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Profound Medical Corp. (NASDAQ:PROF, TSX:PRN) ("Profound" or the "Company"), a commercial-stage medical device company that develops and markets customizable, incision-free therapies for the ablation of diseased tissue, today announced preliminary unaudited revenues for the fourth quarter and full year 2023, and provided an update on the progress it is making with the commercialization of TULSA-PRO® in the United States. Profound is providing this information due to the significant lag time between planned investment community meetings to be held in connection with, among other investor events, the 42nd Annual J.P. Morgan Healthcare Conference in San Francisco, and its expected reporting of final 2023 results in March 2024.
Profound anticipates total revenues for the fourth quarter of 2023 to be in the approximate range of $1.9 million to $2.0 million, with the full amount coming from recurring revenue, which consists of the sale of TULSA-PRO® consumables, lease of medical devices, procedures and services associated with extended warranties. This represents recurring revenue growth of between 51% and 59% year-over-year, and between 10% and 16% sequentially over the 2023 third quarter. For the full year 2023, Profound anticipates total revenues to be in the approximate range of $7.1 million to $7.2 million. These figures are preliminary and unaudited, and actual revenues may differ.
"Our focus on early adopters and teaching hospitals resulted in the adoption of TULSA-PRO® continuing to increase throughout 2023, both in terms of installed base growth and existing system utilization," said Arun Menawat, Profound's CEO and Chairman. "Q4-2023 marked the seventh consecutive quarter of recurring revenue growth; and TULSA-PRO® is now installed at, or contracted with, 10 of the top 20 cancer hospitals in the United States as ranked by U.S. News and World Report, including prestigious institutions such as MD Anderson, Mayo Clinic-Rochester, UCLA Medical Center, Brigham and Women's Hospital, Johns Hopkins Hospital, and Cleveland Clinic, among others. The growth capital raised through our recent financing, which closed yesterday, puts us in a stronger position to make the requisite investments, particularly in our commercial organization, to maximize the exciting opportunity for TULSA that we see ahead. In preparation for the permanent CPT® Category 1 codes for TULSA going into effect at the beginning of 2025 -– an anticipated major revenue inflection point for our business – our top priorities for 2024 will be to further increase our TULSA-PRO® installed base, support increased system utilization, complete our ongoing Level 1 CAPTAIN trial comparing the TULSA procedure to radical prostatectomy for the treatment of prostate cancer, and advance additional TULSA AI modules designed to increase both the ease and speed of prostate disease treatment. We look forward to updating investors as we progress."
