Profound Medical (PROF) Q4 2024 earnings summary

Executive summary

• Achieved record Q4 2024 revenue of $4.2 million, up 108% year-over-year, driven by recurring and capital sales.

• Gross margin reached 71% in Q4 2024, a significant increase from 52% in Q4 2023.

• Net loss improved to $4.9 million in Q4 2024, a 45% reduction from the prior year.

• Ended 2024 with $54.9 million in cash, supporting ongoing operations and growth.

• Key executive changes and a collaboration with Siemens Healthineers were announced to support growth.

Financial highlights

• Q4 2024 revenue: $4.2 million ($2.7M recurring, $1.5M capital equipment).

• Full year 2024 revenue: $10.7 million, up from $7.2 million in 2023.

• Gross margin: 71% in Q4 2024; full year: 66%.

• Operating expenses: $11.3 million in Q4 2024; full year: $40.1 million.

• Net loss per share: $0.20 in Q4 2024 vs $0.42 in Q4 2023; $1.12 for 2024 vs $1.34 for 2023.

Outlook and guidance

• Expecting high double-digit revenue growth (70-75%) in 2025, with triple-digit growth anticipated in 2026.

• Launch of BPH TULSA-AI module planned for mid-2025, with demo at AUA in April.

• TULSA Plus (combined TULSA-PRO and Siemens MRI) to launch in H2 2025.

• Initial data from the CAPTAIN trial to be released at the AUA 2025 annual meeting.

• Transitioning from a patient-pay to a reimbursed environment for TULSA, with expectations of escalating growth.