Profound Medical Corp (PROF)

[janeyH]

Profound Medical First-Quarter Loss Widens on Higher Spending
BY MT Newswires
— 4:25 PM ET 05/09/2022
04:25 PM EDT, 05/09/2022 (MT Newswires) -- Profound Medical (PROF) on Monday said its first-quarter loss widened on higher spending

The medical-device company said it lost US$10.51 million, or US$0.40 per share, in the period, compared with a loss of US$8.48 million, or US$0.37, in the year-prior period.

Revenue rose 92% to US$1.36 million.

The company said its loss came on higher expenses, including a 39% rise in selling and distribution costs to US$2.2 million, while research and development costs were up 2.4% to US$3.18 million.

Profound said it is seeing rising acceptance of its TULSA-PRO prostrate-cancer treatment system among physicians.

"To-date, over 2,000 TULSA procedures have been performed by more than 100 physicians working at 30 commercial and 20 clinical research sites. We believe that the steady increase in utilization we have seen over the past few quarters, even in the face of COVID headwinds, is a testament to the high quality of our installed base of TULSA-PRO systems, and the unrivaled flexibility of our technology enabling treatment of a variety of prostate disease patients," chief executive Arun Menawat said in a release.

Profound shares closed down C$0.47 to C$8.70 on the Toronto Stock Exchange.

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