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Monday, 09/18/2023 10:01:40 PM

Monday, September 18, 2023 10:01:40 PM

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Seeking Alpha article

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
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