Profound Preliminary Third-Quarter Sales Beat Consensus
The company expects third-quarter revenue of $9.8 million to $10.0 million, about 45% to 47% above the $6.78 million Bloomberg mean.
Profound Medical Corp. (PROF), a commercial-stage medical device company that develops interventional MRI procedures, said preliminary third-quarter 2026 revenue is expected at $9.8 million to $10.0 million, about 45% to 47% above the Bloomberg mean analyst consensus of $6.78 million.
The company said the figures are preliminary and unaudited and that actual revenues may differ. It intends to report full third-quarter results after the close on November 5.
Year-over-year growth is expected at approximately 85% to 89% from $5.3 million in the third quarter of 2025. Sequential growth is expected at approximately 292% to 300% from $2.5 million in the second quarter of 2026.
That second-quarter print had been held back by shipment timing. Profound said about $3.1 million of TULSA revenue recognition shifted into early third quarter because of a temporary logistics issue, not customer demand, and that the issue had since been resolved. Absent that timing difference, the company said second-quarter revenue would have increased approximately 153% year-over-year.
Gross margin is again expected to exceed 70% in the third quarter, matching the above-70% level reported for the second quarter.
Chief Executive and Chairman Arun Menawat said the expected year-over-year and sequential growth reflects increased commercial activity across the installed base and new customer accounts. He called the preliminary result a historic milestone and said the company remains focused on supporting customer adoption, increasing utilization of the installed base, and building a profitable growth company over the long term.
The commercial-stage device maker commercializes TULSA-PRO for MRI-guided, incision-free prostate ablation and Sonalleve for MRI-guided therapy in bone metastases, desmoid tumors, osteoid osteoma, and selected gynecologic conditions. TULSA-PRO is cleared by the FDA for transurethral ultrasound ablation of prostate tissue and is cleared in several other jurisdictions. Sonalleve is approved in the United States as a human device exemption for osteoid osteomas in the extremities.
After the first quarter, Profound set a $25.0 million bar for full-year 2026 total revenue and reiterated that bar after the second quarter.
The TULSA-PRO installed base stood at 84 at the end of the second quarter, up from 80 at the end of the first quarter. The company estimated the qualified sales pipeline for TULSA-PRO and Sonalleve at approximately $70.0 million at the end of the second quarter.
Payer coverage expanded by approximately 18.3 million covered lives in the second quarter, following approximately 8.5 million covered lives added in the first quarter, including 6.9 million with Humana. Most of the second-quarter increase came through state Medicaid and managed Medicaid programs. The Johns Hopkins Employee Health Plan and the Prime Healthcare Employee Health Plan became the first employer-owned health plans to list the TULSA Procedure as a covered service.
In the second quarter, the company received over $7.0 million in new purchase orders, a quarterly record, of which about $2.5 million was recognized as revenue and about $3.1 million shipped in July for recognition in the third quarter. Operating expenses declined 16% and net loss improved 39% year-over-year in that quarter.
Menawat said momentum continued into the third quarter, including another monthly record for new order activity in July and more than 160 qualified commercial opportunities generated over four days at SRS2026. He said the company believes it is now in the strongest commercial position in its history and, based on that momentum and improved visibility into the second half of the year, is reiterating the $25.0 million bar for 2026 total revenue.
Post-market CAPTAIN Level 1 randomized clinical data continued to show statistically significant advantages of the TULSA Procedure over robotic radical prostatectomy, with new penile length preservation data presented in July 2026. The company also launched an initiative to explore integrating PSMA PET molecular imaging with the TULSA Procedure.
The company will host a conference call at 4:30 p.m. ET on November 5 to review the financial results and discuss business developments in the period.