Profound Medical (PROF)
Market Price (8/24/2026): $6.96 | Market Cap: $253.0 MilSector: Health Care | Industry: Life Sciences Tools & Services
Profound Medical (PROF)
Market Price (8/24/2026): $6.96Market Cap: $253.0 MilSector: Health CareIndustry: Life Sciences Tools & Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -13% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 61% Megatrend and thematic driversMegatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Targeted Therapies, Personalized Diagnostics, Show more. | Weak multi-year price returns2Y Excs Rtn is -63%, 3Y Excs Rtn is -97% Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 14.66 | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -35 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -185% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 26% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -189%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -189% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -18% Key risksPROF key risks include [1] its persistent unprofitability and reliance on dilutive financing, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -13% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 61% |
| Megatrend and thematic driversMegatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Targeted Therapies, Personalized Diagnostics, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -63%, 3Y Excs Rtn is -97% |
| Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 14.66 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -35 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -185% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 26% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -189%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -189% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -18% |
| Key risksPROF key risks include [1] its persistent unprofitability and reliance on dilutive financing, Show more. |
Qualitative Assessment
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Profound Medical (PROF) stock has remained largely at the same level since 4/30/2026 because of the following key factors:
1. Mixed Financial Performance and Guidance with Operational Fluctuations.
Profound Medical's stock remained largely stable due to a balance of strong year-over-year growth tempered by quarterly inconsistencies and shipment timing issues. In fiscal Q1 2026 (ended March 31, 2026), the company reported a significant 104% year-over-year revenue increase to $5.3 million and a narrower net loss of $0.19 per share, beating consensus estimates by 25.75%. However, fiscal Q2 2026 (ended June 30, 2026) reported revenue was only up 12% year-over-year to $2.5 million, significantly impacted by a $3.1 million TULSA product shipment that shifted into fiscal Q3 2026 due to logistics. While adjusted revenue for fiscal Q2 would have been $5.6 million (153% year-over-year growth), the reported discrepancy likely introduced investor uncertainty, contributing to a 6.68% stock decline on August 7, 2026, following the earnings release. The company reiterated its full-year 2026 revenue guidance of approximately $25 million, representing 56% growth, suggesting a steady but not accelerating outlook.
2. Positive Clinical and Reimbursement Progress Offset by Short-term Utilization Challenges.
The stock experienced stabilizing forces from favorable clinical trial outcomes and expanding market access, counteracted by temporary operational setbacks. The CAPTAIN trial announced the TULSA Procedure's superiority on its primary safety endpoint compared to robotic radical prostatectomy. Furthermore, Profound Medical expanded payer coverage, notably with Humana covering the TULSA Procedure in fiscal Q1 2026, adding approximately 6.9 million covered lives, and an additional 18.3 million covered lives added in fiscal Q2 2026. A proposed CMS 2027 rule also indicated a 14.9% increase in TULSA's payment to $15,494 per procedure. However, the TULSA INDEX20, a measure of average procedures per quarter at index sites, saw a 12% sequential decline in fiscal Q2 2026, primarily due to short-term issues at certain sites, raising questions about consistent adoption rates.
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Profound Medical (PROF) stock has remained largely at the same level since 4/30/2026 because of the following key factors:
1. Mixed Financial Performance and Guidance with Operational Fluctuations.
Profound Medical's stock remained largely stable due to a balance of strong year-over-year growth tempered by quarterly inconsistencies and shipment timing issues. In fiscal Q1 2026 (ended March 31, 2026), the company reported a significant 104% year-over-year revenue increase to $5.3 million and a narrower net loss of $0.19 per share, beating consensus estimates by 25.75%. However, fiscal Q2 2026 (ended June 30, 2026) reported revenue was only up 12% year-over-year to $2.5 million, significantly impacted by a $3.1 million TULSA product shipment that shifted into fiscal Q3 2026 due to logistics. While adjusted revenue for fiscal Q2 would have been $5.6 million (153% year-over-year growth), the reported discrepancy likely introduced investor uncertainty, contributing to a 6.68% stock decline on August 7, 2026, following the earnings release. The company reiterated its full-year 2026 revenue guidance of approximately $25 million, representing 56% growth, suggesting a steady but not accelerating outlook.
