Profound Medical Corporation (PROF,PRN.TO), a commercial-stage medical device company, on Tuesday reported a surge in preliminary revenue for the third quarter.
Arun Menawat, CEO of Profound, said: "During the third quarter, we achieved new highs in terms of both TULSA-PRO installed base growth and existing system utilization, driving record total revenues. Our TULSA-PRO installed base now sits at 67-up from 60-and, due to our strong and growing capital sales pipeline, we continue to expect to reach at least 75 by the end of the year."
For the three-month period to September 30, Profound anticipates revenue of around $5.2 million to $5.3 million, representing growth of 84% to 87% over $2.8 million in the same period last year.
For the third quarter, Profound Medical projects a gross margin of around 72%, higher than 64% a year ago.
The company intends to release its third-quarter earnings report on November 13.
PROF was up by 1.73% at $5.88 on the Nasdaq.
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