TORONTO, Jan. 03, 2019 (GLOBE NEWSWIRE) -- Profound Medical Corp. (TSX:PRN; OTCQX:PRFMF) (“Profound” or the “Company”), the only company to provide a therapeutics platform that combines real-time Magnetic Resonance (“MR”) imaging and ultrasound technology for the precise, incision-free ablation of diseased tissue, today announced preliminary unaudited revenues for the fourth quarter of 2018. Profound is providing this information due to the significant lag time between planned investment community meetings to be held in connection with, among other non-deal investor events, the 37th Annual J.P. Morgan Healthcare Conference in San Francisco, CA, and its expected reporting of final 2018 results in March 2019.
Profound anticipates total revenues for the fourth quarter of 2018 to be approximately $1.6 million, more than five-fold increase compared with approximately $0.3 million in the previous quarter. For the full year 2018, the Company anticipates total revenues to be approximately $2.5 million. These figures are preliminary and unaudited, and actual revenues may differ.
“The initial commercial launch of Sonalleve® in China, combined with growing interest from European doctors, clinics and patients in TULSA-PRO®, led to this significant rebound in quarterly revenues,” said Arun Menawat, Profound’s CEO. “We believe this renewed sales traction should continue into 2019, and are also looking forward to a number of major milestones coming up in the first half of the year, particularly the release of the full 12-month results from the TACT pivotal study designed to further evaluate the safety and efficacy of TULSA-PRO® to ablate prostate tissue in patients with localized, organ-confined prostate cancer.”
About Profound Medical Corp.
Profound is developing the powerful combination of real-time magnetic resonance (MR) imaging and non-invasive ultrasound ablation. These key technology pillars, linked with intelligent software and robotics, have the potential to fulfill unmet needs of patients and clinicians in many anatomies and disease states, including prostate cancer, uterine fibroids, and bone metastases.
Profound is commercializing a novel technology, TULSA-PRO®, which uses real-time MR imaging to guide precise ablation of the prostate while simultaneously protecting critical surrounding anatomy. TULSA-PRO® is CE marked and is undergoing a pilot commercial launch in key European and other CE mark jurisdictions. Profound is also sponsoring a multicenter, prospective U.S. Food and Drug Administration (FDA)-registered clinical trial, TACT, which if successful, is expected to support an application to the FDA for clearance to market TULSA-PRO® in the United States.
Profound is also commercializing Sonalleve®, an innovative therapeutic platform that is CE marked for the treatment of uterine fibroids and palliative pain treatment of bone metastases. The technology was also recently approved by the Chinese Food and Drug Administration for the non-invasive treatment of uterine fibroids. The Company is in the early stages of exploring additional potential treatment markets for Sonalleve®, such as non-invasive ablation of abdominal cancers and hyperthermia for cancer therapy, where the technology has been shown to have clinical application.
Forward-Looking Statements
This release includes forward-looking statements regarding Profound and its business which may include, but is not limited to, the expectations regarding the efficacy of Profound’s technology in the treatment of prostate cancer, uterine fibroids and palliative pain treatment. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "is expected", "expects", "scheduled", "intends", "contemplates", "anticipates", "believes", "proposes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Such statements are based on the current expectations of the management of Profound. The forward-looking events and circumstances discussed in this release, may not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting the company, including risks regarding the pharmaceutical industry, economic factors, the equity markets generally and risks associated with growth and competition. Although Profound has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Profound undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, other than as required by law.
For further information, please contact:
Stephen Kilmer
Investor Relations
skilmer@profoundmedical.com
T: 647.872.4849
