Profound Medical Corp.

For the 3 months ended June 30, 2026, revenue was $2.5 million, including $1.6 million of recurring revenue and $871 thousand of capital equipment sales, up 12% from $2.2 million a year ago. Excluding a $3.1 million shipment timing issue that slipped into July, management said Q2 revenue would have been about $5.6 million, or 153% year-over-year growth. Gross margin was 78% versus 73% in Q2 2025. Operating expenses were $13 million, down 16% from $15.4 million, and net loss was $9.5 million, or $0.26 per share, versus about $15.7 million, or $0.52 per share, last year. Cash was $38.3 million at June 30, 2026. Management reaffirmed full-year 2026 revenue of approximately $25 million, representing 56% growth, and said full-year gross margin should be 70% or higher.

Arun Menawat framed the company as moving from early adoption toward mainstream use, saying the prostate treatment market is changing quickly and that TULSA is the only MRI-guided, regionally flexible prostate treatment platform. He emphasized that the clinical and reimbursement foundation continues to strengthen, citing broader evidence from CAPTAIN, a path to more payer coverage, and the potential for expanded use through MRI-compatible systems and future integrations. His tone was confident and expansive, with repeated references to an inflection point and a path to profitable growth.

Matthew Sobczyk summarized the quarter with revenue of $2.5 million, gross margin of 78%, operating expenses of $13 million, and a net loss of $9.5 million, or $0.26 per share. He highlighted that the reported revenue understated sales performance because $3.1 million of TULSA shipments completed in July were not recognized in Q2 due to timing of delivered receipts. He also noted cash of $38.3 million at quarter end and reiterated the company’s full-year 2026 revenue outlook of about $25 million, with gross margin expected to remain above 70%.

Analysts focused on the $3.1 million shipment delay, and management said it was mainly a logistics and revenue-recognition issue tied to a consolidated shipment from Canada; they said staffing additions should reduce similar timing issues and that the revenue will most likely be recognized in Q3. Questions also centered on install base versus systems sold, and management explained that shipped systems can take 60 to 120 days or more to become active treatment sites because of training, scheduling, and reimbursement setup. Analysts pressed on the pipeline and reimbursement, and management said the qualified pipeline was about $70 million, roughly 90% TULSA PRO and 10% Sonalleve, while covered lives expanded by 18.3 million in Q2 and are expected to keep growing. There were also questions about CAPTAIN follow-up data; management said broader 12-month data should be available in Q4.