Profound Medical Q3 Preliminary Revenue Surges, But Below View

(RTTNews) - Profound Medical Corporation (PROF, PRN.TO), a commercial-stage medical device company, on Tuesday reported a surge in preliminary revenue for the third quarter, but below analysts' expectations.

Arun Menawat, CEO of Profound, said: "During the third quarter, we achieved new highs in terms of both TULSA-PRO installed base growth and existing system utilization, driving record total revenues. Our TULSA-PRO installed base now sits at 67-up from 60-and, due to our strong and growing capital sales pipeline, we continue to expect to reach at least 75 by the end of the year."

For the three-month period to September 30, Profound anticipates revenue of around $5.2 million to $5.3 million, representing a growth of 84% to 87% over $2.8 million in the same period last year.

On average, five analysts polled forecast the firm to post revenue of $6.54 million for the quarter. Analysts' estimates typically exclude special items.

For the third quarter, Profound Medical projects a gross margin of around 72%, higher than 64% a year ago.

The company intends to release its third-quarter earnings report on November 13.

PROF was up by 1.73% at $5.88 on the Nasdaq.