of uterine fibroids.
Profound is in the early stages of exploring additional potential treatment markets for Sonalleve, such as non-invasive ablation of abdominal cancers and hyperthermia for cancer therapy, where the technology has been shown to have clinical application.
“The initial commercial launch of Sonalleve in China, combined with growing interest from European doctors, clinics and patients in TULSA-PRO, led to this significant rebound in quarterly revenue,” Arun Menawat, Profound’s CEO, said in a statement.
“We believe this renewed sales traction should continue into 2019, and are also looking forward to a number of major milestones coming up in the first half of the year, particularly the release of the full 12-month results from the TACT pivotal study [in the U.S.], which is designed to further evaluate the safety and efficacy of TULSA-PRO to ablate prostate tissue in patients with localized, organ-confined prostate cancer,” he added.