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Wednesday, December 14, 2022 11:46:31 AM
Dec 1, 2022
Profound Medical has a 215 per cent upside, says Raymond James
Raymond James is staying bullish on medical tech company Profound Medical (Profound Medical Stock Quote, Charts, News, Analysts, Financials NASDAQ:PROF), with analyst Rahul Sarugaser reiterating a “Strong Buy” rating on the stock in a Thursday update to clients.
Raymond James attended meetings this week in Chicago for the Radiological Society of North America, where Profound Medical presented two scientific sessions and three educational exhibits. Profound is currently in the middle of commercializing the TULSA-PRO, a combined MRI and ultrasound device for the ablation of pathologic prostate tissue, and the company received 510(k) marketing authorization in the US in 2019 and is now installing TULSA-PRO units across the country.
On the meetings, Sarugaser said the “very strong” safety profile on the TULSA-PRO demonstrated in the company’s four-year pivotal follow-up data stood in stark contrast to the much poorer standard-of-care’s surgery outcomes. This left the radiologist physician audience “visibly and audibly impressed,” Sarugaser said.
“New analyses demonstrate that as TULSA operators’ experience with the procedure increases, patients’ already-low treatment-associated adverse event (AE) profile improves further (ED: 0 per cent, down from 13 per cent; UI: stable at one per cent). Also, the data show TULSA’s broadening utility into BPH: 85 per cent of patients’ BPH symptoms resolved following TULSA treatment,” Sarugaser wrote.
Overall, Sarugaser said Profound presented limited new data at the meetings, leaving him watching for the FARP trial results in March of 2023 and then the CAPTAIN trial’s 12-month topline readout in mid-2024, both potential catalysts for the stock, he said.
At the same time, Sarugaser pointed to a session talk by Dr. Ali Bassir of UCLS School of Medicine who highlighted the TULSA-PRO’s four-year data from the company’s TACT trial, which showed a cumulative adverse event (AE) rate of urinary incontinence and erectile dysfunction at about 13 per cent.
“This was in stark contrast to an AE rate of ~75 per cent shown in a previously-presented talk on a laser-ablation technology, the outcomes of which were in-line with the ~75 per cent AE rate seen in standard of care surgery (RP). When presented with PROF’s data, we noted distinct ‘impressed’ expressions on the faces of the radiologist physician audience,” he said.
Sarugaser said in a second session, Dr. Leonhard Steinmeister from Alta Klink in Germany presented on retrospective outcomes from 100 patients on the TULSA-PRO, with results including zero per cent erectile disfunction, one patient with worsened urinary incontinence and 85 per cent symptom relief.
“This latter presentation tells us that, with improving operator experience, AEs associated with TULSA continue to improve beyond the TACT 4-yr data. While UI remained consistent at ~1 per cent, rates of ED improved from 13 per cent to 0 per cent. Equally importantly, with 85 per cent of patients experiencing BPH relief, this study demonstrated broadening utility of TULSA into BPH,” Sarugaser wrote.
With his “Strong Buy” rating, Sarugaser maintained a target price of US$15.00 on PROF, implying at press time a projected one-year return of 215 per cent.
Recent PROF News
- Form F-X - Appointment of Agent for Service of Process and Undertaking • Edgar (US Regulatory) • 06/14/2024 09:23:52 PM
- Form F-10 - Registration Statement for Securities of certain Canadian Issuers. • Edgar (US Regulatory) • 06/14/2024 09:01:28 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 06/14/2024 08:05:05 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 06/03/2024 08:30:07 PM
- Profound Medical Annual General Meeting of Shareholders Voting Results • GlobeNewswire Inc. • 05/15/2024 09:00:00 PM
- PROFOUND MEDICAL ANNUAL GENERAL MEETING OF SHAREHOLDERS VOTING RESULTS • PR Newswire (Canada) • 05/15/2024 08:12:00 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 05/14/2024 01:30:06 PM
- Profound Medical Receives U.S. FDA 510(k) Clearance for ‘Contouring Assistant’ AI Module that Enables Creation of an Automated TULSA Treatment Plan • GlobeNewswire Inc. • 05/14/2024 11:30:00 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 05/09/2024 08:15:06 PM
- Profound Medical Announces First Quarter 2024 Financial Results and Issues Full-Year 2024 Revenue Guidance • GlobeNewswire Inc. • 05/09/2024 08:05:00 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 05/06/2024 08:30:09 PM
- Growing Body of Clinical Evidence Points to the Potential of Profound Medical’s TULSA Procedure Becoming a Mainstream Treatment Modality Across the Entire Prostate Disease Spectrum • GlobeNewswire Inc. • 05/06/2024 08:15:00 PM
- Profound Medical to Release First Quarter 2024 Financial Results on May 9 – Conference Call to Follow • GlobeNewswire Inc. • 04/22/2024 08:15:00 PM
- Profound Medical to Participate in the 2024 Bloom Burton & Co. Healthcare Investor Conference • GlobeNewswire Inc. • 04/09/2024 11:45:00 AM
- Profound Medical Announces Fourth Quarter and Full Year 2023 Financial Results • GlobeNewswire Inc. • 03/07/2024 09:05:00 PM
- Profound Medical to Participate in Barclays 26th Annual Global Healthcare Conference • GlobeNewswire Inc. • 03/04/2024 09:30:00 PM
- Profound Medical in Collaboration with Siemens Healthineers to Further Expand Physician and Patient Access to the TULSA Procedure • GlobeNewswire Inc. • 02/27/2024 12:45:00 PM
- Profound Medical to Release Fourth Quarter and Full Year 2023 Financial Results on March 7 – Conference Call to Follow • GlobeNewswire Inc. • 02/15/2024 09:30:00 PM
- Profound Medical Announces Non-Brokered Private Placement • GlobeNewswire Inc. • 01/16/2024 09:30:00 PM
- Profound Medical Announces Preliminary Unaudited Fourth Quarter and Full Year 2023 Revenues • GlobeNewswire Inc. • 01/03/2024 09:15:00 PM
- Profound Medical Announces Pricing of US$20 Million Public Offering of Common Shares • GlobeNewswire Inc. • 12/28/2023 03:40:00 AM
- Profound Medical Announces Proposed Public Offering of Common Shares • GlobeNewswire Inc. • 12/27/2023 09:15:00 PM
- Profound Medical to Participate in the Stifel 2023 Healthcare Conference • GlobeNewswire Inc. • 11/08/2023 12:45:00 PM
- Profound Medical Announces CMS Extension of Temporary ‘Code’ for TULSA to ASC Setting • GlobeNewswire Inc. • 11/03/2023 12:00:00 PM
- Profound Medical Announces Third Quarter 2023 Financial Results • GlobeNewswire Inc. • 11/02/2023 08:05:00 PM
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