Profound Medical (PROF) 40-F 3 Mar 22 2021 FY Annual report (Canada) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2021shares
Document Information [Line Items]
Document Type	40-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Entity File Number	001-39032
Entity Registrant Name	Profound Medical Corp.
Entity Primary SIC Number	3841
Entity Incorporation, State or Country Code	Z4
Entity Tax Identification Number	00-0000000
Entity Address, Address Line One	2400 Skymark Avenue, Unit 6
Entity Address, City or Town	Mississauga
Entity Address, State or Province	ON
Entity Address, Postal Zip Code	L4W 5K5
City Area Code	647
Local Phone Number	476-1350
Title of 12(b) Security	Common Shares
Trading Symbol	PROF
Security Exchange Name	NASDAQ
Annual Information Form	true
Audited Annual Financial Statements	true
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Common Stock, Shares Outstanding	20,776,217
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Entity Central Index Key	0001628808
Amendment Flag	false
Auditor Name	PricewaterhouseCoopers LLP
Auditor Firm ID	271
Auditor Location	Oakville, Ontario, Canada
Business Contact [Member]
Document Information [Line Items]
Entity Address, Address Line One	9160 Forum Corporate Parkway, Suite 359
Entity Address, City or Town	Fort Myers
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33905
City Area Code	647
Local Phone Number	476-1350

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets
Cash	$ 67,152	$ 83,913
Trade and other receivables (note 4)	1,412	7,431
Inventory (note 5)	7,413	5,331
Prepaid expenses and deposits	1,148	1,067
Total current assets	77,125	97,742
Trade and other receivables (note 4)	3,622
Property and equipment (note 6)	788	859
Intangible assets (note 7)	1,435	1,898
Right-of-use assets (note 8)	1,116	1,424
Goodwill (note 7)	2,689	2,678
Total assets	86,775	104,601
Current liabilities
Accounts payable and accrued liabilities	3,180	3,382
Deferred revenue	477	358
Provisions	87	195
Other liabilities (note 9)		99
Derivative financial instrument	161	450
Lease liabilities (note 10)	250	312
Income taxes payable		13
Total current liabilities	4,155	4,809
Deferred revenue	875	1,078
Lease liabilities (note 10)	1,127	1,364
Total liabilities	6,157	7,251
Shareholders' Equity
Share capital (note 12)	219,579	211,527
Contributed surplus	16,986	11,250
Accumulated other comprehensive loss	4,746	4,567
Deficit	(160,693)	(129,994)
Total Shareholders' Equity	80,618	97,350
Total Liabilities and Shareholders' Equity	$ 86,775	$ 104,601

Consolidated Statements of Loss

Consolidated Statements of Loss and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Revenue (note 13)
Capital equipment	$ 3,150	$ 4,581
Recurring - non-capital	3,723	2,723
Total revenue	6,873	7,304
Cost of sales (note 15)	3,921	3,830
Gross profit	2,952	3,474
Operating expenses (note 14)
Research and development	15,277	9,912
General and administrative	10,314	7,565
Selling and distribution	7,652	4,860
Total operating expenses	33,243	22,337
Operating Loss	30,291	18,863
Net finance costs (note 16)	303	2,714
Loss before taxes	30,594	21,577
Income taxes (note 16)	105	45
Net loss attributed to shareholders for the year	30,699	21,622
Item that may be reclassified to loss
Foreign currency translation adjustment - net of tax	(179)	2,802
Net loss and comprehensive loss for the year	$ 30,520	$ 24,424
Loss per share (note 17)
Basic loss per common share	$ 1.50	$ 1.25
Diluted loss per common share	$ 1.50	$ 1.25

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands	Share capital.	Contributed surplus	Accumulated other comprehensive income (loss)	Deficit	Total
Balance at the beginning at Dec. 31, 2019	$ 100,298	$ 15,076	$ 7,369	$ (108,372)	$ 14,371
Balance at the beginning (in shares) at Dec. 31, 2019	11,852,749
Net loss for the year				(21,622)	(21,622)
Cumulative translation adjustment - net of tax of nil	$ 7,040	94	(2,802)		4,332
Exercise of share options	$ 3,025	(1,199)			1,826
Exercise of share options (in shares)	235,131
Exercise of warrants	$ 22,070	(5,739)			16,331
Exercise of warrants (shares)	1,556,154
Share-based compensation (note 13)		3,018			3,018
Issuance of units from offering (note 12)	$ 79,094				79,094
Issuance of units from offering (in shares)	6,564,914
Balance at the end at Dec. 31, 2020	$ 211,527	11,250	4,567	(129,994)	97,350
Balance at the end (in shares) at Dec. 31, 2020	20,208,948
Net loss for the year				(30,699)	(30,699)
Cumulative translation adjustment - net of tax of nil	$ 168	(18)	179		329
Exercise of share options	$ 992	(397)			595
Exercise of share options (in shares)	79,208
Exercise of warrants	$ 6,836	(998)			5,838
Exercise of warrants (shares)	485,161
Vesting of RSUs	$ 56	(56)
Vesting of RSUs (in shares)	2,900
Share-based compensation (note 13)		7,205			7,205
Balance at the end at Dec. 31, 2021	$ 219,579	$ 16,986	$ 4,746	$ (160,693)	$ 80,618
Balance at the end (in shares) at Dec. 31, 2021	20,776,217

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Consolidated Statements of Changes in Shareholders' Equity
Cumulative translation adjustment, tax	$ 0	$ 0

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Operating activities
Net loss for the year	$ (30,699)	$ (21,622)
Adjustments to reconcile net loss to net cash flows from operating activities:
Depreciation of property and equipment (note 6)	518	352
Amortization of intangible assets (note 7)	1,029	881
Depreciation of right-of-use assets (note 8)	332	305
Share-based compensation (note 13)	7,205	3,018
Interest and accretion expense (note 15)	67	543
Deferred revenue	(90)	257
Change in fair value of derivative financial instrument	(293)	237
Change in amortized cost of trade and other receivables (note 4)	448
Change in fair value of contingent consideration (note 10)		90
Changes in non-cash working capital balances
Investment tax credits receivable		179
Trade and other receivables	1,996	(4,028)
Prepaid expenses and deposits	(78)	(17)
Inventory	(2,491)	(2,141)
Accounts payable and accrued liabilities	(356)	102
Provisions	(110)	71
Income taxes payable	(13)	1
Foreign exchange on cash	175	1,198
Net cash flow used in operating activities	(22,360)	(20,574)
Investing activities
Purchase of property and equipment	(32)
Purchase of intangible assets	(561)	(350)
Total cash used in investing activities	(593)	(350)
Financing activities
Issuance of common shares		85,523
Transaction costs paid		(6,429)
Payment of other liabilities	(99)	(212)
Payment of long-term debt and interest		(9,317)
Proceeds from share options exercised	595	1,826
Proceeds from warrants exercised	5,838	16,331
Payment of lease liabilities	(386)	(289)
Total cash from financing activities	5,948	87,433
Net change in cash during the year	(17,005)	66,509
Foreign exchange on cash	244	2,604
Cash - Beginning of year	83,913	14,800
Cash - End of year	$ 67,152	$ 83,913

Description of business

Description of business	12 Months Ended
	Dec. 31, 2021
Description of business
Description of business	1 Description of business Profound Medical Corp. (Profound) and its subsidiaries (together, the Company) were incorporated under the Ontario Business Corporations Act on July 16, 2014. The Company is a medical technology Company developing treatments to ablate the prostate gland, uterine fibroids, osteoid osteoma and nerves for palliative pain relief for patients with metastatic bone disease. The Company’s registered address is 2400 Skymark Avenue, Unit 6, Mississauga, Ontario, L4W 5K5, Canada.

