Profound Medical Corp. reported a significant increase in revenue for the fiscal year ending December 31, 2024, achieving $10.68 million, a 48% rise from $7.20 million in 2023. This growth was primarily driven by higher recurring revenue from the sale of one-time-use devices and capital equipment, which accounted for $8.24 million and $2.44 million, respectively. Despite this revenue growth, the company continued to operate at a loss, posting a net loss of $27.82 million, slightly down from a loss of $28.32 million in the previous year. The basic and diluted loss per share improved to $1.12 from $1.34.
Operating expenses also rose, totaling $40.10 million in 2024, up from $32.96 million in 2023, reflecting increased investments in research and development (R&D) and selling, general, and administrative (SG&A) expenses. R&D expenses increased by 18% to $16.97 million, driven by higher headcount and clinical trial costs, while SG&A expenses rose by 25% to $23.13 million, attributed to an expanded sales force and marketing efforts. The gross profit margin improved to 66% from 60%, indicating enhanced operational efficiency.
In terms of strategic developments, Profound Medical has focused on expanding its market presence, particularly in the United States, where it has been actively commercializing its TULSA-PRO system, a device designed for the incision-free ablation of prostate tissue. The company has also been exploring additional treatment markets for its Sonalleve system, which is CE marked for various applications, including the treatment of uterine fibroids. As of December 31, 2024, the company had 142 employees, reflecting its commitment to scaling operations.
Looking ahead, Profound Medical anticipates continued growth driven by the commercialization of its products and potential new regulatory approvals. The company has recently amended its credit agreement with CIBC, providing a revolving line of credit to support its operations. However, it also faces challenges, including the need for additional capital to fund ongoing R&D and commercialization efforts, as well as potential impacts from new tariffs on imports from Canada and other countries. The company remains focused on achieving market acceptance for its products while navigating the complexities of regulatory compliance and competition in the medical device industry.
About Profound Medical Corp.
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