Benzinga | Jan 5, 2021 04:31PM EST

Profound Medical Sees Prelim. Q4 Sales ~$3.7M, Up 32% YoY; Sees FY20 Sales $9.7M, Up From $5.5M YoY

TORONTO, Jan. 05, 2021 (GLOBE NEWSWIRE) -- Profound Medical Corp. (NASDAQ:PROF, TSX:PRN) ("Profound"), a commercial-stage medical device company that develops and markets customizable, incision-free therapies for the ablation of diseased tissue, today announced preliminary unaudited revenues for the fourth quarter and full year 2020. Profound is providing this information due to the significant lag time between planned investment community meetings to be held in connection with, among other investor events, the 39th Annual J.P. Morgan Healthcare Conference, and its expected reporting of final 2020 results in March 2021.

Profound anticipates total revenues for the fourth quarter of 2020 to be approximately $3.7 million, representing growth of 32% year-over-year and 24% sequentially over the previous quarter. For the full year 2020, Profound anticipates total revenues to be approximately $9.7 million, which compares to $5.5 million in 2019. These figures are preliminary and unaudited, and actual revenues may differ.

"We believe the strong sales performance in the fourth quarter, which was achieved in the face of continuing COVID-19 headwinds for the medical device industry, speaks to the strength of both our technology and business model," commented Arun Menawat, Profound's CEO. "While we remain cautious about the scope and pace of U.S. TULSA-PRO(r) commercial adoption in the near-term due to the pandemic, we are also energized going into 2021."