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
- 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
- Profound Medical to Release Third Quarter 2023 Financial Results on November 2 – Conference Call to Follow • GlobeNewswire Inc. • 10/19/2023 08:30:00 PM
- Profound Medical 2023 Virtual Analyst & Investor Day Agenda • GlobeNewswire Inc. • 10/10/2023 08:30:00 PM
- Profound Medical Receives U.S. FDA 510(k) Clearance for TULSA-PRO® Thermal Boost • GlobeNewswire Inc. • 09/25/2023 08:05:00 PM
- Save the Date: Profound Medical to Host Virtual Analyst & Investor Day on October 13 • GlobeNewswire Inc. • 09/21/2023 12:00:00 PM
- Profound Medical to Participate in the 2023 Cantor Global Healthcare Conference • GlobeNewswire Inc. • 09/19/2023 08:45:00 PM
- Profound Medical Announces At-the-Market Offering of up to US$30,000,000 • GlobeNewswire Inc. • 09/06/2023 11:23:52 PM
- Profound Medical Announces Second Quarter 2023 Financial Results • GlobeNewswire Inc. • 08/09/2023 08:05:00 PM
- Profound Medical to Release Second Quarter 2023 Financial Results on August 9 – Conference Call to Follow • GlobeNewswire Inc. • 08/02/2023 08:30:00 PM
- Profound Medical Announces New CPT® Category 1 Codes from the AMA for TULSA to Treat Prostate Diseases • GlobeNewswire Inc. • 06/02/2023 05:40:00 PM
- Profound Medical Announces Upcoming Investor Events • GlobeNewswire Inc. • 05/30/2023 12:00:00 PM
- Profound Medical to Participate in A.G.P.’s Virtual Healthcare Conference • GlobeNewswire Inc. • 05/18/2023 12:00:00 PM
- Profound Medical Annual and Special Meeting of Shareholders Voting Results • GlobeNewswire Inc. • 05/17/2023 08:15:00 PM
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