Profound Medical (PROF) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue reached $6 million, up 43% year-over-year and 13% sequentially, driven by recurring and capital equipment sales.

• Full year 2025 revenue was $16.1 million, a 51% increase from 2024.

• TULSA-PRO installed base grew to 78 sites by year-end, with a strong sales pipeline targeting 120 installs by end of 2026.

• CAPTAIN trial completed recruitment, with results to be presented at EAU, positioning TULSA as a new platform for prostate disease management.

• Expanded global distribution agreements, regained exclusive Canadian rights, and closed $42.4 million in share issuances, strengthening the balance sheet.

Financial highlights

• Q4 2025 revenue: $6 million (recurring: $2.3 million; capital: $3.7 million).

• Full year 2025 revenue: $16.1 million (recurring: $9.7 million; capital: $6.4 million).

• Q4 2025 gross margin was 67%, down from 71% in Q4 2024 due to product mix and introductory pricing; full year 2025 gross margin improved to 71%.

• Q4 2025 net loss was CAD 8.2 million ($0.27/share); full year net loss was $42.6 million ($1.41/share), both higher than 2024.

• Operating expenses for 2025 rose to $52.6 million, mainly due to headcount, sales force, and CAPTAIN trial costs.

Outlook and guidance

• Management expects high double-digit to low triple-digit revenue growth in 2026 and aims for positive cash flow and net profitability.

• Projecting $85 million in annual revenue at 200 TULSA sites, with profitability at 70%+ gross margin.

• Anticipate 42 new TULSA-PRO site installations in 2026, targeting 120 installs by year-end.

• Recurring/capital revenue mix expected to be 50/50 or 60/40 in near term, trending to 70/30 long term.

• Expects reduced BPH procedure times and expanded market opportunity with TULSA-AI Volume Reduction module.