Summary of significant accounti

Summary of significant accounting policies and basis of preparation	12 Months Ended
	Dec. 31, 2021
Summary of significant accounting policies and basis of preparation
Summary of significant accounting policies and basis of preparation	2 Summary of significant accounting policies and basis of preparation Basis of preparation The Company prepares its consolidated financial statements in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (IFRS). The Board of Directors approved these consolidated financial statements on March 3, 2022. These consolidated financial statements comply with IFRS. Accounting policies Use of estimates and judgments The preparation of consolidated financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Company’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in note 3. Consolidation Subsidiaries are all entities over which the Company has control. The Company controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The wholly owned subsidiaries of Profound are consolidated from the date control is obtained. All intercompany transactions, balances, income and expenses on transactions with the subsidiaries are fully eliminated. These consolidated financial statements include the following wholly owned subsidiaries of the Company: Profound Medical Inc. (Canada), Profound Medical Oy (Finland), Profound Medical GmbH (Germany), Profound Medical (U.S.) Inc. (United States), Profound Medical Technology Services (Beijing) Co., Ltd. (China) and 2753079 Ontario Inc. (Canada). Business combinations The acquisition method of accounting is used to account for business combinations. The consideration transferred in a business combination is measured at fair value at the date of acquisition. Acquisition-related transaction costs are recognized in the consolidated statements of loss and comprehensive loss as incurred. At the acquisition date, the identifiable assets acquired and the liabilities assumed are initially recognized at their fair value. Goodwill is measured as the excess of the sum of the consideration transferred and the fair value of the acquirer’s previously held equity interest in the acquiree (if any) over the net of the acquisition date amounts of the identifiable assets acquired and liabilities assumed. When the consideration transferred by the Company in a business combination includes assets or liabilities resulting from a contingent consideration arrangement, the contingent consideration is measured at its acquisition date fair value and is included as part of the consideration transferred in a business combination. Changes in the acquisition date fair values of the identifiable assets, liabilities and contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the measurement period (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date. Other than measurement period adjustments, contingent consideration that is classified as a financial liability is remeasured at subsequent reporting dates, with the corresponding gain or loss recognized in the consolidated statements of loss and comprehensive loss. Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker has been identified as the chief executive officer. Foreign currency translation The Company has a functional currency of Canadian dollars and the functional currency of each subsidiary is determined based on facts and circumstances relevant for each subsidiary. Where the Company’s presentation currency of US dollars differs from the functional currency of a subsidiary, the assets and liabilities of the subsidiary are translated from the functional currency into the presentation currency at the exchange rates as at the reporting date. The income and expenses of the subsidiaries are translated at rates approximating the exchange rates at the dates of the transactions. Exchange differences arising on the translation of the financial statements of the Company’s subsidiaries are recognized in other comprehensive loss (income). Foreign currency transactions are translated into the functional currency of the Company or its subsidiaries, using the exchange rates prevailing at the dates of these transactions. Foreign exchange gains and losses resulting from the settlement of foreign currency transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in currencies other than an entity’s functional currency are recognized in the consolidated statements of loss and comprehensive loss, within finance costs. Financial assets The Company classifies its financial assets in the following measurement categories: ● those to be measured subsequently at fair value (either through other comprehensive income, or through profit or loss); and ● those to be measured at amortized cost. The classification depends on the Company’s business model for managing the financial assets and the contractual terms of the cash flows. The Company does not currently have any assets measured subsequently at fair value. At initial recognition, the Company measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the Company has transferred substantially all the risks and rewards of ownership. Trade and other receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. They are generally due for settlement within 12 months and are therefore generally classified as current. Trade and other receivables are recognized initially at the amount of consideration that is unconditional, unless they contain significant financing components, when they are recognized at fair value. The Company holds the trade and other receivables with the objective of collecting the contractual cash flows and therefore measures them subsequently at amortized cost using the effective interest rate method. The Company reviews its expected cash flows from trade and other receivables and when the receivable extends beyond one year, the amortized cost is calculated using management’s estimate of the cash flow timing and amounts. These amounts are continually re-assessed and adjustments are made when necessary. The Company assesses on a forward-looking basis the expected credit losses associated with its financial assets carried at amortized cost. For trade and other receivables, the Company applies the simplified approach permitted by IFRS 9, Financial Instruments (IFRS 9), which requires lifetime expected credit losses to be recognized at the time of initial recognition of the receivables. Inventories Inventories are valued at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. Cost is determined using the first-in, first-out method for finished goods and weighted average cost for raw materials. Property and equipment Property and equipment are stated at cost, less accumulated depreciation and accumulated impairment losses. Cost includes expenditures that are directly attributable to the acquisition of the asset. The carrying amount of a replaced asset is derecognized when replaced. Repairs and maintenance costs are charged to the consolidated statements of loss and comprehensive loss during the year in which they are incurred. The major categories of property and equipment are depreciated on a straight-line basis as follows: ​ ​ ​ ​ ​ Furniture and fittings 20 % per year Research and manufacturing equipment 30 % per year Computer equipment 45 % per year Equipment under lease ​ 50 % per year Leasehold improvements over the term of the lease ​ Residual values, methods of depreciation and useful lives of the assets are reviewed annually and adjusted if appropriate. Goodwill Goodwill represents the excess fair value of the consideration transferred over the fair value of the underlying net assets in a business combination and is measured at cost less accumulated impairment losses. Goodwill is not amortized but is tested for impairment on an annual basis or more frequently if there are indications the goodwill may be impaired. For the purposes of impairment testing, goodwill is allocated to each of the Company’s cash generating units (CGUs) or group of CGUs that are expected to benefit from the synergies of the acquisition. If the recoverable amount of the CGU or group of CGUs is less than the carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill and then to other assets of the CGU or group of CGUs. Identifiable intangible assets The Company’s intangible assets are stated at cost, less accumulated amortization and are amortized on a straight-line basis in the consolidated statements of loss and comprehensive loss over their estimated useful lives. The major categories of intangible assets are amortized as follows: ​ ​ ​ ​ Exclusive licence agreement 20 years Software 5 years Brand 5 years Proprietary technology 5 years ​ Impairment of non-financial assets Property and equipment and intangible assets are tested for impairment when events or changes in circumstances indicate the carrying amount may not be recoverable. For the purpose of measuring recoverable amounts, assets are grouped at the lowest levels for which there are separately identifiable cash flow CGUs. The recoverable amount is the higher of an asset’s fair value, less costs of disposal and value in use (which is the present value of the expected future cash flows of the relevant asset or CGU). An impairment loss is recognized as the amount by which the asset’s carrying amount exceeds its recoverable amount. The Company evaluates impairment losses for potential reversals when events or circumstances warrant such consideration. Accounts payable and accrued liabilities These amounts represent liabilities for goods and services provided to the Company before the end of the financial year, which are unpaid. Accounts payable and accrued liabilities are presented as current liabilities unless payment is not due within 12 months after the reporting period. They are recognized initially at their fair value and subsequently measured at amortized cost using the effective interest method. Long-term debt Long-term debt is initially recognized at fair value, net of transaction costs incurred. Long-term debt is subsequently measured at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in the consolidated statements of loss and comprehensive loss over the period of the long-term debt using the effective interest method. Long-term debt is removed from the consolidated balance sheets when the obligation specified in the contract is discharged, cancelled or expired. The difference between the carrying amount of a financial liability that has been extinguished and the consideration paid is recognized in the consolidated statements of loss and comprehensive loss within finance costs. Provisions A provision is recognized when the Company has a legal or constructive obligation as result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. If the effect is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. Leases At inception of a contract, the Company assesses whether a contract is, or contains, a lease based on whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured based on the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The assets are depreciated to the earlier of the end of the useful life of the right-of-use asset or the lease term using the straight-line method as this most closely reflects the expected pattern of consumption of the future economic benefits. The lease term includes periods covered by an option to extend if the Company is reasonably certain to exercise that option. Lease terms range from four to ten years for offices. