P
Profound Medical Corp.
PROFCIK 0001628808NasdaqNon-AcceleratedSmaller ReportingSurgical & Medical Instruments & ApparatusA6CAFY ends Dec 31
Period
FY 2025
Revenue
$16.10M
Net Income
$-42.57M
Total Assets
$77.47M
Equity
$66.43M
Shares Out
36.29M
Op. Cash Flow
$-38.21M
Business
Profound Medical Corp. is a commercial-stage medical device company that develops and markets customizable, incision-free MRI-guided therapeutic systems for thermal ablation of diseased tissue. Its main products include the TULSA-PRO transurethral thermal ultrasound system for prostate ablation and the Sonalleve MR‑HIFU system for non‑invasive ablation of uterine fibroids, bone metastases, osteoid osteoma and desmoid tumors, along with one‑time‑use disposables and clinical support services. The company operates productized offerings and clinical services focused on device sales, recurring consumables and procedural support. It commercializes systems and services across the United States, the EU and select Asian markets through direct sales, imaging center and hospital channels and partner co‑marketing arrangements.
Summary from filing dated 2025-03-07
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 |
|---|---|---|---|---|
| Revenue | 16 | 11 | 7 | |
| Cost of sales | 5 | 4 | 3 | |
| Gross profit | 11 | 7 | 4 | |
| Research and development | 21 | 17 | 14 | |
| Selling, general and administrative | 32 | 23 | 19 | |
| Total operating expenses | 53 | 40 | 33 | |
| Operating loss | 41 | 33 | 29 | |
| Net finance (income) expense | −1 | −1 | −775,000 | |
| Net foreign exchange (gain) loss | 2 | −4 | 575,000 | |
| Total other (income) expenses | 1 | −5 | −200,000 | |
| Net loss before income taxes | 42 | 28 | 28 | |
| Income tax expense (note 13) | 231,000 | 144,000 | −187,000 | |
| Deferred tax (recovery) expense (note 13) | 21,000 | −146,000 | 59,000 | |
| Total income tax (recovery) expense | 252,000 | −2,000 | −128,000 | |
| Net loss attributed to shareholders for the year | 43 | 28 | 28 | |
| Foreign currency translation adjustment | −2 | 3 | −644,000 | |
| Net loss and other comprehensive loss for the year | 40 | 31 | 28 | |
| Basic net loss per common share (in dollars per share) | 1.41 | 1.12 | 1.34 | |
| Diluted net loss per common share (in dollars per share) | 1.41 | 1.12 | 1.34 | |
| Basic weighted average common shares outstanding (in shares) | 30 | 25 | 21 | |
| Diluted weighted average common shares outstanding (in shares) | 30 | 25 | 21 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 |
|---|---|---|---|---|---|
| Cash | 60 | 55 | 26 | — | |
| Trade and other receivables, net (note 3) | 7 | 7 | 7 | — | |
| Inventory (note 4) | 8 | 6 | 7 | — | |
| Prepaid expenses and deposits | 928,000 | 1 | 1 | — | |
| Total current assets | 76 | 69 | 42 | — | |
| Trade and other receivables, net (note 3) | 300,000 | — | — | — | |
| Property and equipment, net (note 5) | 698,000 | 425,000 | 909,000 | — | |
| Intangible assets, net (note 6) | 138,000 | 261,000 | 490,000 | — | |
| Right-of-use assets, net (note 9) | 184,000 | 396,000 | 661,000 | — | |
| Deferred tax assets, net (note 13) | 66,000 | 87,000 | — | — | |
| Total assets | 77 | 70 | 44 | — | |
| Accounts payable | 2 | 1 | 865,000 | — | |
| Accrued expenses and other current liabilities (note 7) | 4 | 3 | 2 | — | |
| Deferred revenue | 445,000 | 419,000 | 721,000 | — | |
| Long-term debt (note 8) | — | 2 | 2 | — | |
| Lease liabilities (note 9) | 213,000 | 257,000 | 259,000 | — | |
| Income tax payable | 39,000 | — | — | — | |
| Total current liabilities | 6 | 7 | 6 | — | |
| Deferred revenue | 388,000 | 49,000 | 728,000 | — | |
| Long-term debt (note 8) | 4 | 3 | 5 | — | |
| Lease liabilities (note 9) | — | 203,000 | 504,000 | — | |
| Other non - current liabilities (note 9) | 79,000 | 71,000 | 73,000 | — | |
| Total liabilities | 11 | 10 | 13 | — | |
| Commitments and contingencies (note 15) | — | — | — | — | |
| Common shares, no par value, unlimited shares authorized, 36,293,640 and 30,039,809 issued and outstanding at December 31, 2025 and 2024, respectively (note 10) | 324 | 282 | 222 | — | |
| Additional paid-in capital | 25 | 21 | 21 | — | |
| Accumulated other comprehensive income | 5 | 3 | 6 | — | |
| Accumulated deficit | −288 | −245 | −217 | — | |
| Total shareholders' equity | 66 | 60 | 31 | 53 | |
| Total liabilities and shareholders' equity | 77 | 70 | 44 | — |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 |
|---|---|---|---|---|
| Net loss for the year | −43 | −28 | −28 | |
| Depreciation of property and equipment (note 5) | 373,000 | 707,000 | 727,000 | |
| Amortization of intangible assets (note 6) | 187,000 | 229,000 | 202,000 | |
| Non-cash lease expense adjustment | −37,000 | −38,000 | −45,000 | |
| Share-based compensation (note 11) | 5 | 3 | 3 | |
| Interest and accretion expense (note 8) | 63,000 | 600,000 | 727,000 | |
| Change in amortized cost of trade and other receivables | — | −307,000 | 146,000 | |
| Trade and other receivables (note 3) | −172,000 | 186,000 | −956,000 | |
| Inventory (note 4) | −3 | 656,000 | 353,000 | |
| Prepaid expenses and deposits | 464,000 | 31,000 | −158,000 | |
| Accounts payable, accrued expenses and other liabilities (note 7) | 378,000 | 815,000 | 1 | |
| Deferred revenue | 371,000 | −948,000 | 187,000 | |
| Income taxes payable (note 13) | 42,000 | — | −299,000 | |
| Deferred tax liabilities (note 13) | — | −58,000 | 59,000 | |
| Deferred tax assets (note 13) | 26,000 | −91,000 | — | |
| Net cash used in operating activities | −38 | −23 | −23 | |
| Purchase of property and equipment (note 5) | −176,000 | — | — | |
| Purchase of intangible assets (note 6) | −66,000 | — | — | |
| Net cash used in investing activities | −242,000 | — | — | |
| Issuance of commons shares (note 10) | 42 | 62 | — | |
| Payments of financing costs (note 10) | −1 | −5 | — | |
| Repayments of long-term debt (note 8) | −290,000 | −3 | −912,000 | |
| Proceeds from the exercise of stock options (note 11) | 8,000 | 45,000 | 245,000 | |
| Net cash provided by financing activities | 41 | 55 | 2 | |
| Net increase in cash and cash equivalents | 3 | 31 | −21 | |
| Effect of exchange rate changes on cash | 2 | −3 | 549,000 |
Filings
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