Running data of recent trade: Profound Medical Corp. (NASDAQ: PROF)
On 02 April 2020, Profound Medical Corp. (NASDAQ: PROF) changed 2.76% to recent value of $9.67. The stock transacted 34736 shares during most recent day however it has an average volume of 81.19K shares. It spotted trading -53.06% off 52-week high price. On the other end, the stock has been noted 93.40% away from the low price over the last 52-weeks.
Profound Medical Corp. (PROF) recently stated financial results for the fourth quarter and full year ended December 31, 2019. All amounts, unless specified otherwise, are expressed in Canadian dollars and are presented in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board.
Summary Fourth Quarter 2019 Results
For the quarter ended December 31, 2019, the Company recorded revenue of $2,795,450, with $2,553,228 from the sale of products and $242,222 from installation, training and support of the multi-use system components. This was slightly higher than the Company’s preliminary unaudited revenue estimate reported on January 10, 2020 and represented revenue growth of 64% year-over-year and 310% sequentially over the previous quarter.
The Company recorded a net loss for the three months ended December 31, 2019 of $5,151,526, or $0.43 per ordinary share, contrast to a net loss of $4,858,209 or $0.45 per ordinary share, for the three months ended December 31, 2018. The decrease in net loss was primarily attributed to a raise in R&D expense of $354,150, a raise in G&A expenses of $1,172,687 and a raise in selling and distribution expenses of $154,589. This was offset by a decrease in net finance costs of $273,786 a raise in gross profits of $1,077,613.
Expenditures for R&D for the three months ended December 31, 2019 were higher by $354,150 contrast to the three months ended December 31, 2018. Materials, consulting fees and share based compensation increased by $436,440, $48,896 and $115,376, respectively. The increases were Because of increased spending and testing for R&D projects and options awarded to employees. Offsetting these amounts were decreases in clinical trial costs, rent and salaries and benefits by $151,618, $85,853 and $59,957, respectively, resulting from the completion of the TACT Pivotal Clinical Trial enrollment initiatives, the adoption of IFRS 16 resulting in the recognition of lower rental costs and reduced R&D personnel. Depreciation expenses increased by $26,328Because of the adoption of IFRS 16 with the depreciation of the right-of-use assets.
G&A expenses for the fourth quarter of 2019 increased by $1,172,687 contrast to the three months ended December 31, 2018. Share based compensation, consulting fees, bad debt and other expenses increased by $228,715, $230,058, $324,700 and $405,682, respectively, Because of options awarded to employees and directors, increased costs associated with the NASDAQ listing, bad debt expenses associated with one consumer and increased insurance costs associated with the NASDAQ listing. Offsetting these amounts was a decrease in salaries and benefits by $63,047, and rent by $21,579Because of the adoption of IFRS 16 resulting in the recognition of lower rental costs. Depreciation expenses increased by $53,047Because of the adoption of IFRS 16 with the depreciation of the right-of-use assets.
Summary Full Year 2019 Results
For the year ended December 31, 2019, the Company recorded revenue of $5,527,571, with $4,895,427 from the sale of products and $632,144 from installation, training and support of the multi-use system components. This compares to $2,602,278 in the twelve months ended December 31, 2018.
The Company recorded a net loss for the year ended December 31, 2019 of $20,192,250 or $1.82 per ordinary share, contrast to a net loss of $20,762,989 or $2.07 per ordinary share for the year ended December 31, 2018. The decrease in net loss was primarily attributed to a decrease in selling and distribution expenses of $1,302,305, a decrease in net finance cost of $112,245 and a raise in gross profits of $2,341,989. This was offset by a raise in R&D expenses of $2,200,761 and a raise in G&A expenses of $1,021,949.
Expenditures for R&D for the year ended December 31, 2019 were higher by $2,200,761 contrast to the year ended December 31, 2018. Materials, consulting fees, travel, share based compensation, salaries and benefits and other expenses increased by $1,611,748, $140,213, $49,613, $288,037, $256,917 and $46,164, respectively. These costs were higher contrast to the year ended December 31, 2018Because of increased spending and testing on R&D and FDA regulatory projects, options awarded and vested for employees, increased R&D personnel and investment tax credits decreasing by $192,228 because of lower eligibility for refundable tax credits. Offsetting these amounts was a decrease in clinical trial costs and rent by $199,356 and $289,055, respectively, resulting from the completion of the TACT Pivotal Clinical Trial enrollment initiatives and the adoption of IFRS 16 resulting in the recognition of lower rental costs. Depreciation expenses increased by $106,988Because of the adoption of IFRS 16 with the depreciation of the right-of-use assets.
G&A expenses for the year ended December 31, 2019 were higher by $1,021,949 contrast to the year ended December 31, 2018. Share based compensation, bad debt and other expenses increased by $561,944, $324,700 and $378,981, respectively, Because of the issuance of options to employees and directors, bad debt expense associated with one consumer and higher insurance costs associated with the NASDAQ listing. Offsetting these amounts was a decrease to salaries and benefits, consulting fees, rent, and travel by $254,829, $142,011, $48,808, and $32,714, respectively, Because of no bonuses awarded to management, lower G&A project costs, adoption of IFRS 16 resulting in the recognition of lower rental costs and reduced travel to consumer sites. Depreciation expenses increased by $228,383Because of the adoption of IFRS 16 with the depreciation of the right-of-use assets.
The company has 15.69M of outstanding shares and 13.37M shares were floated in the market. According to the most recent quarter its current ratio was # ref that represents company’s ability to meet its current financial obligations. The price moved ahead of -1.15% from the mean of 20 days, -27.16% from mean of 50 days SMA and performed 3.63% from mean of 200 days price. Company’s performance for the week was -3.88%, -34.62% for month and YTD performance remained -11.69%.
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