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company's incremental borrowing rate. The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Company's estimate of the amount expected to be payable under a residual value guarantee, or if the Company changes its assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. Revenue To determine revenue recognition for arrangements the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the entity will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. The Company derives its revenues primarily from the lease and sale of medical devices and the sale of certain one-time-use devices. Capital equipment consists of one-time revenue for the sale of capital equipment including installation fees. Recurring - non-capital revenue consists of the sale of one-time-use devices, lease of medical devices, procedures and services associated with extended warranties. Revenue is recognized when a contractual promise to a customer (performance obligation) has been fulfilled by transferring control over the promised goods or services, generally at the point in time of shipment to or receipt of the products by the customer or when the services are performed. When contracts contain customer acceptance provisions, revenue is recognized on the satisfaction of the specific acceptance criteria. The amount of revenue to be recognized is based on the consideration the Company expects to receive in exchange for its goods and services. For contracts that contain multiple performance obligations, the Company allocates the consideration to which it expects to be entitled to each performance obligation based on relative standalone selling prices and recognizes the related revenue when or as control of each individual performance obligation is transferred to customers. Service revenue related to installation and training is recognized over the period in which the services are performed. Service revenue related to extended warranty service is deferred and recognized on a straight-line basis over the extended warranty period covered by the respective customer contract. Cost of sales Cost of sales primarily includes the cost of finished goods, depreciation of equipment under lease, inventory provisions, royalties, warranty expense, freight and direct overhead expenses necessary to acquire or manufacture the finished goods. Income taxes Income taxes are accounted for using the liability method. Deferred tax assets and liabilities are recognized for the differences between the tax basis and carrying amounts of assets and liabilities, for operating losses and for tax credit carry-forwards. Deferred tax assets are recognized to the extent that it is probable that future taxable income will be available against which temporary differences can be utilized. Deferred tax assets and liabilities are measured using enacted or substantively enacted tax rates and laws. Share-based compensation The Company grants share options periodically to certain employees, directors, officers and advisers. Options currently outstanding vest over four years and have a contractual life of ten years . Each tranche in an award is considered a separate award with its own vesting period and grant date fair value. The fair value of each tranche is measured at the date of grant using the Black-Scholes option pricing model. Compensation expense is recognized over the tranche's vesting period using the graded vesting method by increasing contributed surplus based on the number of awards expected to vest. The Company has a long-term incentive plan (LTIP). For each Restricted Share Unit (RSU) or Deferred Share Unit (DSU) granted under the long-term incentive plan, the Company recognizes an expense equal to the market value of a Profound common share at the date of grant based on the number of RSUs and DSUs expected to vest, recognized over the term of the vesting period, with a corresponding credit to contributed surplus for share-based compensation anticipated to be equity settled or a corresponding credit to a liability for those anticipated to be cash settled. Share-based compensation expense is adjusted for subsequent changes in management’s estimate of the number of RSUs or DSUs that are expected to vest, for RSUs or DSUs anticipated to be cash settled and changes in the market value of Profound common shares. The effect of these changes is recognized in the period of the change. Vested RSUs and DSUs are settled either in Profound common shares or in cash or a combination thereof at the discretion of the Company. Research and development costs Research costs are charged to expense as incurred. Development costs are capitalized and amortized when the criteria for capitalization are met, otherwise they are expensed as incurred. No development costs have been capitalized to date. Clinical trial expenses result from obligations under contracts with vendors, consultants and clinical site agreements in connection with conducting clinical trials. The financial terms of these contracts are subject to negotiations, which vary from contract to contract and may result in payment flows that do not match the periods over which materials or services are provided to the Company. The appropriate level of clinical trial expenses is reflected in the Company’s consolidated financial statements by matching period expenses with period services and efforts expended. These expenses are recorded according to the progress of the clinical trial as measured by patient progression and the timing of various aspects of the clinical trial. Clinical trial accrual estimates are determined through discussions with internal clinical personnel and outside service providers as to the progress or state of completion of clinical trials, or the services completed. Service provider status is then compared to the contractually obligated fees to be paid for such services. During the course of a clinical trial, the Company may adjust the rate of clinical expense recognized if actual results differ from management’s estimates. Government grants The Company recognizes government grants when there is reasonable assurance that the Company will comply with the conditions of the grant and the grant will be received. Government grants receivable are recorded in accounts receivable on the consolidated statements of financial position. The Company recognizes government grants in the consolidated statements of loss and comprehensive loss in the same period as the expenses for which the grant is intended to compensate and nets the amount off the related expenses. In cases where a government grant becomes receivable as compensation for expenses already incurred in prior periods, the grant is recognized in profit or loss in the period in which it becomes receivable. Loss per share Basic loss per share is calculated by dividing the net loss by the weighted average number of common shares outstanding during the year. Diluted loss per share is calculated by dividing the applicable net loss by the sum of the weighted average number of shares outstanding during the year and all additional common shares that would have been outstanding if potentially dilutive common shares had been issued during the year. The computation of diluted loss per share is equal to the basic loss per share due to the anti-dilutive effect of the share options, RSUs, DSUs and warrants. COVID-19 The COVID-19 outbreak has been declared a pandemic by the World Health Organization. COVID-19 is altering business and consumer activity in affected areas and beyond. The global response to the COVID-19 pandemic has resulted in, among other things, border closures, severe travel restrictions, the temporary shut-down of non-essential services and extreme fluctuations in financial and commodity markets. Additional measures may be implemented by one or more governments in jurisdictions where the Company operates. These measures have caused material disruption to businesses globally, resulting in an economic slowdown. The extent to which COVID-19 and any other pandemic or public health crisis impacts the Company’s business, affairs, operations, financial condition, liquidity, availability of credit and results of operations will depend on future developments that are highly uncertain and cannot be predicted with any meaningful precision, including new information which may emerge concerning the severity of the COVID-19 virus and the actions required to contain the COVID-19 virus or remedy its impact, among others. Further, from an operational perspective, the Company’s employees, direct sales and marketing teams and distribution partners, as well as the workforce of vendors, services providers and counterparties with which the Company does business, may also be adversely affected by the COVID-19 pandemic or efforts to mitigate the pandemic, including government-mandated shutdowns, requests or orders for employees to work remotely, and other physical distancing measures, which could result in an adverse impact on the Company’ ability to conduct its businesses, including its ability to cultivate adoption of the TULSA-PRO ® technology, support clinical trials, support clinical customers with the TULSA-PRO ® procedures and increase the utilization of the systems and one-time-use devices. To date, the economic downturn and uncertainty caused by the COVID-19 pandemic and global measures undertaken to contain its spread have affected all of the Company’s operations to some extent and, in particular, have caused volatility in demand for the TULSA-PRO ® and SONALLEVE ® systems and the one-time-use devices related thereto. This has resulted in a reduction in anticipated sales and led to delays in the Company’s expectations regarding the rate at which agreements for new system user sites will be entered into and when user sites will become operational for the initiation of patient treatments. Despite the COVID-19 pandemic, patient treatments are continuing and Profound continues to identify potential new system user sites. The Company continues to evaluate the current and potential impact of the COVID-19 pandemic on its business, affairs, operations, financial condition, liquidity, availability of credit and results of operations. The financial impacts from COVID-19 during the year has affected Profound’s ability to collect payments due to continuous lockdowns and hospital restrictions, which have impeded our efforts to install our systems and has delayed corresponding collections. Profound continues to work with local authorities and team members located within these countries to help expedite the process.

