Profound Medical Logs Record Orders as TULSA Coverage Expands
A $3.1 million shipment delay masked what would have been a 153% year-over-year revenue jump in the second quarter.
Profound Medical (PROF), a medical-device company focused on incisionless prostate and uterine treatments, posted record new purchase orders exceeding $7.0 million in the second quarter of 2026, even as a logistics delay pushed roughly $3.1 million in TULSA-PRO revenue into early July.
Without the shipment timing issue — which has since been resolved — quarterly revenue would have climbed approximately 153% from a year earlier. The deferral did not alter the company's full-year 2026 revenue guidance of $25.0 million, which management reiterated.
The order momentum carried into the current quarter. July 2026 set another monthly record for new order activity, and a recent industry conference, SRS2026, generated more than 160 qualified commercial opportunities over four days. The company's combined qualified sales pipeline for the TULSA-PRO and Sonalleve systems stood at roughly $70.0 million.
The installed base of TULSA-PRO units grew to 84 systems by the end of the second quarter. That expanding footprint is being matched by broadening reimbursement. Payer coverage added approximately 18.3 million covered lives during the quarter, driven largely by state Medicaid and managed Medicaid programs, including Ambetter.
Two employer-owned health plans — Johns Hopkins, covering more than 50,000 employees and family members, and Prime Healthcare, covering more than 55,000 — became the first employer plans to list the TULSA Procedure as a covered service. The employer-plan milestone opens a reimbursement channel that had not previously been available to the technology.
Profitability metrics moved in the right direction. Gross margin stayed above the company's long-term target of 70% during the quarter. Operating expenses fell 16% year over year, and the net loss narrowed 39% from the year-ago period.
Management changes accompanied the results. Chief Financial Officer Rashed Dewan stepped down, and Matthew Sobczyk, previously the company's corporate controller, was promoted to interim CFO.
With the delayed shipments expected to land in the third quarter, a record pipeline, and employer-plan coverage now in place, Profound enters the back half of 2026 with multiple levers to convert commercial interest into revenue — the central test as it works toward its $25.0 million annual target.