2. Positive Clinical and Reimbursement Progress Offset by Short-term Utilization Challenges.
The stock experienced stabilizing forces from favorable clinical trial outcomes and expanding market access, counteracted by temporary operational setbacks. The CAPTAIN trial announced the TULSA Procedure's superiority on its primary safety endpoint compared to robotic radical prostatectomy. Furthermore, Profound Medical expanded payer coverage, notably with Humana covering the TULSA Procedure in fiscal Q1 2026, adding approximately 6.9 million covered lives, and an additional 18.3 million covered lives added in fiscal Q2 2026. A proposed CMS 2027 rule also indicated a 14.9% increase in TULSA's payment to $15,494 per procedure. However, the TULSA INDEX20, a measure of average procedures per quarter at index sites, saw a 12% sequential decline in fiscal Q2 2026, primarily due to short-term issues at certain sites, raising questions about consistent adoption rates.
3. Improved Operating Leverage Amidst Continued Net Losses.
Profound Medical demonstrated improved business efficiency, yet ongoing net losses kept investor sentiment in check. The company improved its gross margin to 78% in fiscal Q2 2026 from 72% in fiscal Q1 2026, and significantly reduced operating expenses by 16% year-over-year in fiscal Q2 2026. These improvements contributed to a 39% year-over-year reduction in net loss to $9.5 million in fiscal Q2 2026. Despite these positive trends in operational efficiency, the company continued to report substantial net losses, with $7.0 million in fiscal Q1 2026 and $9.5 million in fiscal Q2 2026, indicating that profitability remains a longer-term objective and limiting upward stock momentum.
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Stock Movement Drivers
Fundamental Drivers
The 1.3% change in PROF stock from 4/30/2026 to 8/23/2026 was primarily driven by a 18.6% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 4302026 | 8232026 | Change |
|---|---|---|---|
| Stock Price ($) | 6.70 | 6.79 | 1.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 16 | 19 | 18.6% |
| P/S Multiple | 12.7 | 12.9 | 1.6% |
| Shares Outstanding (Mil) | 31 | 36 | -15.9% |
| Cumulative Contribution | 1.3% |
Market Drivers
4/30/2026 to 8/23/2026| Return | Correlation | |
|---|---|---|
| PROF | 1.3% | |
| Market (SPY) | 6.5% | 25.3% |
| Sector (XLV) | 19.6% | 10.5% |
Fundamental Drivers
The -9.5% change in PROF stock from 1/31/2026 to 8/23/2026 was primarily driven by a -18.1% change in the company's P/S Multiple.| (LTM values as of) | 1312026 | 8232026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.50 | 6.79 | -9.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 14 | 19 | 33.5% |
| P/S Multiple | 15.8 | 12.9 | -18.1% |
| Shares Outstanding (Mil) | 30 | 36 | -17.2% |
| Cumulative Contribution | -9.5% |
Market Drivers
1/31/2026 to 8/23/2026| Return | Correlation | |
|---|---|---|
| PROF | -9.5% | |
| Market (SPY) | 11.0% | 36.0% |
| Sector (XLV) | 13.3% | 20.5% |
Fundamental Drivers
The 22.3% change in PROF stock from 7/31/2025 to 8/23/2026 was primarily driven by a 60.9% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312025 | 8232026 | Change |
|---|---|---|---|
| Stock Price ($) | 5.55 | 6.79 | 22.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 12 | 19 | 60.9% |
| P/S Multiple | 14.1 | 12.9 | -8.0% |
| Shares Outstanding (Mil) | 30 | 36 | -17.4% |
| Cumulative Contribution | 22.3% |
Market Drivers
7/31/2025 to 8/23/2026| Return | Correlation | |
|---|---|---|
| PROF | 22.3% | |
| Market (SPY) | 22.2% | 29.9% |
| Sector (XLV) | 35.6% | 12.7% |
Fundamental Drivers
The -40.7% change in PROF stock from 7/31/2023 to 8/23/2026 was primarily driven by a -61.3% change in the company's P/S Multiple.| (LTM values as of) | 7312023 | 8232026 | Change |
|---|---|---|---|
| Stock Price ($) | 11.45 | 6.79 | -40.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7 | 19 | 165.9% |
| P/S Multiple | 33.4 | 12.9 | -61.3% |
| Shares Outstanding (Mil) | 21 | 36 | -42.4% |
| Cumulative Contribution | -40.7% |
Market Drivers
7/31/2023 to 8/23/2026| Return | Correlation | |
|---|---|---|
| PROF | -40.7% | |
| Market (SPY) | 73.2% | 21.2% |
| Sector (XLV) | 36.3% | 17.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| PROF Return | -45% | -3% | -22% | -12% | 5% | -16% | -68% |
| Peers Return | 19% | -20% | -8% | -19% | 37% | 4% | 1% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 103% |
Monthly Win Rates [3] | |||||||
| PROF Win Rate | 25% | 50% | 58% | 42% | 58% | 50% | |
