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Monday, September 18, 2023 10:01:40 PM
Profound Medical (NASDAQ:PROF) soared on Monday as investment bank Raymond James raised its rating on the medical device company to Strong Buy from Outperform and maintained a price target of $20.00.
PROF traded 18.63% higher at $9.49 in afternoon trading.
Drawing parallels with PROCEPT BioRobotics (PRCT), Raymond James said that PRCT's Current Procedural Terminology (CPT)-driven revenue trajectory portends a revenue inflection for PROF in 2025 once its new CPT reimbursement codes come into force.
"We expect this revenue inflection to begin pricing-in to the stock in 1H24, so are raising our rating to Strong Buy," said analysts at Raymond James.
PROCEPT Biorobotics, which quadrupled its revenue with CPT-1 reimbursement commencing ~Jan. 2021, was noted by Raymond James to have its reimbursement and sales path highly predictive of Profound Medical.
The investment bank also expected CPT -1 reimbursement to drive Profound Medical's 2025 revenue to about $40 million.
Profound Medical has fallen 14.12% since the start of the year but has gained about 80.76% on a 12-month reading. PROF is rated Buy by SA analysts and Wall Street but is marked Hold by the Seeking Alpha Quant rating system.
More on Profound Medical
Seeking Alpha’s Quant Rating on Profound Medical
Historical earnings data for Profound Medical
Financial information for Profound Medical
Profound Medical Corp. (PROF) Q2 2023 Earnings Call Transcript
Profound Medical: TULSA-PRO Now Selling, Recurring Revenues Up 43%
Profound Medical announces $30M equity offering
Recent PROF News
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 07/18/2024 08:45:04 PM
- Profound Medical to Release Second Quarter 2024 Financial Results on August 8 – Conference Call to Follow • GlobeNewswire Inc. • 07/18/2024 08:30:00 PM
- Form EFFECT - Notice of Effectiveness • Edgar (US Regulatory) • 07/16/2024 04:15:13 AM
- Profound Medical Announces Category 1 CPT Codes Proposed CY2025 Rule for TULSA to Treat Prostate Diseases • GlobeNewswire Inc. • 07/11/2024 11:00:00 AM
- 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
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