Profound Medical Q2 Earnings Call Highlights

Key Points Q2 revenue rose 12% to CAD 2.5 million , but about CAD 3.1 million in TULSA shipments moved from June into July; excluding the timing issue, revenue would have been approximately CAD 5.6 million, up 153% year over year. Profound maintained its 2026 revenue target of about CAD 25 million and gross-margin guidance of at least 70%. The TULSA-PRO qualified sales pipeline reached approximately CAD 70 million , with 84 systems installed and July setting a monthly record for new orders. Same-store utilization declined sequentially in Q2 because of temporary site issues but remained up year over year and increased 39% in the first half. Profound reported expanding reimbursement coverage and positive clinical data, while CMS proposed a 14.9% increase in TULSA’s 2027 payment rate to $15,494 per procedure. The company also expects potential FDA clearance for Siemens MRI integration by early 2027 and plans to release additional CAPTAIN trial results in Q4.

Profound Medical NASDAQ: PROF reported second-quarter 2026 revenue of CAD 2.5 million, up 12% from CAD 2.2 million a year earlier, as the company said the reported figure was affected by the timing of TULSA product shipments completed in July rather than June. Corporate Controller Matthew Sobczyk said approximately CAD 3.1 million of shipments anticipated during the final weeks of June were completed in July, affecting revenue recognition for the quarter. Excluding the timing effect, second-quarter revenue would have totaled approximately CAD 5.6 million, representing 153% year-over-year growth, according to the company. Get Profound Medical alerts: Sign Up Profound recorded CAD 1.6 million in recurring revenue and CAD 871,000 in capital-equipment sales during the quarter. Gross margin increased to 78% from 73% in the year-earlier period. The company reported a net loss of CAD 9.5 million, or CAD 0.26 per share, compared with a net loss of about CAD 15.7 million, or CAD 0.52 per share, in the second quarter of 2025. Cash totaled CAD 38.3 million as of June 30.

Guidance Maintained Despite Shipment Timing Chief Executive Officer and Chairman Arun Menawat said the company continues to expect approximately CAD 25 million in total revenue for full-year 2026, which would represent 56% growth from 2025. Profound also reiterated its expectation for full-year gross margin of at least 70%. Menawat said the CAD 3.1 million shipment delay was a logistics and documentation issue involving a consolidated shipment from Canada, rather than an issue with demand. The company has increased logistics and operations staffing and is in the process of hiring an experienced vice president-level operations executive, he said. During the question-and-answer session, Menawat said the delayed revenue “most likely will be recognized in Q3.” He also distinguished the revenue-recognition matter from the time required for shipped systems to become operating treatment sites. Following shipment, hospitals must install the equipment, complete training, schedule patients and establish reimbursement processes. That process generally takes 60 to 120 days, he said. The company ended the second quarter with a TULSA-PRO install base of 84 systems. Menawat said Profound shipped six systems in the first quarter, four of which had been installed by the end of that period, while two remained in the installation process. He said the company shipped a similar number during the second quarter and expects the install base to increase again in the third quarter. Pipeline and Utilization Trends Chief Commercial Officer Tom Tamberrino said Profound’s qualified sales pipeline for TULSA-PRO and Sonalleve was approximately CAD 70 million. The pipeline includes opportunities in the...