| Peers Win Rate | 60% | 50% | 48% | 42% | 54% | 50% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| PROF Max Drawdown | -63% | -72% | -47% | -38% | -51% | -42% | |
| Peers Max Drawdown | -29% | -44% | -49% | -37% | -37% | -43% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: A, TECH, ATEC, CERS, FRNM.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/21/2026 (YTD)
How Low Can It Go
| Event | PROF | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -42.9% | -18.8% |
| % Gain to Breakeven | 75.2% | 23.1% |
| Time to Breakeven | 209 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -27.8% | -6.7% |
| % Gain to Breakeven | 38.4% | 7.1% |
| Time to Breakeven | 40 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -71.1% | -24.5% |
| % Gain to Breakeven | 245.9% | 32.4% |
| Time to Breakeven | 69 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -58.4% | -33.7% |
| % Gain to Breakeven | 140.1% | 50.9% |
| Time to Breakeven | 99 days | 140 days |
In The Past
Profound Medical's stock fell -42.9% during the 2025 US Tariff Shock. Such a loss loss requires a 75.2% gain to breakeven.
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| Event | PROF | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -42.9% | -18.8% |
| % Gain to Breakeven | 75.2% | 23.1% |
| Time to Breakeven | 209 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -27.8% | -6.7% |
| % Gain to Breakeven | 38.4% | 7.1% |
| Time to Breakeven | 40 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -71.1% | -24.5% |
| % Gain to Breakeven | 245.9% | 32.4% |
| Time to Breakeven | 69 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -58.4% | -33.7% |
| % Gain to Breakeven | 140.1% | 50.9% |
| Time to Breakeven | 99 days | 140 days |
In The Past
Profound Medical's stock fell -42.9% during the 2025 US Tariff Shock. Such a loss loss requires a 75.2% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Profound Medical (PROF)
Profound Medical Corp. (PROF) is a commercial-stage medical device company that develops and commercializes magnetic resonance (MR) guided ablation procedures. These advanced treatments are designed to address a range of medical conditions, including prostate disease and uterine fibroids, as well as providing palliative pain relief, particularly for pain associated with metastatic bone cancer. The company's innovative approach integrates therapeutic energy delivery with the precision of MR imaging for targeted treatment.
The company's lead product is the TULSA-PRO system, which is used in conjunction with existing magnetic resonance imaging scanners in hospitals and treatment facilities. TULSA-PRO enables precise, targeted ablation primarily for the treatment of prostate disease. Profound Medical also offers Sonalleve, a therapeutic platform used for the non-invasive treatment of uterine fibroids and for providing palliative pain relief to patients suffering from bone metastases.
Profound Medical's primary customers are hospitals and specialized treatment facilities that seek advanced, image-guided therapeutic options. The company serves these healthcare providers across various international markets, including Canada, Germany, the United States, and Finland, aiming to deliver its cutting-edge medical devices to a global patient population.
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Here are 1-3 brief analogies to describe Profound Medical (PROF):
An Intuitive Surgical (ISRG) for MR-guided tissue ablation.
A Boston Scientific (BSX) or Hologic (HOLX) specializing in MRI-guided therapeutic systems.
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- TULSA-PRO system: A lead product used for magnetic resonance imaging guided ablation procedures primarily for prostate disease.
- Sonalleve: A therapeutic platform for the treatment of uterine fibroids and palliative pain relief associated with bone metastases.
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- Hospitals and University Medical Centers: These are primary adopters of advanced medical technology, integrating Profound Medical's systems into departments such as urology, interventional radiology, oncology, and gynecology for various therapeutic procedures.
- Specialized Treatment Centers and Clinics: These facilities focus on specific conditions like prostate disease, uterine fibroids, or pain management, offering targeted, minimally invasive treatment options to patients.
- Research and Academic Institutions: These organizations may acquire Profound Medical's systems for conducting clinical trials, advancing medical research, developing new procedures, and training medical professionals.
