# Profound Medical (PROF.US)

Canonical: https://gigainvestors.com/s/PROF

Analysis as of: 2026-10-15T06:37:05.132Z. Financial observations: FY2015–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $6.31 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 3 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 10

- Operating margin variation: 0.41×

Chart: Operating margin; fiscal year observations.

- FY2017: -3.50×

- FY2018: -7.76×

- FY2019: -3.57×

- FY2020: -2.58×

- FY2021: -4.41×

- FY2022: -4.81×

- FY2023: -3.97×

- FY2024: -2.95×

- FY2025: -2.61×

- LTM to Jun 2026: -1.85×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: -194.4%

- ROIC, second-lowest year: -348.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.1%

- ROIC including acquisitions, ten-year median: -203.6%

- Typical minus recent gross margin: -8.5 pp

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -891.2%

- FY2017: -348.5%

- FY2018: -191.6%

- FY2019: -118.4%

- FY2020: -119.8%

- FY2021: -197.2%

- FY2022: -177.4%

- FY2023: -175.5%

- FY2024: -233.9%

- FY2025: -212.0%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$152M

- Net income, five-year total: -$158M

- Return on incremental invested capital: -211.7%

- Working capital / revenue, annual change: 10.8 pp

- Working capital / revenue, final three-year average: 137.4%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: -$29M

- FY2022: -$27M

- FY2023: -$27M

- FY2024: -$26M

- FY2025: -$43M

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -348.5% vs -212.0%

- Per-share earnings: -2.47 to -1.35 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 22.6%

- Ordinary dilution, 5-year annual growth: 11.8%

- Market cap gain: $281M

- Cumulative retained earnings: -$341M

- Diluted shares, 10-year annual growth: 22.6%

- Diluted shares, 5-year annual growth: 11.8%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: $1.12

- Per-share value, starting three-year median: -$2.47

- Per-share value, ending three-year median: -$1.35

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: $6.8M

- Cumulative net income, 10 years: -$241M

- ROIC, first three-year median: -348.5%

- ROIC, last three-year median: -212.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: -$2.20

- FY2017: -$2.47

- FY2018: -$1.41

- FY2019: -$1.04

- FY2020: -$1.25

- FY2021: -$1.50

- FY2022: -$1.38

- FY2023: -$1.35

- FY2024: -$1.07

- FY2025: -$1.43

### accounting: pass

- Sloan accruals: -2.3%

- Receivables to sales index (DSRI): 0.93×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 13.4%

- FY2017: -19.1%

- FY2018: -5.3%

- FY2019: 0.8%

- FY2020: -1.0%

- FY2021: -9.6%

- FY2022: -4.5%

- FY2023: -13.6%

- FY2024: -4.3%

- FY2025: -2.3%

## Holders

- [Matthew McLennan](https://gigainvestors.com/FE): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 53% since Oct 2021 · sales +18.1%

Story as of 2026-10-16T09:59:26.705Z; price observation 2026-10-15.

### Sales · FY2025–2026

sales +18.1%; source https://www.sec.gov/Archives/edgar/data/1628808/000110465926024153/prof-20251231x10k.htm; observed 2026-03-05.

- FY2017: $4.9M 

- FY2018: $1.9M 

- FY2019: $4.2M 

- FY2020: $7.3M 

- FY2021: $6.9M 

- FY2022: $6.7M 

- FY2023: $7.2M 

- FY2024: $11M 

- FY2025: $16M 

- FY2026: $19M 

### Gross margin · FY2025

gross margin 72%; source https://www.sec.gov/Archives/edgar/data/1628808/000110465926024153/prof-20251231x10k.htm; observed 2026-03-05.

- FY2017: 38.2% 

- FY2018: 31.7% 

- FY2019: 57.3% 

- FY2020: 47.6% 

- FY2021: 43.0% 

- FY2022: 45.2% 

- FY2023: 60.9% 

- FY2024: 62.7% 

- FY2025: 72.0% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in medical devices; annual sales are USD 16.1 million.