Critical accounting estimates a

Critical accounting estimates and judgments	12 Months Ended
	Dec. 31, 2021
Critical accounting estimates and judgments
Critical accounting estimates and judgments	3 Critical accounting estimates and judgments Critical accounting estimates The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed as follows: ● Impairment of non-financial assets The Company reviews amortized non-financial assets for impairment whenever events or changes in circumstances indicate the carrying amount of the assets may be impaired. It also reviews goodwill annually for impairment. If the recoverable amount of the respective non-financial asset is less than its carrying amount, it is considered to be impaired. In the process of measuring the recoverable amount, management makes assumptions about future events and circumstances. The actual results may vary and may cause significant adjustments. ● Trade and other receivables The key judgements and estimates used in determining the amortized cost for trade and other receivables are the estimated collection period and the discount rate applied to the cash flow projections (note 4).

Trade and other receivables

Trade and other receivables	12 Months Ended
	Dec. 31, 2021
Trade and other receivables
Trade and other receivables	4 Trade and other receivables The trade and other receivables balance comprises the following: ​ ​ ​ ​ ​ ​ ​ 2021 2020 ​ ​ $ ​ $ ​ ​ ​ ​ ​ Trade receivables 4,592 ​ 6,446 Tax receivables 407 ​ 774 Other receivables 35 ​ 211 Total trade and other receivables 5,034 ​ 7,431 Less: Current portion ​ 1,412 ​ 7,431 Long-term portion ​ 3,622 ​ — ​ Trade receivables past due represents amounts not collected beyond the customer’s contractual terms. The Company applies the simplified approach to provide for expected credit losses prescribed by IFRS 9, which permits the use of the lifetime expected loss provision for all trade receivables. At December 31, 2021 there were no trade receivables that were past due (2020 - $695 of trade receivables that were past due but still collectible). Management continually reviews the future cash flows used in the calculation of the amortized cost of its trade and other receivables. Due to the ongoing COVID-19 pandemic and access to customer locations, certain trade and other receivables are expected to have a longer repayment term due to the payment term being based on installation of the device. The revised future cash flows have been used to calculate amortized cost. The key assumptions and estimates used in determining the revised amortized cost are based on a two year collection period and a discount rate of 6% , both of which required the application of significant judgement. The collection period and the significant judgement applied does not impact the credit risk of the associated trade and other receivables. The Company recognized $448 interest expense for the year ended December 31, 2021 (2020 – $nil ) as a result of this adjustment. Those trade and other receivables that are anticipated to be collected after one year are classified as non-current.

Inventory

Inventory	12 Months Ended
	Dec. 31, 2021
Inventory
Inventory	5 Inventory ​ ​ ​ ​ ​ ​ ​ 2021 2020 ​ ​ $ ​ $ ​ ​ ​ ​ ​ Finished goods 5,114 3,573 Raw materials 2,306 1,774 Inventory provision (7) (16) Total inventory 7,413 5,331 ​ During the year ended December 31, 2021, $3,547 (2020 - $3,610 ) of inventory was recognized in cost of sales. The Company decreased its inventory provision by $9 during the year ended December 31, 2021 (2020 – $2 ). There were no other inventory writedowns charged to cost of sales during the year ended December 31, 2021.

Property and equipment

Property and equipment	12 Months Ended
	Dec. 31, 2021
Property and equipment
Property and equipment	6 Property and equipment Property and equipment consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Research ​ ​ ​ ​ ​ ​ ​ ​ Furniture ​ and ​ ​ ​ ​ ​ ​ ​ ​ and ​ manufacturing ​ Leasehold ​ Equipment ​ ​ ​ ​ fittings ​ equipment ​ improvements ​ under lease ​ Total ​ $ $ $ $ $ Year ended December 31, 2020 Opening net book value 45 122 360 — 527 Additions ​ — ​ — ​ — ​ 633 ​ 633 Foreign exchange 1 14 12 24 51 Depreciation (34) (136) (59) (123) (352) Closing net book value 12 — 313 534 859 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At December 31, 2020 ​ ​ ​ ​ ​ Cost 127 1,068 553 633 2,381 Accumulated depreciation (115) (1,068) (240) (99) (1,522) Net book value 12 — 313 534 859 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2021 ​ ​ ​ ​ ​ Opening net book value 12 — 313 534 859 Additions ​ — ​ — ​ 32 ​ 408 ​ 440 Foreign exchange (2) — 1 8 7 Depreciation (10) — (60) (448) (518) Closing net book value — — 286 502 788 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At December 31, 2021 ​ ​ ​ ​ ​ Cost 127 1,068 578 1,077 2,850 Accumulated depreciation (127) (1,068) (292) (575) (2,062) Net book value — — 286 502 788 ​

Intangible assets

Intangible assets	12 Months Ended
	Dec. 31, 2021
Intangible assets
Intangible assets	7 Intangible assets Intangible assets consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exclusive ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ licence ​ ​ ​ Proprietary ​ ​ ​ ​ ​ ​ agreement ​ Software ​ technology ​ Brand ​ Total ​ $ $ $ $ $ Year ended December 31, 2020 Opening net book value 205 67 1,785 352 2,409 Additions — 350 — — 350 Foreign exchange ​ 2 ​ 4 ​ 12 ​ 2 ​ 20 Amortization (21) (59) (669) (132) (881) Closing net book value 186 362 1,128 222 1,898 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31, 2020 ​ ​ ​ ​ ​ Cost 231 421 3,456 681 4,789 Accumulated amortization (45) (59) (2,328) (459) (2,891) Net book value 186 362 1,128 222 1,898 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exclusive ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ licence ​ ​ ​ Proprietary ​ ​ ​ ​ ​ ​ agreement ​ Software ​ technology ​ Brand ​ Total ​ $ $ $ $ $ Year ended December 31, 2021 ​ ​ ​ ​ ​ Opening net book value 186 362 1,128 222 1,898 Additions — 561 — — 561 Foreign exchange ​ 1 ​ (5) ​ 7 ​ 2 ​ 5 Amortization (22) (148) (718) (141) (1,029) Closing net book value 165 770 417 83 1,435 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31, 2021 ​ ​ ​ ​ ​ Cost 231 978 3,456 681 5,346 Accumulated amortization (66) (208) (3,039) (598) (3,911) Net book value 165 770 417 83 1,435 ​ The Company has a licence agreement (the licence) with Sunnybrook Health Sciences Centre (Sunnybrook), pursuant to which Sunnybrook licenses to the Company certain intellectual property. Pursuant to the licence, the Company has exclusively licenced-in rights that enable the Company to use Sunnybrook’s technology for MRI-guided trans-urethral ultrasound therapy. Under the licence, the Company is subject to various obligations, including a milestone payment of C $250,000 , which was paid on August 16, 2019 upon FDA approval. In addition, the Company has a further option to acquire rights to improvements to the relevant technology and intellectual property. If the Company fails to comply with any of its obligations or otherwise breaches this agreement, Sunnybrook may have the right to terminate the licence. In accordance with the Company’s accounting policy, the carrying value of goodwill is assessed annually as well as assessed for impairment triggers at each reporting date to determine whether there exists any indicators of impairment. When there is an indicator of impairment of non-current assets within a CGU or group of CGUs containing goodwill, the Company tests the non-current assets for impairment first and recognizes any impairment loss on goodwill before applying any remaining impairment loss against the non-current assets within the CGU. The Company completed its annual goodwill impairment testing on the goodwill related to the Sonalleve MR-HIFU CGU, which comprises all of the goodwill of the Company, on December 31, 2021. The recoverable amount of the Sonalleve MR-HIFU CGU was calculated using fair value less costs of disposal (FVLCD). The calculation of the recoverable amount of the Sonalleve MR-HIFU CGU was determined using discounted cash flow projections based on financial forecasts approved by management covering a four-year period (Level 3 of the fair value hierarchy) and a terminal growth assumption of 4% . The key assumptions and estimates used in determining the FVLCD are related to revenue and EBITDA assumptions, which are based on the financial forecast and assumed growth rates and the discount rate of 16% applied to the cash flow projections. As a result of the impairment testing performed, it was determined that the recoverable amount of the Sonalleve MR-HIFU CGU exceeded the carrying value of $3,464 and no impairment writedown was required.

Right-of-use assets

Right-of-use assets	12 Months Ended
	Dec. 31, 2021
Right-of-use assets
Right-of-use assets	8 Right-of-use assets ​ ​ ​ ​ ​ ​ Leased ​ premises ​ ​ $ Year ended December 31, 2020 Opening net book value 1,693 Foreign exchange 36 Depreciation (305) Closing net book value 1,424 ​ ​ ​ As at December 31, 2020 ​ Cost 1,918 Accumulated depreciation (494) Net book value 1,424 ​ ​ ​ Year ended December 31, 2021 ​ Opening net book value 1,424 Addition ​ 18 Foreign exchange 6 Depreciation (332) Closing net book value 1,116 ​ ​ ​ As at December 31, 2021 ​ Cost 1,918 Accumulated depreciation (802) Net book value 1,116 ​ The Company leases office premises in Mississauga, Canada, China, Beijing and Vantaa, Finland. These lease agreements are typically entered into for three to ten-year periods.

