Profound Medical (NASDAQ:PROF) Announces Quarterly Earnings Results, Misses Expectations By $0.09 EPS

Key Points

• Profound Medical reported a quarterly earnings per share (EPS) of (-$0.52), missing the consensus estimate of (-$0.43) by $0.09, with revenues of $2.21 million compared to an expected $4.75 million.
• The company's stock price fell to $4.25 following the earnings announcement, with a market capitalization of $127.71 million and a negative return on equity of -85.88%.
• Analysts have adjusted their price targets, with Lake Street Capital reducing its target from $17.00 to $11.00, while Raymond James Financial downgraded its rating from "strong-buy" to "moderate buy."

Profound Medical (NASDAQ:PROF - Get Free Report) posted its quarterly earnings data on Thursday, August 14th. The company reported ($0.52) earnings per share for the quarter, missing the consensus estimate of ($0.43) by ($0.09), Zacks reports. Profound Medical had a negative return on equity of 89.74% and a negative net margin of 343.97%.The firm had revenue of $2.21 million for the quarter, compared to analyst estimates of $4.75 million.

Profound Medical Stock Down 0.9%

NASDAQ:PROF traded down $0.04 during trading hours on Thursday, reaching $4.60. The company had a trading volume of 86,300 shares, compared to its average volume of 155,654. Profound Medical has a twelve month low of $3.89 and a twelve month high of $9.71. The company has a quick ratio of 10.03, a current ratio of 8.53 and a debt-to-equity ratio of 0.11. The firm has a market cap of $138.23 million, a price-to-earnings ratio of -3.15 and a beta of 0.52. The business's 50-day simple moving average is $5.77 and its two-hundred day simple moving average is $5.76.

Institutional Trading of Profound Medical

An institutional investor recently raised its position in Profound Medical stock. Royal Bank of Canada raised its position in Profound Medical (NASDAQ:PROF - Free Report) by 3.5% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 435,997 shares of the company's stock after acquiring an additional 14,795 shares during the period. Royal Bank of Canada owned approximately 1.45% of Profound Medical worth $2,537,000 as of its most recent filing with the SEC. Institutional investors own 47.86% of the company's stock.

Wall Street Analysts Forecast Growth

PROF has been the topic of a number of research analyst reports. Raymond James Financial cut shares of Profound Medical from a "strong-buy" rating to a "moderate buy" rating in a research report on Friday, May 9th. Lake Street Capital lowered their price objective on Profound Medical from $17.00 to $11.00 and set a "buy" rating for the company in a research report on Wednesday, April 23rd. One research analyst has rated the stock with a Buy rating, According to MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $11.00.

Profound Medical Company Profile

Profound Medical Corp., together with its subsidiaries, operates as a commercial-stage medical device company that develops and markets incision-free therapeutic systems for the image guided ablation of diseased tissue in Canada, Germany, the United States, and Finland. Its lead product TULSA-PRO system combines magnetic resonance imaging(MRI), robotically-driven transurethral sweeping action/thermal ultrasound and closed-loop temperature feedback control to provide precise, flexible, and durable ablation of a surgeon defined region of prostate and protect the urethra and rectum.