The following is a summary of the Profound Medical Corporation (PROF) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Profound Medical Corporation reported Q3 2024 revenue of $2.83 million, a 64% increase from the previous year.

• Gross margin improved to 64% from 61% in Q3 2023.

• Operating expenses were $10.8 million, up 42% year-over-year.

• The company expects full year 2024 revenue to be between $11 million to $12 million.

• Net loss for Q3 2024 increased to $9.4 million, compared to a net loss of $5.6 million the previous year.

Business Progress:

• The PRO-TALK Live event was successfully conducted, enhancing peer-to-peer education among physicians regarding the TULSA procedure.

• A significant update was announced regarding CMS reimbursement rules, placing the TULSA procedure in a favorable position, starting in Q1 2025.

• TULSA Plus program to be launched in collaboration with Siemens and Cook Medical, aimed at integrating interventional MRI solutions with the TULSA procedure.

• Development of the BPH TULSA AI module anticipated to complete by the end of this year.

Opportunities:

• With the adoption of new CMS reimbursement rules, there's potential for increased procedural adoption and new installations across various service locations.

• The upcoming CAPTAIN trial results are expected to further validate the efficacy of the TULSA procedure and potentially lead to broader acceptance and additional insurance coverage.

Risks:

• The evolving reimbursement landscape and competitive market for prostate treatments pose challenges in widespread adoption and financial performance.

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