Long-term debt

Long-term debt	12 Months Ended
	Dec. 31, 2021
Long-term debt
Long-term debt	9 Long-term debt On July 30, 2018, the Company signed a term loan agreement with CIBC Innovation Banking (CIBC) to provide a secured loan for total gross proceeds of C $12,500 maturing on July 29, 2022 with an interest rate based on prime plus 2.5% . All obligations of the Company under the term loan agreement were guaranteed by current and future subsidiaries of the Company and included security of first priority interests in the assets of the Company and its subsidiaries. On February 4, 2020, the full outstanding amount of the CIBC loan at that date, plus accrued interest, was repaid for a total payment of $9,317 . ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ ​ $ ​ $ ​ ​ ​ ​ ​ Balance - Beginning of period ​ — ​ 9,135 Interest and accretion expense ​ — ​ 472 Foreign exchange ​ — ​ (290) Repayment ​ — ​ (9,317) Balance - End of period ​ — ​ — ​ In connection with this term loan agreement on July 31, 2018, the Company also issued 32,171 common share purchase warrants to CIBC, with each warrant entitling the holder to acquire one common share at a price of C$ 9.70 per common share until the date that is 60 months from the closing of the term loan agreement, with a cashless exercise feature (note 12). The cashless exercise feature causes the conversion ratio to be variable and the warrants are therefore classified as a financial liability. Gains and losses on the warrants are recorded within finance costs on the consolidated statements of loss and comprehensive loss. A pricing model with observable market based inputs was used to estimate the fair value of the warrants issued. The estimated fair value of the warrants as at December 31, 2021 and December 31, 2021 was $161 and $450 , respectively. The variables used to determine the fair values are as follows: ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 ​ ​ ​ ​ ​ ​ ​ Share price C$ 14.26 C$ 26.19 ​ Volatility 61 % 63 % Expected life of warrants 1.6 years 2.6 years Risk free interest rate 0.94% 0.20% ​ Dividend yield — — ​ ​

Other liabilities

Other liabilities	12 Months Ended
	Dec. 31, 2021
Other liabilities
Other liabilities	10 Other liabilities ​ ​ ​ ​ ​ ​ ​ ​ Contingent ​ ​ consideration ​ ​ $ As at January 1, 2020 221 Amounts paid (212) Change in fair value 90 As at December 31, 2020 99 Amounts paid (99) As at December 31, 2021 — ​ Contingent consideration The final payment in relation to the contingent consideration was made during the period and no further amounts are owing. On July 31, 2017, the Company entered into an Asset and Share Purchase Agreement (the agreement) to acquire all of the issued and outstanding shares and certain assets of Royal Philips’ (Philips) Sonalleve MR-HIFU business (Sonalleve). The agreement includes certain contingent consideration payments payable monthly in euro tied to revenue levels of the Sonalleve business summarized as follows: ● 5% of revenue between the date of acquisition and December 31, 2017; ● 6% of revenue during the year ending December 31, 2018; ● 7% of revenue during the years ending December 31, 2019 and 2020; and ● if total revenues are in excess of a defined amount from the date of acquisition to December 31, 2020, then the Company will be required to pay 7% of revenue from the date of acquisition to December 31, 2019.

Lease liabilities

Lease liabilities	12 Months Ended
	Dec. 31, 2021
Lease liabilities
Lease liabilities	11 Lease liabilities ​ ​ ​ ​ ​ $ As at January 1, 2020 1,836 Repayments (289) Foreign exchange 58 Interest and accretion expense 71 As at December 31, 2020 ​ 1,676 Repayments ​ (386) Foreign exchange ​ 2 Addition ​ 18 Interest and accretion expense ​ 67 As at December 31, 2021 1,377 Less: Current portion 250 Long-term portion 1,127 ​

Share capital

Share capital	12 Months Ended
	Dec. 31, 2021
Share capital
Share capital	12 Share capital Common shares The Company is authorized to issue an unlimited number of common shares. Issued and outstanding (with no par value) ​ ​ ​ ​ ​ ​ ​ 2021 2020 ​ ​ $ ​ $ ​ ​ ​ ​ ​ 20,776,217 (2020 – 20,208,948 ) common shares 219,579 211,527 ​ On July 21, 2020, the Company closed an offering, resulting in the issuance of 3,172,414 common shares at a price of $14.50 , for gross proceeds of $46,000 ( $42,721 , net of transaction costs). On January 27, 2020, the Company closed an offering, resulting in the issuance of 3,392,500 common shares at a price of $ 11.65 , for gross proceeds of $ 39,523 ($ 36,373 , net of transaction costs). Warrants A summary of warrants outstanding is shown below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Weighted ​ average ​ ​ ​ ​ average ​ remaining ​ ​ ​ ​ exercise ​ contractual ​ ​ Number of ​ price ​ life ​ warrants C$ (years) ​ ​ ​ ​ ​ ​ ​ Balance - January 1, 2020 2,779,898 14.20 2.49 Granted (1,556,154) 14.08 1.82 Balance - December 31, 2020 1,223,744 14.35 1.68 Expired ​ (13,600) ​ 15.50 ​ — Exercised (485,161) 15.33 0.32 Balance - December 31, 2021 724,983 13.81 1.23 ​