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Philips (NYSE: PHG)
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Arun Menawat, Chairman and CEO
Dr. Arun Menawat joined Profound Medical as Chief Executive Officer in August 2016, having been a board member for approximately two years prior to that. He previously served as Chairman and CEO of Novadaq Technologies Inc. for 13 years, leading it from a startup to a NASDAQ-listed medical technology company with a market capitalization often exceeding one billion USD. Novadaq was later acquired by Stryker Corporation. Before Novadaq, Dr. Menawat was President of Cedara Software Corp., a company that developed an industry-first medical imaging software platform now integrated into IBM's Watson Health. He has experience guiding multiple companies through the transition from private to public funding. In 2014, he was recognized as the EY Ontario Entrepreneur of the Year in the health sciences category. Dr. Menawat holds a Ph.D. in Chemical Engineering and an Executive MBA.
Rashed Dewan, Chief Financial Officer
Rashed Dewan possesses over 20 years of finance and accounting experience within both public and private companies, with a specialized focus on the medical device sector. He has extensive experience in systems design and implementation, alongside a strong record of success in accounting, finance, sales, and operations management. Mr. Dewan is a Certified Public Accountant and holds a Bachelor of Science Degree in Accounting from the University of Southern California. He was promoted to Vice President of Finance in August 2016.
Tom Tamberrino, Chief Commercial Officer
Mr. Tom Tamberrino is a seasoned leader known for his distinguished career in sales and marketing leadership, business development, and executive management, primarily within the U.S. healthcare industry. His background includes entrepreneurial ventures and significant contributions to the medical technology sector. Before joining Profound Medical, Mr. Tamberrino served as Vice President of Sales and Marketing at Novadaq Technologies Inc., where he played a key role in establishing the company as a market leader in near-infrared fluorescence imaging and driving substantial revenue growth.
Chris Driver, VP, Product Development
Chris Driver serves as the Vice President of Product Development. Background information is not readily available in the provided search results.
Ian McLean, Vice President Of Business Development
Ian McLean holds the position of Vice President of Business Development. Background information is not readily available in the provided search results.
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The key risks to Profound Medical's business revolve primarily around its financial viability and the ongoing challenges in achieving broad market adoption for its innovative medical devices amid strong competition.
1. Significant Financial Distress and Inability to Achieve Profitability
Profound Medical faces substantial financial challenges, evidenced by deeply negative operating margins (e.g., -294.83% in Q4 2025) and net margins (e.g., -273.94% in Q4 2025), indicating significant struggles in achieving profitability. The company's Altman Z-Score, a measure of financial health, has been noted to be in the "distress zone" or indicating financial distress, suggesting a potential risk of bankruptcy within the next two years. Despite some revenue growth, the company continues to experience persistent heavy losses and a large cash burn. Analysts project continued losses through 2025 and 2026, which could potentially exhaust current cash reserves, necessitating further dilution through equity offerings or additional debt. Furthermore, the company's valuation ratios, such as its P/S ratio (10.11 to 13) and P/B ratio (4.81 to 4.89), are considered high compared to historical ranges or industry averages, suggesting the stock may be overvalued despite its lack of profitability. A crucial factor for improving financial health is the need to drive higher utilization of its installed TULSA-PRO systems to reach profitability targets.
2. Slow Market Adoption and Intense Competition
Despite its innovative TULSA-PRO system receiving FDA approval in 2019, Profound Medical has struggled with limited revenue growth and unprofitability since then. The company operates in a highly competitive landscape, facing established prostate treatment modalities and similar devices from competitors like Intuitive Surgical (with its da Vinci system) and EDAP TMS S.A. (with its FocalONE platform). A challenge for TULSA-PRO is the perception in some parts of the medical community that it remains an "emerging platform," despite substantial clinical evidence supporting its efficacy. Risks also include the pace of TULSA-PRO's installed base expansion and variability in procedure volumes. The broader medtech sector faces inherent commercialization challenges, including market complexity, evolving regulations, and lengthy approval processes, all of which can impede product adoption. Additionally, there are operational scaling risks as the company aims to expand its logistics and operations, and potential disruptions could arise from new cancer treatments or tariffs.
3. Regulatory and Reimbursement Challenges
As a medical device company, Profound Medical is continuously exposed to regulatory challenges within the healthcare sector. While its TULSA-PRO and Sonalleve systems have received various clearances and approvals in major global markets, including the U.S. FDA, Health Canada, and CE Mark, the dynamic nature of medical device regulation means ongoing compliance and securing future approvals for new indications or market expansions remain a persistent risk. Furthermore, obtaining favorable and consistent reimbursement for its procedures is critical for widespread adoption and sustained revenue growth.
