Profound Medical Announces Preliminary Unaudited Fourth Quarter and Full Year 2020 Revenues
January 05 2021 - 3:30PM
Profound Medical Corp. (NASDAQ:PROF; TSX:PRN) (“Profound”), a
commercial-stage medical device company that develops and markets
customizable, incision-free therapies for the ablation of diseased
tissue, today announced preliminary unaudited revenues for the
fourth quarter and full year 2020. Profound is providing this
information due to the significant lag time between planned
investment community meetings to be held in connection with, among
other investor events, the 39th Annual J.P. Morgan Healthcare
Conference, and its expected reporting of final 2020 results in
March 2021.
Profound anticipates total revenues for the
fourth quarter of 2020 to be approximately $3.7 million,
representing growth of 32% year-over-year and 24% sequentially over
the previous quarter. For the full year 2020, Profound anticipates
total revenues to be approximately $9.7 million, which compares to
$5.5 million in 2019. These figures are preliminary and unaudited,
and actual revenues may differ.
“We believe the strong sales performance in the
fourth quarter, which was achieved in the face of continuing
COVID-19 headwinds for the medical device industry, speaks to the
strength of both our technology and business model,” commented Arun
Menawat, Profound’s CEO. “While we remain cautious about the scope
and pace of U.S. TULSA-PRO® commercial adoption in the near-term
due to the pandemic, we are also energized going into 2021.”
About Profound Medical
Corp.
Profound is a commercial-stage medical device
company that develops and markets customizable, incision-free
therapies for the ablation of diseased tissue.
Profound is commercializing TULSA-PRO®, a
technology that combines real-time MRI, robotically-driven
transurethral ultrasound and closed-loop temperature feedback
control. TULSA-PRO® is designed to provide customizable and
predictable radiation-free ablation of a surgeon-defined prostate
volume while actively protecting the urethra and rectum to help
preserve the patient’s natural functional abilities.
TULSA-PRO® has the potential to be a flexible technology in
customizable prostate ablation, including intermediate stage
cancer, localized radio-recurrent cancer, retention and hematuria
palliation in locally advanced prostate cancer, and the transition
zone in large volume benign prostatic hyperplasia (BPH). TULSA-PRO®
is CE marked, Health Canada approved, and 510(k) cleared by the
U.S. Food and Drug Administration (“FDA”).
Profound is also commercializing Sonalleve®, an
innovative therapeutic platform that is CE marked for the treatment
of uterine fibroids and palliative pain treatment of bone
metastases. Sonalleve® has also been approved by the China
National Medical Products Administration for the non-invasive
treatment of uterine fibroids and has FDA approval under a
Humanitarian Device Exemption for the treatment of osteoid osteoma.
The Company is in the early stages of exploring additional
potential treatment markets for Sonalleve® where the
technology has been shown to have clinical application, such as
non-invasive ablation of abdominal cancers and hyperthermia for
cancer therapy.
Forward-Looking Statements
This release includes forward-looking statements
regarding Profound and its business which may include, but is not
limited to, the expectations regarding the efficacy of Profound’s
technology in the treatment of prostate cancer, uterine fibroids,
palliative pain treatment and osteoid osteoma; Profound’s
preliminary unaudited fourth quarter and full year 2020 revenues;
and the success of Profound’s U.S. commercialization strategy and
activities for TULSA-PRO®. Often, but not always, forward-looking
statements can be identified by the use of words such as "plans",
"is expected", "expects", "scheduled", "intends", "contemplates",
"anticipates", "believes", "proposes" or variations (including
negative variations) of such words and phrases, or state that
certain actions, events or results "may", "could", "would", "might"
or "will" be taken, occur or be achieved. Such statements are based
on the current expectations of the management of Profound. The
forward-looking events and circumstances discussed in this release,
may not occur by certain specified dates or at all and could differ
materially as a result of known and unknown risk factors and
uncertainties affecting the company, including risks regarding the
medical device industry, regulatory approvals, reimbursement,
economic factors, the equity markets generally and risks associated
with growth and competition. Although Profound has attempted to
identify important factors that could cause actual actions, events
or results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results to differ from those anticipated,
estimated or intended. No forward-looking statement can be
guaranteed. In addition, there is uncertainty about the spread of
the COVID-19 virus and the impact it will have on Profound’s
operations, the demand for its products, global supply chains and
economic activity in general. Except as required by applicable
securities laws, forward-looking statements speak only as of the
date on which they are made and Profound undertakes no obligation
to publicly update or revise any forward-looking statement, whether
as a result of new information, future events, or otherwise, other
than as required by law.
For further information, please contact:
Stephen KilmerInvestor Relationsskilmer@profoundmedical.com T:
647.872.4849
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