Share-based payments

Share-based payments	12 Months Ended
	Dec. 31, 2021
Share-based payments
Share-based payments	13 Share-based payments Share options Effective May 20, 2020, the Company adopted amendments to the share option plan (the Share Option Plan). The maximum number of common shares reserved for issuance under this plan is 2,700,908 common shares or such other number as may be approved by the holders of the voting shares of the Company. As at December 31, 2021, 2,092,596 (2020 – 1,522,362 )options are outstanding. Each option granted allows the holder to purchase one common share, at an exercise price not less than the lesser of the closing trading price of the common shares on the TSX (or other exchange where the common shares are listed), on the date a share option is granted and the volume-weighted average price of the common shares for the five trading days immediately preceding the date the share option is granted. Share options granted under the Share Option Plan generally have a maximum term of ten years and vest over a period of up to four years . A summary of the share option changes during the period presented and the total number of share options outstanding as at those dates are set forth below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ average ​ ​ ​ ​ exercise ​ ​ Number ​ price ​ of options C$ ​ ​ ​ ​ ​ Balance - January 1, 2020 1,109,943 10.51 Granted 687,255 18.46 Exercised (235,123) 10.42 Forfeited/expired (39,713) 12.80 Balance - December 31, 2020 1,522,362 14.05 Granted 698,035 22.21 Exercised (79,208) 9.72 Forfeited/expired (48,593) 15.46 Balance - December 31, 2021 2,092,596 16.90 ​ The Company estimated the fair value of the share options granted during the period using the Black-Scholes option pricing model with the weighted average assumptions below. Due to the absence of Company-specific volatility rates for the expected life of the share options, the Company chose comparable companies in the medical device industry. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ November 15, ​ December 30, ​ 2021 2021 ​ Exercise price ​ C$ 14.96 ​ C$ 14.90 ​ Expected volatility ​ 84 % 84 % Expected life of options ​ 6 years 6 years Risk-free interest rate ​ 1.54 % 1.69 % Dividend yield ​ — ​ — ​ Number of share options issued ​ 24,500 ​ 105,071 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 11, ​ May 21, ​ June 17, ​ 2021 2021 2021 ​ Exercise price ​ C$ 28.16 ​ C$ 22.08 ​ C$ 23.14 ​ Expected volatility ​ 84 % 85 % 85 % Expected life of options ​ 6 years 6 years 6 years Risk-free interest rate ​ 1.09 % 1.34 % 1.25 % Dividend yield ​ — ​ — ​ — ​ Number of share options issued ​ 12,000 ​ 555,464 ​ 1,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ November 16, ​ December 15, ​ December 22, ​ 2020 2020 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercise price C$ 24.31 C$ 23.02 C$ 25.01 ​ Expected volatility ​ 85 % ​ 85 % ​ 85 % Expected life of options ​ 6 years ​ 6 years ​ 6 years Risk-free interest rate ​ 0.46 % ​ 0.45 % ​ 0.48 % Dividend yield ​ — ​ — ​ — ​ Number of share options issued ​ 84,900 ​ 10,000 ​ 11,500 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 12, ​ May 20, ​ June 8, ​ August 17, ​ 2020 ​ 2020 2020 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercise price ​ C$ 15.15 ​ C$ 17.44 ​ C$ 16.87 ​ C$ 20.39 ​ Expected volatility ​ ​ 82 % 84 % 84 % 83 % Expected life of options ​ ​ 6 years 6 years 6 years 6 years Risk-free interest rate ​ ​ 0.60 % 0.46 % 0.58 % 0.48 % Dividend yield ​ ​ — ​ — ​ — ​ — ​ Number of share options issued ​ ​ 16,550 ​ 481,405 ​ 80,000 ​ 2,900 ​ ​ The following table summarizes information about the share options outstanding as at December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ average ​ ​ ​ ​ Number of ​ remaining ​ Number of Exercise price ​ options ​ contractual ​ options C$ ​ outstanding ​ life (years) ​ exercisable ​ ​ ​ ​ ​ ​ ​ 2.01 – 4.00 6,300 0.78 6,300 8.01 – 10.00 452,310 6.47 274,745 10.01 – 12.00 137,890 6.42 106,903 12.01 – 14.00 8,300 4.61 8,300 14.01 – 16.00 289,827 7.28 152,353 16.01 – 18.00 533,155 8.42 209,363 20.01 – 22.00 1,400 8.63 464 22.01 – 24.00 561,514 9.27 2,500 24.01 – 26.00 ​ 90,900 ​ 8.93 ​ 24,485 28.01 – 30.00 ​ 11,000 ​ 9.20 ​ — ​ ​ 2,092,596 ​ 7.95 ​ 785,413 ​ Compensation expense related to share options for the year ended December 31, 2021 was $5,891 (2020 - $3,007 ). Long-term incentive plan Effective May 20, 2020, the Company adopted the long term incentive plan (the “LTIP”). The LTIP is an incentive-based equity compensation plan that provides for the grant of restricted share units (the “RSUs”) and deferred share units (the “DSUs”, together with the RSUs, the “Units”). The Company may grant Units to officers, directors, employees or consultants of the Company. Each Unit represents the right to receive one common share in accordance with the terms of the LTIP. The number of Units granted at any particular time will be calculated by dividing the dollar amount of such grant by the market value of a common share on the applicable grant date, which is equal to the volume weighted average trading price of all common shares traded on the TSX (or other exchange where the Common Shares are listed) for the five trading days immediately preceding such date. RSUs granted under the LTIP vest over a period of up to three years and DSUs vest on the date on which the participant ceases to be a director or employee of the Company. Share-based compensation expense related to the LTIP for the year ended December 31, 2021 was $1,314 (2020 - $11 ). During the year ended December 31, 2021 the Company authorized for issuance under the LTIP a total of 241,500 RSUs with market prices between C$ 14.90 and C$ 23.14 with vesting terms over 3 years . A summary of the RSUs changes during the period are set forth below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ average ​ ​ ​ ​ remaining ​ Number of contractual ​ ​ RSUs ​ life (years) ​ ​ ​ ​ ​ Balance - January 1, 2020 — ​ — Granted 8,917 ​ 3.00 Forfeited (200) ​ 2.65 Balance - December 31, 2020 ​ 8,717 ​ 2.39 Granted ​ 241,500 ​ 3.00 Vested ​ (2,900) ​ — Forfeited ​ (15,000) ​ 2.39 Balance - December 31, 2021 232,317 ​ 2.45 ​

Revenue

Revenue	12 Months Ended
	Dec. 31, 2021
Revenue.
Revenue	14 Revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ ​ 2021 ​ 2020 ​ ​ ​ $ ​ $ ​ ​ Contracts ​ ​ ​ ​ ​ Contracts ​ ​ ​ ​ ​ ​ with ​ ​ ​ ​ ​ with ​ ​ ​ ​ ​ customers ​ Leasing ​ Total customers Leasing Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital equipment ​ 3,150 ​ — ​ 3,150 ​ 4,581 ​ — ​ 4,581 ​ Recurring - non-capital ​ 3,293 ​ 430 ​ 3,723 ​ 2,409 ​ 314 ​ 2,723 ​ ​ ​ 6,443 ​ 430 ​ 6,873 ​ 6,990 ​ 314 ​ 7,304 ​ ​

Nature of expenses

Nature of expenses	12 Months Ended
	Dec. 31, 2021
Nature of expenses
Nature of expenses	15 Nature of expenses ​ ​ ​ ​ ​ ​ ​ 2021 2020 ​ ​ $ ​ $ ​ ​ ​ ​ ​ Production and manufacturing costs ​ 2,738 ​ 3,063 Salaries and benefits ​ 12,835 ​ 9,917 Consulting fees ​ 4,076 ​ 3,395 Research and development expenses ​ 3,433 ​ 2,318 Sales and marketing expenses ​ 1,142 ​ 574 Amortization and depreciation ​ 1,879 ​ 1,538 Share-based compensation ​ 7,205 ​ 3,018 Rent ​ 250 ​ 231 Software/hardware ​ 619 ​ 424 Insurance ​ 1,397 ​ 1,278 Other expenses ​ 1,590 ​ 411 ​ ​ 37,164 ​ 26,167 ​ Salaries and benefits are net of government assistance of $nil for the year ended December 31, 2021 (2020 - $376 ). Research and development expenses are net of reimbursements of $nil for the year ended December 31, 2021 (2020 - $316 ).

Net finance costs

Net finance costs	12 Months Ended
	Dec. 31, 2021
Net finance costs
Net finance costs	16 Net finance costs ​ ​ ​ ​ ​ ​ ​ 2021 2020 ​ ​ $ ​ $ ​ ​ ​ ​ ​ Change in fair value of derivative financial instrument ​ (293) ​ 237 Lease liability interest expense (note 11) ​ 67 ​ 71 Interest income ​ (205) ​ (692) Change in amortized cost of trade and other receivables (note 4) ​ 448 ​ — CIBC loan ​ — ​ 472 Change in fair value of contingent consideration (note 10) ​ — ​ 90 Foreign exchange loss ​ 286 ​ 2,536 ​ ​ 303 ​ 2,714 ​

Income taxes

Income taxes	12 Months Ended
	Dec. 31, 2021
Income taxes
Income taxes	17 Income taxes Income tax expense differs from the tax recovery amount that would be obtained by applying the statutory income tax rate to the respective year’s loss before income taxes as follows: ​ ​ ​ ​ ​ ​ ​ 2021 2020 ​ ​ $ ​ $ ​ ​ ​ ​ ​ Loss before income taxes ​ 30,594 21,577 ​ ​ ​ ​ ​ Recovery based on combined federal and provincial statutory rate of 25.48% (2020 - 26.1% ) ​ (7,795) (5,632) Permanent differences ​ 1,608 (638) Change in deferred tax assets not recognized ​ 6,287 6,331 Effect of tax rates in foreign jurisdictions ​ 5 (16) Net income tax expense ​ 105 ​ 45 ​ Deferred tax assets are recognized for tax loss carry-forwards and unused tax credits to the extent that the realization of the related tax benefit through future taxable profits is probable. The Company has not recognized deferred tax assets that can be carried forward against future taxable income. Permanent differences are primarily comprised of non-refundable tax credits and deductible finance fees not recorded in the consolidated statements of loss and comprehensive loss, offset by non-deductible share-based compensation and accretion expense. The Company has non-capital loss carry-forwards of approximately $98,454 as at December 31, 2021 that expire in varying amounts from 2028 to 2041. The Company has SR&ED expenditures of approximately $14,435 as at December 31, 2021, which can be carried forward indefinitely to reduce future years’ taxable income. The Company has approximately $2,992 of federal and provincial tax credits that are available to be applied against federal and provincial taxes otherwise payable in future years and that expire in varying amounts from 2028 to 2041.

