Key Takeaways:
Profound Medical (NASDAQ: PROF) reported first-quarter revenue of $5.34 million, beating consensus estimates by 4.79 percent and more than doubling from the year-ago period as adoption of its key prostate cancer therapy continues to expand.
The company announced on May 8 that it had sharply higher first-quarter revenue and reiterated its outlook for broader commercial adoption of its TULSA prostate treatment platform, according to a company statement.
The medical device maker posted a net loss of $0.19 per share, narrowing from a loss of $0.36 per share a year ago and surprising analysts by 21.91 percent. The results mark the second time in the last four quarters that Profound Medical has surpassed consensus estimates for both revenue and earnings per share.
Shares of Profound Medical have lost about 8.3 percent since the beginning of the year, compared with the S&P 500's gain of 7.6 percent. Ahead of the earnings release, the stock held a Zacks Rank #3 (Hold), with shares expected to perform in line with the market. Investors will be watching for management’s commentary on the earnings call to determine the sustainability of any price movement.
For the coming quarter, analysts project a loss of $0.25 per share on $6.83 million in revenues. The current consensus for the full fiscal year points to a loss of $0.97 per share on revenues of $31.28 million.
The improved earnings report signals that the company's strategy for its TULSA platform may be gaining traction. Investors will look toward the company's next quarterly report in August for signs of continued revenue growth and progress toward profitability.
This article is for informational purposes only and does not constitute investment advice.
