Q2 2024 Profound Medical Corp Earnings Call Transcript
Key Points
- Profound Medical Corp (PROF) reported a 39% increase in revenue for Q2 2024 compared to the same period in 2023, indicating strong financial growth.
- The company anticipates full-year 2024 revenue to be in the range of $11 million to $12 million, showing confidence in continued revenue growth.
- The TULSA procedure has been approved for use in all locations of service, providing broad access and flexibility for both patients and physicians.
- The introduction of the TULSA-AI module has improved treatment planning accuracy and efficiency, receiving positive feedback from physicians.
- Profound Medical Corp (PROF) is forming closer relationships with major MRI companies, which could enhance the integration and adoption of their technology in prostate care.
- Profound Medical Corp (PROF) recorded a net loss of $6.9 million for Q2 2024, although this was a slight improvement from the previous year's loss.
- Gross margin decreased slightly to 64% in Q2 2024 from 66% in Q2 2023, indicating some pressure on profitability.
- Operating expenses increased by 24% year-over-year, driven by higher R&D and sales and distribution costs, which could impact future profitability.
- The company faces challenges in transitioning from a cash pay model to a reimbursement model, which may affect short-term financial performance.
- There is uncertainty regarding the finalization of new CPT codes and reimbursement rates, which could impact future revenue and adoption rates.
Good day, and thank you for standing by. Welcome to the Profound Medical second-quarter 2024 financial results conference call. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your first speaker today, Stephen Kilmer, Investor Relations. Please go ahead.
Thank you. Good afternoon, everyone. Let me start by pointing out that this conference call will include forward-looking statements within the meaning of applicable securities laws in the United States and Canada. All forward-looking statements are based on Profound's current beliefs, assumptions, and expectations, and relate to, among other things, any expressed or implied statements or guidance regarding current or future financial performance and position, including the company's 2024 financial outlook and related assumptions, the expectations regarding the efficacy of Profound's technology in the treatment of prostate cancer, BPH, uterine fibroids,
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