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Two clear emerging threats for Profound Medical are:
- Advancements in highly targeted radiation therapies for pain palliation: For the treatment of palliative pain associated with bone metastases, therapies such as Stereotactic Body Radiation Therapy (SBRT) are continuously improving in precision, efficacy, and accessibility. These advanced radiation techniques offer a powerful and often more widely available alternative to MRI-guided ablation (like Profound's Sonalleve), potentially reducing the market demand for interventional ablative procedures for this indication due to their lower barrier to adoption and established clinical workflows.
- Evolution of effective, non-MRI guided focal therapies for prostate disease: While Profound Medical's TULSA-PRO system leverages MRI guidance for precision in prostate ablation, ongoing research and development in other focal therapy modalities (e.g., advanced ultrasound-guided High-Intensity Focused Ultrasound (HIFU) or cryoablation) aim to achieve comparable outcomes without the high capital expenditure and operational complexity associated with integrated MRI systems. If these non-MRI dependent alternatives can demonstrate equivalent efficacy, safety, and a significantly lower cost or easier adoption pathway, they could pose a substantial competitive threat to MRI-guided ablation technologies.
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Profound Medical (symbol: PROF) operates in the medical device sector, focusing on magnetic resonance-guided ablation procedures. The addressable markets for its main products, TULSA-PRO and Sonalleve, are substantial across various regions.
TULSA-PRO System (Prostate Disease)
Profound Medical estimates its addressable prostate disease market for the TULSA-PRO system, particularly with the TULSA-AI Volume Reduction module, to be approximately 600,000 patients annually. Earlier company estimates suggested an annual addressable market of 200,000 cases of prostate cancer and 400,000 cases of benign prostatic hyperplasia (BPH) for TULSA-PRO, equating to a total addressable market of $4.8 billion. While the region for this specific dollar figure isn't explicitly stated, it is likely focused on major Western markets such as the U.S. The broader global prostate cancer treatment market size was an estimated USD 17.0 billion in 2024 and is projected to reach USD 31.99 billion by 2030.
Sonalleve (Uterine Fibroids and Palliative Pain Treatment)
Uterine Fibroids
For the treatment of uterine fibroids, the global uterine fibroid treatment device market was valued at USD 7 billion in 2024 and is anticipated to grow to USD 13.8 billion by 2034. North America held the largest share of this market, accounting for 42.5% in 2024. Another market analysis estimates the global uterine fibroid treatment devices market at USD 11.42 billion in 2024, with a projection to increase to approximately USD 27.53 billion by 2034. In this market, North America held a significant 62% market share in 2024.
Palliative Pain Treatment (associated with metastases in bone)
While Sonalleve specifically targets palliative pain relief associated with bone metastases, broader market data for palliative treatment or palliative care provides context. The global palliative treatment market size was valued at USD 19.8 billion in 2024 and is expected to reach USD 30.8 billion by 2035. North America's palliative treatment market was valued at USD 8 billion in 2024 and is projected to rise to USD 12 billion by 2035. Another report indicates the global palliative care market size was estimated at USD 125,707.9 million in 2023 and is projected to reach USD 243,216.4 million by 2030. Europe was identified as the largest revenue-generating market in 2023 within the global palliative care sector.
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Profound Medical Corp. (NASDAQ:PROF) is poised for future revenue growth over the next 2-3 years, driven by several key initiatives and market expansions:
- Expansion of TULSA-PRO Installed Base and Utilization: Profound Medical is focused on significantly increasing the number of TULSA-PRO system installations and enhancing their utilization. Management expects to reach approximately 120 TULSA-PRO sites by the end of 2026, up from 78 at the close of 2025. This expansion is anticipated to lead to higher patient treatment rates and a corresponding increase in high-margin recurring revenue from one-time use devices and service contracts.
- Clinical Milestones from the CAPTAIN Trial: The imminent release of primary safety and quality of life endpoints from the completed CAPTAIN trial is a crucial catalyst. This Level 1 post-market study directly compares TULSA-PRO to robotic radical prostatectomy. Positive outcomes are expected to establish foundational clinical evidence, supporting TULSA-PRO as a new treatment paradigm for prostate disease and driving wider adoption among clinicians and patients.
- Global Commercial Expansion into New Markets: The company is actively executing a global commercial strategy to broaden its market reach. This includes regaining exclusive distribution rights for TULSA-PRO in Canada and securing new distribution agreements in key international markets such as Saudi Arabia, Australia, and New Zealand, thereby expanding its geographic footprint and potential customer base.
