09:15 AM EST, 01/08/2025 (MT Newswires) -- Profound Medical Corp. ( PROF ) , a commercial-stage medical device company, was at last look up 4.3% in US premarket after announcing preliminary unaudited revenues for the fourth quarter and full year 2024.

Profound said it anticipates total revenue for the fourth quarter of 2024 to be in the approximate range of US$4.1-$4.2 million, representing year-over-year growth of between 105% and 110%, and sequential quarter-over-quarter growth of between 45% and 48%. Full year 2024 total revenue is expected to be approximately $11.1-$11.2 million, compared to approximately $7.2 million in the prior year period. These figures are preliminary and unaudited, and actual revenues may differ.

Profound said it was providing this information due to planned investment community meetings to be held in connection with, among other investor events, the 43rd Annual J.P. Morgan Healthcare Conference in San Francisco, CA. Profound is scheduled to present at JPM 2025 on January 16 at 11:15 a.m. Pacific Time. The presentation will be broadcast live and archived on the company's website.

Profound also announced that, as of January 1, 2025, it will start reporting its financial results in accordance with U.S. generally accepted accounting principles (U.S. GAAP) and its status in the United States transitioned to a foreign private issuer filing via domestic forms with the U.S. Securities and Exchange Commission. It will continue to use the United States dollar as its presentation currency

"In light of the fact that 2024 marked the final year in which we were operating in a primarily patient-pay environment for TULSA, we were excited to see adoption of TULSA-PRO continue to increase," said Arun Menawat, Profound's CEO and Chairman. "Now, with the strengthening of our balance sheet via the completion of our underwritten public offering of common shares in December, and, as of last week, the TULSA procedure being uniquely reimbursed both at Urology APC Level 7 and at an unrivalled number of treatment settings, we believe that we are on the cusp of entering into a stage of escalating growth."

Dr. Menawat continued, "We look forward to updating investors as we progress. To that end, and recognizing that the majority of our shareholders are U.S.-based, we believe changing our financial reporting from IFRS to U.S. GAAP, and starting to file on U.S. domestic forms with the SEC, will make it easier for investors to find, access and analyse our stock regulatory filings."