04:19 PM EST, 03/07/2024 (MT Newswires) -- Profound Medical ( PROF ) reports that for Q4 2023, the company recorded, in US$, quarterly revenue of $2 million, all of it recurring, consisting of the sale of TULSA-PRO consumables, lease of medical devices, procedures and services associated with extended warranties. Q4 2023 revenue increased 60% from the $1.3 million last year.

Profound said TULSA-PRO systems installed base now totals 50. The company is aiming to grow that to 75 TULSA-PRO systems in 2024.

Operating expenses, which consist of research and development, general and administrative, and selling and distribution (S&D) expenses, were $9.8 million 2023, slightly higher than the $9.4 million in Q4 2022.

Net loss was $8.9 million, or $(0.42) per common share, compared with net loss of $9.5 million, or $(0.46) per common share, in the prior year period.

As at December 31, 2023, Profound had cash of $26.2 million. Subsequent to year end, Profound completed a public offering and a private placement of common shares, resulting in it having cash of $45.4 million as at January 31, 2024.

The company also announced the promotion of Mathieu Burtnyk, PhD, from SVP Product Leader to Chief Operating Officer.