- Launch and Adoption of TULSA-AI Volume Reduction Module: The introduction of the TULSA-AI Volume Reduction module is expected to significantly expand TULSA-PRO's addressable market. By offering reduced procedure times for benign prostatic hyperplasia (BPH), this module is projected to potentially triple the addressable prostate disease market to approximately 600,000 patients annually.
- Growth of Sonalleve and Exploration of New Indications: While TULSA-PRO remains a primary focus, the Sonalleve therapeutic platform is gaining increasing commercial interest, particularly outside the United States, for applications like uterine fibroids and palliative pain relief. Profound Medical is also actively exploring additional potential treatment markets for Sonalleve, including non-invasive ablation of abdominal cancers and hyperthermia for cancer therapy, which could unlock new revenue streams.
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Capital Allocation Decisions for Profound Medical (PROF)
Share Issuance
- In December 2025, Profound Medical completed a registered direct offering in the United States, raising approximately $36.0 million in gross proceeds, and an upsized private placement in Canada, raising up to US$6.45 million.
- For the year ended December 31, 2025, the issuance of common shares provided approximately $42.4 million in cash from financing activities.
- As of March 5, 2026, Profound Medical had 36,293,640 common shares issued and outstanding.
Inbound Investments
- In December 2025, Profound Medical secured approximately $42.45 million through equity financings, including a $36.0 million registered direct offering in the U.S. and a $6.45 million private placement in Canada.
- These equity investments were structured without warrant coverage and were led by healthcare-dedicated investors, including existing shareholders.
Capital Expenditures
- In the last 12 months, as of December 31, 2025, capital expenditures amounted to approximately $176,000.
- For the year ended December 31, 2025, the purchase of property and equipment was approximately $176,000 and the purchase of intangible assets was approximately $66,000.
- Net proceeds from recent offerings are intended to be used for expansion of sales and marketing, working capital, research and development, strategic transactions, and general corporate purposes.
Peer Outperformance in Life Sciences Tools & Services
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| PROF | Profound Medical | 43.6% | -7.5x | 43.2% | -15.9% | -53.2% | — |
| NTRA | Natera | 42.8% | -247.3x | 100.5% | 498.8% | 189.3% | +243pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care Distributors | 7 | 9.5% | 82.4% | 124.2% | CAH 394% · MCK 340% · COR 184% |
| Health Care Services | 20 | 20.6% | 46.6% | 7.5% | HIMS 337% · RDNT 157% · DGX 80% |
| Managed Health Care | 8 | 29.7% | -3.0% | 0.6% | OSCR 158% · HQY 63% · ELV 14% |
| Health Care Facilities | 24 | 7.9% | -0.8% | -16.4% | THC 286% · NHC 265% · ENSG 123% |
| Health Care Equipment | 51 | -4.5% | -4.5% | -17.6% | POCI 11300% · UFPT 373% · GKOS 260% |
| Health Care Supplies | 12 | 33.9% | -12.1% | -26.0% | LNTH 297% · HAE 78% · MMSI 29% |
| Pharmaceuticals | 63 | 4.5% | 4.1% | -38.2% | LQDA 2499% · INDV 1253% · ETON 1190% |
| Health Care Technology | 21 | -19.9% | -53.0% | -72.5% | SPOK 115% · HSTM -1% · VEEV -23% |
| Life Sciences Tools & Services ← | 108 | -2.5% | -28.0% | -72.6% | SNWV 1782% · MEDP 245% · ELMD 225% |