- Source: https://www.sec.gov/Archives/edgar/data/1628808/000110465926024153/prof-20251231x10k.htm#000110465926024153 (filed 2026-03-05); FY2025: revenue 16098000; grossProfit 11592440; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); PROF.US: Profound Medical Corp. operates as a commercial-stage medical device company that develops and markets AI-powered, MRI-guided, incision-free therapeutic systems for the image guided ablation of diseased tissue. The company's lead product TULSA-PRO system combines magnetic resonance imaging (MRI), robotically driven transurethral sweeping action/thermal ultrasound and closed-loop temperature feedback control to ablate whole gland or physician defined region of malignant or benign prostate tissue. It also provides Sonalleve, which combines real-time MRI and thermometry for the treatment of uterine fibroids, adenomyotic tissue, palliative pain treatment of bone metastases, osteoid osteoma, and management of benign tumors. It operates in Canada, Germany, the United States, China, and Finland. Profound Medical Corp. is headquartered in Mississauga, Canada.

### Why customers stay

Margins ranged from 60.9% to 72% during 2023–25.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); FY2023: grossProfit / revenue = 60.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); FY2024: grossProfit / revenue = 62.7%.

- Source: https://www.sec.gov/Archives/edgar/data/1628808/000110465926024153/prof-20251231x10k.htm (filed 2026-03-05); FY2025: grossProfit / revenue = 72%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); 10-year return on capital observations [[2016,-8.9120760084849],[2017,-3.485440264993274],[2018,-1.9155967307683817],[2019,-1.1838845081757707],[2020,-1.1983731403297144],[2021,-1.9715588354418867],[2022,-1.7735527603074772],[2023,-1.7554464979034012],[2024,-2.338906132066598],[2025,-2.119559540348021]]; median -1.9435777831051342. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid no dividends in 7 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 4.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); PROF.US SharesStats.PercentInsiders = 4.088 percentage points; cache date 2026-10-05.

### What the price says

The price is 11.9 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); Closing price 6.31 USD; reporting-to-trading FX 1; FY2025 annual sales per share 0.5324651243281919; price multiple 11.850541400173935. FY2025 cash earnings/share -1.419790932851246. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $0.80 per share

