| Metric | Value ($ M) | Q1 FY25 |
|---|---|---|
| Revenue | 5.34 | 128.2% |
| Total Income | 5.34 | 128.2% |
| Expenditure | 13.36 | 1.1% |
| PBT | -7.03 | 34.2% |
| Net Profit | -7.05 | 34.2% |
| OPM | — | |
| NPM | — | |
| EPS | 0.19 | 47.2% |
Profound Medical Reports Q1 2026 Revenue Up 104% to $5.3 Million with Improved Operating Performance
08 May 2026 · 8 May, 1:52 am
Summary
Profound Medical Corp. delivered strong first-quarter 2026 financial results, marked by a substantial 104% year-over-year revenue increase to approximately $5.3 million. The company also demonstrated improved operational efficiency, achieving a gross margin of 72% and reducing total operating expenses by 9% to $11.8 million. This led to a 34% improvement in net loss, which stood at approximately $7.0 million for the quarter. Management expressed confidence in the company's growth trajectory, citing positive clinical trial readouts and the significant expansion of payer coverage for the TULSA Procedure, including Humana becoming the first national payor to cover it. Profound projects full-year 2026 revenue to reach approximately $25 million, reflecting 56% growth, with gross margins expected to be 70% or higher.
Key Highlights
- 1
Profound Medical Corp. reported a significant 104% year-over-year revenue growth, reaching approximately $5.3 million for the first quarter ended March 31, 2026.
- 2
The company demonstrated improved profitability with a gross margin of 72% in Q1 2026, a slight increase from 71% in the prior year period, primarily due to a favorable product mix.
- 3
Operating expenses decreased by 9% to approximately $11.8 million in Q1 2026, down from $13.0 million in the previous year, driven by reductions in salaries, sales force, and clinical trial costs.
- 4
Net loss for the first quarter improved by 34% to approximately $7.0 million, or $0.19 per common share, compared to a net loss of $10.7 million, or $0.36 per common share, in Q1 2025.
- 5
Profound ended Q1 2026 with a strong cash position of approximately $50.3 million.
- 6
The company provided full-year 2026 revenue guidance of approximately $25 million, representing a projected 56% growth over the prior year, with gross margin expected to be 70% or higher.
- 7
A significant business milestone was achieved with Humana becoming the first national payor in the United States to cover the TULSA Procedure, expanding access to approximately 8.5 million covered lives.
Management Comments
Arun Menawat
We continued to execute well across our business in the first quarter, delivering triple-digit revenue growth combined with strong gross margin and lower operating expenses. We were also pleased to see statistically significant and clinically meaningful benefit from the TULSA Procedure beginning to readout from the randomized post-market CAPTAIN clinical trial comparing it to robotic radical prostatectomy, the current standard of care. These and other anticipated tailwinds, including the expansion of payer coverage for the TULSA Procedure, give us confidence that we are moving closer to a pivotal inflection point in our growth trajectory. Nevertheless, it continues to be difficult for the investment community to accurately predict our revenues in the short-term. Accordingly, we are setting what we believe is a reasonable bar for our total annual revenue in 2026.
Informational and educational content only. Not investment advice.