| Biotechnology | 365 | 7.8% | -24.2% | -78.3% | BRTX 107550% · CELZ 1771% · DNTH 1543% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Profound Medical Stock Fell 16% in a Week, What Now? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 11.64 |
| Mkt Cap | 1.5 |
| Rev LTM | 815 |
| Op Inc LTM | -2 |
| FCF LTM | -2 |
| FCF 3Y Avg | -8 |
| CFO LTM | 57 |
| CFO 3Y Avg | -5 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 15.1% |
| Rev Chg 3Y Avg | 13.0% |
| Rev Chg Q | 10.0% |
| QoQ Delta Rev Chg LTM | 2.3% |
| Op Inc Chg LTM | 39.1% |
| Op Inc Chg 3Y Avg | 3.9% |
| Op Mgn LTM | -0.7% |
| Op Mgn 3Y Avg | -5.1% |
| QoQ Delta Op Mgn LTM | 1.4% |
| CFO/Rev LTM | 6.9% |
| CFO/Rev 3Y Avg | -2.6% |
| FCF/Rev LTM | -0.7% |
| FCF/Rev 3Y Avg | -5.0% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Medical technology focused on magnetic resonance guided ablation procedures for the treatments to | 16 | 11 | |||
| Capital equipment | 0 | 2 | 3 | ||
| Recurring - non-capital | 7 | 5 | 4 | ||
| Total | 16 | 11 | 7 | 7 | 7 |
| $ Mil | 2016 |
|---|---|
| Medical technology focused on magnetic resonance guided ablation procedures for the treatments to | 18 |
| Total | 18 |
Price Behavior
| Market Price | $6.79 | |
| Market Cap ($ Bil) | 0.2 | |
| First Trading Date | 03/16/2018 | |
| Distance from 52W High | -21.5% | |
| 50 Days | 200 Days | |
| DMA Price | $7.00 | $6.87 |
| DMA Trend | up | up |
| Distance from DMA | -2.9% | -1.2% |
| 3M | 1YR | |
| Volatility | 50.7% | 69.7% |
| Downside Capture | 64.28 | 164.04 |
| Upside Capture | 53.51 | 172.23 |
| Correlation (SPY) | 21.7% | 31.8% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.46 | 0.59 | 0.75 | 1.76 | 1.67 | 0.87 |
| Up Beta | 0.18 | 0.80 | 0.50 | 1.35 | 1.13 | 0.30 |
| Down Beta | 1.03 | 1.06 | 0.91 | 1.56 | 2.36 | 1.20 |
| Up Capture | 113% | 60% | 90% | 231% | 236% | 69% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 13 | 22 | 30 | 62 | 119 | 347 |
| Down Capture | -51% | 7% | 61% | 179% | 137% | 106% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 9 | 21 | 33 | 63 | 131 | 392 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PROF | |
|---|---|---|---|---|
| PROF | 46.6% | 69.4% | 0.84 | - |
| Sector ETF (XLV) | 28.8% | 16.0% | 1.39 | 18.0% |
| Equity (SPY) | 21.1% | 12.9% | 1.22 | 31.8% |
| Gold (GLD) | 37.5% | 28.8% | 1.10 | 0.6% |
| Commodities (DBC) | 43.2% | 20.2% | 1.66 | -12.2% |
| Real Estate (VNQ) | 12.9% | 13.8% | 0.64 | 14.5% |
| Bitcoin (BTCUSD) | -31.6% | 44.1% | -0.73 | 17.6% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PROF | |
|---|---|---|---|---|
| PROF | -15.0% | 68.1% | 0.05 | - |
| Sector ETF (XLV) | 7.1% | 15.1% | 0.28 | 21.0% |
| Equity (SPY) | 12.9% | 17.2% | 0.57 | 25.8% |
| Gold (GLD) | 20.6% | 18.6% | 0.90 | 4.5% |
| Commodities (DBC) | 10.4% | 19.6% | 0.41 | 2.5% |
| Real Estate (VNQ) | 2.3% | 18.9% | 0.02 | 19.6% |
| Bitcoin (BTCUSD) | 10.4% | 52.8% | 0.38 | 12.6% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PROF | |
|---|---|---|---|---|
| PROF | 23.4% | 341.1% | 0.42 | - |
| Sector ETF (XLV) | 10.7% | 16.7% | 0.52 | 4.9% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 5.8% |
| Gold (GLD) | 12.7% | 16.2% | 0.64 | 2.2% |
| Commodities (DBC) | 8.0% | 18.0% | 0.36 | 2.0% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 5.2% |
| Bitcoin (BTCUSD) | 63.1% | 66.1% | 1.03 | 1.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/17/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | -6.7% | -16.0% | |
| 5/7/2026 | -4.3% | 0.6% | -8.2% |
| 3/5/2026 | -29.1% | -25.9% | -12.4% |
| 10/7/2025 | 11.8% | 3.5% | 1.9% |
| 8/14/2025 | -23.3% | -17.0% | -26.2% |
