Toronto – October 12, 2026 -- Profound Medical Corp. (NASDAQ:PROF; TSX:PRN) cut its second-quarter 2026 net loss 39% to about $9.5 million, or $0.26 per share, from $15.7 million, or $0.52 per share, a year earlier. Operating expenses fell 16% to about $13.0 million, and the company reiterated its full-year revenue guidance of about $25.0 million.
Shipment delay pushes $3.1 million of TULSA revenue into July
Q2 revenue was about $2.5 million, up 12% year over year. Recurring non-capital revenue from single-use devices and extended-warranty services contributed $1.6 million, and capital equipment sales added $871,000.
About $3.1 million of TULSA product shipments expected in the final week of June went out in July and will be recognized in Q3. Excluding the delay, Q2 revenue would have been about $5.6 million, or 153% growth. The company attributes the slip to a logistics issue, not weaker demand, and says the issue is resolved.
New purchase orders topped $7.0 million, a quarterly record. July set another monthly record for order activity.
Gross margin widens to 78% on capital system sales
Gross margin rose to 78% from 73% a year earlier, helped by product mix, including several capital systems previously placed with customers under operating leases. That is above the company's 70% long-term target.
Lower personnel, commercial, travel, insurance and CAPTAIN clinical trial costs drove the opex decline, as trial enrollment is complete. Higher R&D spending on product cost reduction, quality and manufacturing efficiency partly offset the savings.
Payer coverage grows by 18.3 million lives, led by Medicaid
Covered lives rose by about 18.3 million in the quarter, mostly through state Medicaid and managed Medicaid (Ambetter) programs. The Johns Hopkins Employee Health Plan and the Prime Healthcare Employee Health Plan became the first employer-owned plans to list the TULSA Procedure as a covered service. They cover more than 50,000 and 55,000 employees, medical staff and family members, respectively.
The TULSA-PRO installed base reached 84 systems at the end of Q2. Profound puts its qualified sales pipeline for TULSA-PRO and Sonalleve at about $70.0 million, defined as opportunities in the Verify, Negotiate and Contracting stages. The company cautions that the timing and extent of conversion to recognized revenue are not assured.
SRS2026 generates more than 160 qualified opportunities in four days
Physician engagement at the Society of Robotic Surgery meeting produced more than 160 qualified commercial opportunities over four days. New penile length preservation data from the CAPTAIN randomized trial, presented in July, continued to show statistically significant advantages for TULSA over robotic radical prostatectomy.
Profound also launched an initiative to explore integrating PSMA PET molecular imaging with the TULSA Procedure for intention-to-treat decisions and patient monitoring.
CEO Arun Menawat said the company is in "the strongest commercial position in the Company's history."
Cash stands at $38.3 million; 2026 revenue guidance holds at $25.0 million
Cash was about $38.3 million at June 30, 2026. As of August 6, 2026, 36,532,594 common shares were outstanding.
Profound continues to project 2026 revenue of about $25.0 million, 56% above the prior year, with gross margin of 70% or higher. The company cited record orders, a larger pipeline and improved visibility into second-half shipments.