Profound Medical Reports Q2 2025 Revenue of $2.2M, Net Loss of $15.7M

Profound Medical Corp. reported its financial results for the second quarter and first half of 2025, revealing a total revenue of $2.2 million for the three months ended June 30, 2025, a slight decrease of 1% from $2.2 million in the same period of 2024. For the six months ended June 30, 2025, revenue increased by 32% to $4.8 million, compared to $3.7 million in the prior year. The growth in revenue for the six-month period was primarily driven by higher recurring revenue in the United States and increased capital sales overseas. However, the company reported a net loss of $15.7 million for the second quarter, up 127% from a loss of $6.9 million in the same quarter of 2024, and a total net loss of $26.4 million for the first half of 2025, compared to $13.5 million in the previous year.

The company's operating expenses surged significantly, with total operating expenses for the second quarter reaching $15.4 million, an increase of 67% from $9.3 million in the same quarter of 2024. This rise was attributed to higher research and development (R&D) costs, which increased by 45% to $6.1 million, and selling, general, and administrative (SG&A) expenses, which rose by 84% to $9.3 million. The increase in R&D expenses was largely due to expanded clinical trial activities and increased headcount, while the rise in SG&A expenses was driven by a larger sales force and associated costs.

In terms of operational developments, Profound Medical continues to focus on the commercialization of its TULSA-PRO and Sonalleve systems. The TULSA-PRO system, which utilizes MRI-guided ultrasound technology for prostate tissue ablation, is being marketed through a hybrid recurring revenue model in the U.S. The Sonalleve system, approved for treating uterine fibroids and palliative pain, is primarily marketed outside North America. The company reported a total of 30,053,142 common shares outstanding as of June 30, 2025, reflecting a slight increase from the previous period.

The company’s cash position has also changed, with cash decreasing to $35.2 million as of June 30, 2025, down from $54.9 million at the end of 2024. This decline is attributed to increased operational expenditures and the ongoing commercialization efforts. Profound Medical anticipates that its existing cash and product sales will fund operations for at least the next 12 months, although it may require additional financing to support its strategic plans and continued growth. The company is currently in compliance with its financial covenants under the amended CIBC Credit Agreement, which provides a revolving line of credit to support its operations.

Looking ahead, Profound Medical aims to enhance the adoption of its products and expand its market presence. The company is focused on increasing its sales force and marketing efforts to drive growth, particularly in the U.S. market for TULSA-PRO. However, management has indicated that achieving its future strategic objectives will depend on securing additional financing or executing other strategic options by the end of 2026.