| 5/8/2025 | -7.0% | -9.0% | 15.5% |
| 3/7/2025 | -1.7% | 1.3% | -31.6% |
| SUMMARY STATS | |||
| # Positive | 1 | 3 | 2 |
| # Negative | 6 | 4 | 4 |
| Median Positive | 11.8% | 1.3% | 8.7% |
| Median Negative | -6.9% | -16.5% | -19.3% |
| Max Positive | 11.8% | 3.5% | 15.5% |
| Max Negative | -29.1% | -25.9% | -31.6% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | -6.7% | -16.0% | |
| 5/7/2026 | -4.3% | 0.6% | -8.2% |
| 3/5/2026 | -29.1% | -25.9% | -12.4% |
| 10/7/2025 | 11.8% | 3.5% | 1.9% |
| 8/14/2025 | -23.3% | -17.0% | -26.2% |
| 5/8/2025 | -7.0% | -9.0% | 15.5% |
| 3/7/2025 | -1.7% | 1.3% | -31.6% |
| SUMMARY STATS | |||
| # Positive | 1 | 3 | 2 |
| # Negative | 6 | 4 | 4 |
| Median Positive | 11.8% | 1.3% | 8.7% |
| Median Negative | -6.9% | -16.5% | -19.3% |
| Max Positive | 11.8% | 3.5% | 15.5% |
| Max Negative | -29.1% | -25.9% | -31.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 03/05/2026 | 10-K |
| 09/30/2025 | 11/13/2025 | 10-Q |
| 06/30/2025 | 08/14/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 03/07/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 6-K |
| 06/30/2024 | 08/08/2024 | 6-K |
| 03/31/2024 | 05/09/2024 | 6-K |
| 12/31/2023 | 03/07/2024 | 40-F |
| 09/30/2023 | 11/02/2023 | 6-K |
| 06/30/2023 | 08/09/2023 | 6-K |
| 03/31/2023 | 05/10/2023 | 6-K |
| 12/31/2022 | 03/07/2023 | 40-F |
| 09/30/2022 | 11/03/2022 | 6-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 03/05/2026 | 10-K |
| 09/30/2025 | 11/13/2025 | 10-Q |
| 06/30/2025 | 08/14/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 03/07/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 6-K |
| 06/30/2024 | 08/08/2024 | 6-K |
| 03/31/2024 | 05/09/2024 | 6-K |
| 12/31/2023 | 03/07/2024 | 40-F |
| 09/30/2023 | 11/02/2023 | 6-K |
| 06/30/2023 | 08/09/2023 | 6-K |
| 03/31/2023 | 05/10/2023 | 6-K |
| 12/31/2022 | 03/07/2023 | 40-F |
| 09/30/2022 | 11/03/2022 | 6-K |
| 06/30/2022 | 08/04/2022 | 6-K |
| 03/31/2022 | 05/09/2022 | 6-K |
| 12/31/2021 | 03/03/2022 | 40-F |
| 09/30/2021 | 11/04/2021 | 6-K |
| 06/30/2021 | 08/04/2021 | 6-K |
| 03/31/2021 | 05/12/2021 | 6-K |
| 12/31/2020 | 03/02/2021 | 40-F |
| 09/30/2020 | 11/05/2020 | 6-K |
| 06/30/2020 | 08/10/2020 | 6-K |
| 03/31/2020 | 05/07/2020 | 6-K |
| 12/31/2019 | 03/03/2020 | 40-F |
Recent Forward Guidance
Updated 8/7/2026Latest: Q2 2026 Earnings Reported 8/6/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 25.00 Mil | 0 | Affirmed | Guidance: 25.00 Mil for 2026 | |||
| 2026 Gross Margin | 70.0% | 70.0% | 0 | Affirmed | Guidance: 70.0% for 2026 | ||
Prior: Q1 2026 Earnings Reported 5/7/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 25.00 Mil | ||||||
| 2026 Revenue Growth | 56.0% | 1.0% | Raised | Guidance: 55.0% for 2026 | |||
| 2026 Gross Margin | 70.0% | ||||||
Q4 2025 Earnings Reported 3/5/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 TULSA-PRO Installed Base | 120 | 60.0% | Higher New | Actual: 75 for 2025 | |||
| 2026 Revenue Growth | 55.0% | ||||||
Q3 2025 Earnings Reported 10/7/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 TULSA-PRO Installed Base | 75 | 75 | |||||
Industry Resources
| Health Care Resources |
| U.S. National Library of Medicine |
| ClinicalTrials.gov |
| Modern Healthcare |
| Healthcare Dive |
| Fierce Healthcare |
| Health Affairs |
| Health Data Management |
| FDA Tracker |
| Life Sciences Tools & Services Resources |
| GenomeWeb |
| BioSpace |
| The Scientist |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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