Loss per share

Loss per share	12 Months Ended
	Dec. 31, 2021
Loss per share
Loss per share	18 Loss per share The following table shows the calculation of basic and diluted loss per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 ​ ​ ​ ​ ​ ​ ​ Net loss for the year ​ $ 30,699 ​ $ 21,622 Weighted average number of common shares ​ 20,464,168 ​ 17,294,653 Basic and diluted loss per share ​ $ 1.50 ​ $ 1.25 ​ Of the 2,092,596 (2020 – 1,522,362 ) share options, 232,317 (2020 – 8,717 ) RSUs and 724,983 (2020 – 1,223,744 ) warrants not included in the calculation of diluted loss per share for the period ended December 31, 2021, 1,510,396 (2020 – 1,678,431 ) were exercisable.

Financial assets and liabilitie

Financial assets and liabilities	12 Months Ended
	Dec. 31, 2021
Financial assets and liabilities
Financial assets and liabilities	19 Financial assets and liabilities Classification of financial instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ ​ ​ Financial ​ ​ Fair value ​ Financial ​ liabilities ​ ​ through ​ assets at ​ at ​ ​ profit or ​ amortized ​ amortized ​ ​ loss ​ cost ​ cost ​ ​ $ ​ $ ​ $ ​ ​ ​ ​ ​ ​ ​ Cash ​ — ​ 67,152 ​ — Trade and other receivables ​ — ​ 5,034 ​ — Accounts payable and accrued liabilities ​ — ​ — ​ 3,180 Lease liabilities ​ — ​ — ​ 1,377 Derivative financial instrument ​ 161 ​ — ​ — ​ ​ 161 ​ 72,186 ​ 4,557 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ ​ ​ Financial ​ ​ Fair value ​ Financial ​ liabilities ​ ​ through ​ assets at ​ at ​ ​ profit or ​ amortized ​ amortized ​ ​ loss ​ cost ​ cost ​ ​ $ ​ $ ​ $ ​ ​ ​ ​ ​ ​ ​ Cash ​ — ​ 83,913 ​ — Trade and other receivables ​ — ​ 7,431 ​ — Accounts payable and accrued liabilities ​ — ​ — ​ 3,382 Other liabilities ​ 99 ​ — ​ — Lease liabilities ​ — ​ — ​ 1,676 Derivative financial instrument ​ 450 ​ — ​ — ​ ​ 549 ​ 91,344 ​ 5,058 ​ Credit risk Credit risk is the risk of a financial loss to the Company if a counterparty to a financial instrument fails to meet its contractual obligation. The Company is exposed to credit risk on its cash and trade and other receivable balances. The Company’s cash management policies include ensuring cash is deposited in Canadian chartered banks. The Company applies the IFRS 9 simplified approach to measuring expected credit losses, which uses a lifetime expected loss allowance for all trade and other receivables. To measure the expected credit losses, trade and other receivables are grouped based on shared credit risk characteristics and the days past due. On that basis, the loss allowance as at December 31, 2021 and 2020 is nominal as the Company only transacts with hospitals and private clinics and has not incurred a sustained trend of any credit losses since revenue began. Trade and other receivables are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, amongst others, failure to make contractual payments for a period of greater than 120 days past due. Market risk Market risk is the risk the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices, including interest rate risk and foreign currency risk. ● Interest rate price risk Interest rate price risk is the risk the cash flows of a financial instrument will fluctuate due to changes in market interest rates. The Company is no t exposed to any significant interest rate price risk . ● Foreign currency risk Foreign currency risk occurs as a result of foreign exchange rate fluctuations between the time a transaction is recorded and the time it is settled. The Company purchases goods and services denominated in foreign currencies and, accordingly, is subject to foreign currency risk, primarily the US dollar and Euro. Foreign currency risk arises from future commercial transactions and recognized assets and liabilities denominated in a currency that is not the functional currency. The risk is measured through a forecast of highly probable US dollar and Euro expenditures. The Company’s financial instruments denominated in foreign currencies are shown below in Canadian dollars. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ US ​ Canadian Chinese ​ ​ ​ dollars ​ Euro ​ dollars ​ renminbi ​ Total ​ ​ $ ​ $ ​ $ ​ $ ​ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash ​ 47,765 ​ 1,349 ​ 17,984 ​ 54 ​ 67,152 Trade and other receivables ​ 4,310 ​ 421 ​ 303 ​ — ​ 5,034 Accounts payable and accrued liabilities ​ (372) ​ (1,030) ​ (1,759) ​ (19) ​ (3,180) Lease liabilities ​ — ​ — ​ (1,368) ​ (9) ​ (1,377) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ US ​ Canadian ​ ​ ​ dollars ​ Euro ​ dollars ​ Total ​ ​ $ ​ $ ​ $ ​ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash ​ 61,644 ​ 1,899 ​ 20,370 ​ 83,913 Trade and other receivables ​ 5,002 ​ 2,197 ​ 232 ​ 7,431 Accounts payable and accrued liabilities ​ (734) ​ (1,700) ​ (948) ​ (3,382) Other liabilities ​ — ​ (99) ​ — ​ (99) Lease liabilities ​ — ​ (95) ​ (1,581) ​ (1,676) ​ As at December 31, 2021, if foreign exchange rates had been 5% higher, with all other variables held constant, loss before income taxes would have been $2,623 (2020 – $3,406 ) higher, mainly as a result of the translation of foreign currency denominated cash, trade and other receivables, accounts payable and accrued liabilities, other liabilities and lease liabilities. The Company does not use derivatives to reduce exposure to foreign currency risk. Liquidity risk Liquidity risk is the risk the Company may encounter difficulties in meeting its financial liability obligations as they come due. The Company has a planning and budgeting process in place to help determine the funds required to support the Company’s normal operating requirements on an ongoing basis. The Company controls liquidity risk through management of working capital, cash flows and the availability and sourcing of financing. The Company’s ability to accomplish all of its future strategic plans is dependent on obtaining additional financing or executing other strategic options; however, there is no assurance the Company will achieve these objectives. The following table summarizes the Company’s significant contractual, undiscounted cash flows related to its financial liabilities. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ ​ Future Between Greater ​ ​ Carrying ​ cash ​ Less than ​ 1 year and ​ than 5 ​ ​ amount ​ flows ​ 1 year ​ 5 years ​ years ​ ​ $ ​ $ ​ $ ​ $ ​ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accounts payable and accrued liabilities ​ 3,180 3,180 3,180 — — Lease liability ​ 1,377 1,575 321 1,254 — ​ ​ 4,557 4,755 3,501 1,254 — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ ​ Future ​ Between Greater ​ ​ Carrying ​ cash ​ Less than ​ 1 year and ​ than 5 ​ ​ amount ​ flows ​ 1 year ​ 5 years ​ years ​ ​ $ ​ $ ​ $ ​ $ ​ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accounts payable and accrued liabilities ​ 3,382 ​ 3,382 ​ 3,382 ​ — ​ — Lease liability ​ 1,676 ​ 1,958 ​ 398 ​ 1,240 ​ 320 Other liabilities ​ 99 ​ 99 ​ 99 ​ — ​ — ​ ​ 5,157 ​ 5,439 ​ 3,879 ​ 1,240 ​ 320 ​ Fair value The fair values of cash, current trade and other receivables, accounts payable and accrued liabilities and lease liabilities approximate their carrying values, due to their relatively short periods to maturity. For the non-current trade and other receivables, the fair value is also not significantly different from the carrying amount. The fair value of the Company’s derivative financial instrument is determined based on the valuation techniques described in note 9 and is considered level 2 in the fair value hierarchy.

