Profound Medical Corp.

For the three months ended June 30, 2026, revenue was $2.5 million, with $1.6 million from recurring revenue and $871 thousand from capital equipment sales. Revenue increased 12% from $2.2 million a year ago; excluding the $3.1 million shipment timing shift, management said revenue would have been about $5.6 million, implying 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 reiterated full-year 2026 revenue of approximately $25 million, representing 56% growth, and said full-year gross margin should remain 70% or higher.

Arun Swarup Menawat framed the quarter as evidence that the prostate treatment market is shifting toward incisionless, MRI-guided, robotically assisted approaches, and said TULSA is increasingly being viewed as a differentiated platform with whole-gland, subtotal, and focal capabilities. He emphasized that the company believes it is crossing from early adopters into the mainstream market, supported by stronger clinical evidence, broader payer support, and an expanding installed base. His tone was upbeat and confident, while also acknowledging operational work still needed to improve shipment and installation timing.

Matthew Sobczyk summarized the quarter with $2.5 million of revenue, 78% gross margin, $13 million of operating expenses, and a $9.5 million net loss, alongside $38.3 million of cash at quarter-end. He said the company still expects gross margin to stay above 70% over the long haul and reiterated the approximately $25 million full-year revenue target, helped by record order activity. He also pointed to the $3.1 million revenue-recognition delay and said those shipments were expected to be recognized in Q3.

Analysts focused on the $3.1 million shipment delay, the gap between systems shipped and systems installed, pipeline conversion timing, and the commercial impact of new reimbursement coverage. Management said the Q2 issue was mainly a logistics and receipt-recognition problem tied to a consolidated shipment from Canada, and that it has added logistics and operations staff to reduce recurrence. They also explained that installation typically trails shipment by 60 to 120 days because hospitals need training, scheduling, and reimbursement setup, and they said the pipeline is roughly 90% TULSA PRO and 10% Sonalleve within a $70 million funnel. On the clinical side, management said CAPTAIN’s penile-length data will be published as part of a broader perioperative dataset and that more Q4 data, including 12-month biopsy and MRI information, should be available later in the year.