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Friday, January 10, 2020

Profound Medical up on preliminary Q4 results, RadNet deal

Ultra-thinly traded micro cap Profound Medical (OTCPK:PROF +11.8%) is up on double volume, albeit on turnover of only 29K shares, on the heels of preliminary results for Q4 and 2019.
Revenue for the quarter and year should be ~$2.7M (+59%) and ~$5.4M (+108%), respectively, driven by the continued rollout of Sonalleve in China and additional uptake of TULSA-PRO.
In November 2019, the company submitted its U.S. application for a specific Medicare reimbursement code for TULSA-PRO.
This morning, it announced its first multi-state imaging center agreement for TULSA-PRO with RadNet (RDNT -0.4%). The first stage of the deal will be the placement of three rental systems at imaging centers in the Los Angeles area. If successful, more will follow.
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