PROF · Profound Medical Corp.

Profound Medical reported strong first quarter 2026 results, with revenue surging 104% year-over-year to $5.3 million, driven by a mix of capital equipment sales ($2.9 million) and recurring revenue from one-time use devices and extended warranties ($2.5 million). Gross margin improved slightly to 72% from 71% in the prior year, benefiting from a higher proportion of capital equipment sales which carry higher margins. Total operating expenses decreased 9% to $11.8 million, primarily due to lower salaries, sales force costs, travel, insurance, and clinical trial expenses following the completion of CAPTAIN trial enrollment, partially offset by increased R&D spending on design cost reduction and quality improvements. Net loss narrowed 34% to $7.0 million ($0.19 per share) from $10.7 million ($0.36 per share) a year ago. The company ended the quarter with $50.3 million in cash. Management highlighted several operational milestones: the TULSA-PRO installed base reached 80 systems with an additional six shipped but not yet installed; the CAPTAIN trial demonstrated superiority on the primary safety endpoint; and Humana became the first national payer to cover the TULSA Procedure, adding approximately 8.5 million covered lives. For full-year 2026, Profound guided revenue of approximately $25 million (56% growth) and gross margin of 70% or higher, reflecting confidence in continued commercial momentum and expanding payer coverage.