- 2016-11: $0.77 per share

- 2016-12: $0.80 per share

- 2017-01: $0.78 per share

- 2017-02: $0.74 per share

- 2017-03: $0.72 per share

- 2017-04: $0.77 per share

- 2017-05: $0.67 per share

- 2017-06: $0.69 per share

- 2017-07: $0.80 per share

- 2017-08: $0.80 per share

- 2017-09: $0.78 per share

- 2017-10: $0.67 per share

- 2017-11: $0.53 per share

- 2017-12: $0.65 per share

- 2018-01: $0.83 per share

- 2018-02: $0.83 per share

- 2018-03: $0.75 per share

- 2018-04: $0.74 per share

- 2018-05: $0.83 per share

- 2018-06: $0.75 per share

- 2018-07: $0.76 per share

- 2018-08: $0.69 per share

- 2018-09: $0.54 per share

- 2018-10: $0.45 per share

- 2018-11: $0.46 per share

- 2018-12: $0.42 per share

- 2019-01: $0.63 per share

- 2019-02: $0.62 per share

- 2019-03: $0.60 per share

- 2019-04: $0.70 per share

- 2019-05: $0.62 per share

- 2019-06: $0.60 per share

- 2019-07: $0.62 per share

- 2019-08: $0.76 per share

- 2019-09: $0.82 per share

- 2019-10: $9.58 per share

- 2019-11: $7.85 per share

- 2019-12: $10.95 per share

- 2020-01: $16.69 per share

- 2020-02: $13.05 per share

- 2020-03: $9.74 per share

- 2020-04: $13.47 per share

- 2020-05: $12.34 per share

- 2020-06: $16.94 per share

- 2020-07: $15.78 per share

- 2020-08: $14.70 per share

- 2020-09: $17.64 per share

- 2020-10: $16.89 per share

- 2020-11: $19.94 per share

- 2020-12: $20.56 per share

- 2021-01: $26.12 per share

- 2021-02: $22.03 per share

- 2021-03: $20.14 per share

- 2021-04: $18.15 per share

- 2021-05: $17.67 per share

- 2021-06: $16.36 per share

- 2021-07: $14.60 per share

- 2021-08: $14.86 per share

- 2021-09: $14.64 per share

- 2021-10: $13.51 per share

- 2021-11: $10.95 per share

- 2021-12: $11.23 per share

- 2022-01: $9.90 per share

- 2022-02: $10.69 per share

- 2022-03: $9.00 per share

- 2022-04: $7.30 per share

- 2022-05: $9.27 per share

- 2022-06: $7.29 per share

- 2022-07: $8.61 per share

- 2022-08: $6.95 per share

- 2022-09: $4.04 per share

- 2022-10: $4.14 per share

- 2022-11: $4.76 per share

- 2022-12: $10.89 per share

- 2023-01: $12.35 per share

- 2023-02: $13.15 per share

- 2023-03: $9.29 per share

- 2023-04: $11.60 per share

- 2023-05: $12.05 per share

- 2023-06: $13.01 per share

- 2023-07: $11.45 per share

- 2023-08: $8.89 per share

- 2023-09: $10.20 per share

- 2023-10: $8.31 per share

- 2023-11: $10.85 per share

- 2023-12: $8.49 per share

- 2024-01: $8.92 per share

- 2024-02: $9.20 per share

- 2024-03: $8.53 per share

- 2024-04: $7.44 per share

- 2024-05: $7.37 per share

- 2024-06: $8.39 per share

- 2024-07: $10.58 per share

- 2024-08: $9.15 per share

- 2024-09: $7.96 per share

- 2024-10: $7.27 per share

- 2024-11: $8.12 per share

- 2024-12: $7.51 per share

- 2025-01: $6.45 per share

- 2025-02: $6.93 per share

- 2025-03: $5.82 per share

- 2025-04: $4.99 per share

- 2025-05: $5.27 per share

- 2025-06: $5.90 per share

- 2025-07: $5.55 per share

- 2025-08: $4.47 per share

- 2025-09: $4.89 per share

- 2025-10: $6.07 per share

- 2025-11: $6.60 per share

- 2025-12: $7.87 per share

- 2026-01: $7.50 per share

- 2026-02: $7.61 per share

- 2026-03: $6.48 per share

- 2026-04: $6.70 per share

- 2026-05: $6.81 per share

- 2026-06: $6.65 per share

- 2026-07: $7.38 per share

- 2026-08: $6.80 per share

- 2026-09: $5.80 per share

- 2026-10: $6.90 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:37:05.132Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1628808/000110465926024153/prof-20251231x10k.htm); period 2025-12-31, filed 2026-03-05.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [Matthew McLennan](https://gigainvestors.com/FE): 440,207 PROF shares; USD 2,927,377 reported position value; 0% of portfolio; add; quarter 2026 Q2.

# PROF — Profound Medical Corp

Held by 1 investor · USD 2,927,377 total · 2026 Q2 · reported price USD 6.65 (split-adjusted).
Page: https://gigainvestors.com/s/PROF

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Matthew McLennan (https://gigainvestors.com/FE) | USD 2,927,377 | 0.0% | add +36.41% |

## Total held by quarter

- 2025 Q2: USD 720,030 · 1 holder · USD 5.90
- 2025 Q3: USD 1,451,127 · 1 holder · USD 4.98
- 2025 Q4: USD 2,461,004 · 1 holder · USD 7.87
- 2026 Q1: USD 2,091,141 · 1 holder · USD 6.48
- 2026 Q2: USD 2,927,377 · 1 holder · USD 6.65