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Profound Medical Corp. (PROF+2.13%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements showing a revenue increase to $10.68 million from $7.20 million in the previous year. The increase is attributed to higher recurring revenue and capital sales in the United States.
Cost of sales for the year was $3.64 million, representing 34% of revenue, compared to 40% in the previous year. This decrease in cost ratio is due to improved manufacturing efficiency.
The company reported a gross profit of $7.04 million for the year, compared to $4.31 million in the previous year, with the increase attributed to higher sales and improved cost management.
Research and development expenses rose to $16.97 million from $14.42 million, primarily due to increased headcount and clinical trial activities.
Selling, general, and administrative expenses increased to $23.13 million from $18.54 million, driven by expanded sales efforts and marketing campaigns.
Net loss for the year was $27.82 million, slightly down from $28.32 million in the previous year.
Cash provided by financing activities was $54.70 million, primarily from the issuance of common shares, while cash used in operating activities was $23.45 million.
Profound had cash and cash equivalents of $54.91 million as of December 31, 2024. The company anticipates this will fund operations for at least the next 12 months.
The filing notes the company's focus on commercializing its TULSA-PRO and Sonalleve systems, with ongoing efforts to expand market adoption and regulatory approvals.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Profound Medical Corp. annual 10-K report dated March 7, 2025. To report an error, please email earnings@qz.com.