Profound Medical Corp. Reports 104% Revenue Growth to $5.34 Million in Latest Quarter

Profound Medical Corp. reported significant financial performance improvements in its latest quarterly filing for the three months ended March 31, 2026. The company generated total revenue of $5.34 million, a 104% increase from $2.62 million in the same period last year. This growth was driven by a rise in both recurring non-capital revenue, which reached $2.47 million, and capital equipment sales, which amounted to $2.86 million. The gross profit for the quarter was $3.83 million, reflecting a gross margin of 72%, compared to a gross profit of $1.85 million and a margin of 71% in the prior year.

Operating expenses for the quarter decreased by 9% to $11.85 million, down from $13.02 million in the previous year. This reduction was primarily due to a 20% decrease in selling, general, and administrative expenses, which fell to $6.59 million from $8.21 million. Research and development expenses, however, increased by 9% to $5.26 million, attributed to higher headcount and increased spending on R&D initiatives. The net loss for the period was $7.05 million, a 34% improvement from the $10.72 million loss reported in the same quarter of 2025.

In terms of operational developments, Profound Medical's customer base and product adoption rates have shown positive trends. The company continues to focus on the commercialization of its TULSA-PRO system, which utilizes MRI-guided technology for prostate tissue ablation. The TULSA-PRO system is now CE marked, Health Canada approved, and has received FDA clearance. The company is also expanding its Sonalleve platform, which is approved for treating uterine fibroids and palliative pain relief for bone metastases, with ongoing efforts to explore additional treatment markets.

As of March 31, 2026, Profound Medical reported total assets of $73.46 million, a decrease from $77.48 million at the end of 2025. The company’s cash reserves stood at $50.30 million, down from $59.72 million at the end of the previous fiscal year. The decrease in cash is attributed to net cash used in operating activities, which totaled $8.58 million for the quarter. The company remains optimistic about its future, stating that it expects its existing cash and product sales will support its operational needs for at least the next 12 months, while continuing to invest in the commercialization of its products.