Related party transactions

Related party transactions	12 Months Ended
	Dec. 31, 2021
Related party transactions
Related party transactions	20 Related party transactions Key management includes the Company’s directors and senior management team. The remuneration of directors and the senior management team was as follows: ​ ​ ​ ​ ​ ​ ​ 2021 2020 ​ ​ $ ​ $ ​ ​ ​ ​ ​ Salaries and employee benefits ​ 1,989 ​ 1,418 Directors’ fees ​ 233 ​ 99 Share-based compensation ​ 3,182 ​ 1,594 ​ ​ 5,404 ​ 3,111 ​ Executive employment agreements allow for additional payments in the event of a liquidity event, or if the executive is terminated without cause.

Commitments and contingencies

Commitments and contingencies	12 Months Ended
	Dec. 31, 2021
Commitments and contingencies
Commitments and contingencies	21 Commitments and contingencies All directors and officers of the Company are indemnified by the Company for various items including, but not limited to, all costs to settle lawsuits or actions due to their association with the Company, subject to certain restrictions. The Company has purchased directors’ and officers’ liability insurance to mitigate the cost of any potential future lawsuits or actions. The term of the indemnification is not explicitly defined, but is limited to events for the period during which the indemnified party served as a director or officer of the Company. The maximum amount of any potential future payment cannot be reasonably estimated but could have a material adverse effect on the Company. The Company has also indemnified certain lenders and underwriters in relation to certain debt and equity offerings and their respective affiliates and directors, officers, employees, shareholders, partners, advisers and agents and each other person, if any, controlling any of the underwriters or lenders or their affiliates against certain liabilities.

Capital management

Capital management	12 Months Ended
	Dec. 31, 2021
Capital management
Capital management	22 Capital management The Company’s capital management objectives are to safeguard its ability to continue as a going concern and to provide returns for shareholders and benefits for other stakeholders by ensuring it has sufficient cash resources to fund its research and development activities, to pursue its commercialization efforts and to maintain its ongoing operations. The Company includes its share capital, deficit and long-term debt in the definition of capital. A summary of the Company’s capital structure is as follows: ​ ​ ​ ​ ​ ​ ​ 2021 2020 ​ ​ $ ​ $ ​ ​ ​ ​ ​ Common shares ​ 219,579 ​ 211,527 Deficit ​ (160,693) ​ (129,994) ​ ​ 58,886 ​ 81,533 ​

Segment reporting

Segment reporting	12 Months Ended
	Dec. 31, 2021
Segment reporting
Segment reporting	23 Segment reporting The Company’s operations are categorized into one industry segment, which is medical technology focused on magnetic resonance guided ablation procedures for the treatments to ablate the prostate gland, uterine fibroids, osteoid osteoma and nerves for palliative pain relief for patients with metastatic bone disease. The Company is managed geographically in Canada, Germany, USA, China and Finland. For the year ended December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Canada USA Germany Total ​ ​ $ ​ $ ​ $ ​ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue ​ ​ ​ ​ Capital equipment 1,724 ​ — ​ 1,426 3,150 Recurring - non-capital 353 ​ 2,090 ​ 1,280 3,723 ​ ​ 2,077 ​ 2,090 ​ 2,706 ​ 6,873 ​ For the year ended December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ Canada Germany Total ​ ​ $ ​ $ ​ $ ​ ​ ​ ​ ​ ​ ​ Revenue ​ ​ ​ ​ ​ Capital equipment 4,031 ​ 550 ​ 4,581 Recurring - non-capital 2,454 ​ 269 ​ 2,723 ​ 6,485 ​ 819 ​ 7,304 ​ Other financial information by segment as at December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Canada USA Germany China Finland Total ​ ​ $ ​ $ ​ $ ​ $ ​ $ ​ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets 81,529 ​ 2,068 ​ 1,445 ​ 81 ​ 1,652 ​ 86,775 Goodwill and intangible assets 4,124 ​ — ​ — ​ — ​ — ​ 4,124 Property and equipment 490 ​ 298 ​ — ​ — ​ — ​ 788 Right-of-use assets ​ 1,106 ​ — ​ — ​ 10 ​ — ​ 1,116 Amortization of intangible assets 1,029 ​ — ​ — ​ — ​ — ​ 1,029 Depreciation of property and equipment ​ 408 ​ 110 ​ — ​ — ​ — ​ 518 Depreciation of right-of-use assets 234 ​ — ​ — ​ 8 ​ 90 ​ 332 ​ Other financial information by segment as at December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Canada USA Germany Finland Total ​ ​ $ ​ $ ​ $ ​ $ ​ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets 98,890 ​ 456 1,682 3,573 104,601 Goodwill and intangible assets 4,576 ​ — — — 4,576 Property and equipment 859 ​ — — — 859 Right-of-use assets 1,325 ​ — — 99 1,424 Amortization of intangible assets 881 ​ — — — 881 Depreciation of property and equipment 236 ​ — — 116 352 Depreciation of right-of-use assets 212 ​ — — 93 305 ​

Summary of significant accoun_2

Summary of significant accounting policies and basis of preparation (Policies)	12 Months Ended
	Dec. 31, 2021
Summary of significant accounting policies and basis of preparation
Basis of preparation	Basis of preparation The Company prepares its consolidated financial statements in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (IFRS). The Board of Directors approved these consolidated financial statements on March 3, 2022. These consolidated financial statements comply with IFRS.
Use of estimates and judgments	Use of estimates and judgments The preparation of consolidated financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Company’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in note 3.
Consolidation	Consolidation Subsidiaries are all entities over which the Company has control. The Company controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The wholly owned subsidiaries of Profound are consolidated from the date control is obtained. All intercompany transactions, balances, income and expenses on transactions with the subsidiaries are fully eliminated. These consolidated financial statements include the following wholly owned subsidiaries of the Company: Profound Medical Inc. (Canada), Profound Medical Oy (Finland), Profound Medical GmbH (Germany), Profound Medical (U.S.) Inc. (United States), Profound Medical Technology Services (Beijing) Co., Ltd. (China) and 2753079 Ontario Inc. (Canada).
Business combinations	Business combinations The acquisition method of accounting is used to account for business combinations. The consideration transferred in a business combination is measured at fair value at the date of acquisition. Acquisition-related transaction costs are recognized in the consolidated statements of loss and comprehensive loss as incurred. At the acquisition date, the identifiable assets acquired and the liabilities assumed are initially recognized at their fair value. Goodwill is measured as the excess of the sum of the consideration transferred and the fair value of the acquirer’s previously held equity interest in the acquiree (if any) over the net of the acquisition date amounts of the identifiable assets acquired and liabilities assumed. When the consideration transferred by the Company in a business combination includes assets or liabilities resulting from a contingent consideration arrangement, the contingent consideration is measured at its acquisition date fair value and is included as part of the consideration transferred in a business combination. Changes in the acquisition date fair values of the identifiable assets, liabilities and contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the measurement period (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date. Other than measurement period adjustments, contingent consideration that is classified as a financial liability is remeasured at subsequent reporting dates, with the corresponding gain or loss recognized in the consolidated statements of loss and comprehensive loss.
Segment reporting	Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker has been identified as the chief executive officer.
Foreign currency translation	Foreign currency translation The Company has a functional currency of Canadian dollars and the functional currency of each subsidiary is determined based on facts and circumstances relevant for each subsidiary. Where the Company’s presentation currency of US dollars differs from the functional currency of a subsidiary, the assets and liabilities of the subsidiary are translated from the functional currency into the presentation currency at the exchange rates as at the reporting date. The income and expenses of the subsidiaries are translated at rates approximating the exchange rates at the dates of the transactions. Exchange differences arising on the translation of the financial statements of the Company’s subsidiaries are recognized in other comprehensive loss (income). Foreign currency transactions are translated into the functional currency of the Company or its subsidiaries, using the exchange rates prevailing at the dates of these transactions. Foreign exchange gains and losses resulting from the settlement of foreign currency transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in currencies other than an entity’s functional currency are recognized in the consolidated statements of loss and comprehensive loss, within finance costs.
Financial assets	Financial assets The Company classifies its financial assets in the following measurement categories: ● those to be measured subsequently at fair value (either through other comprehensive income, or through profit or loss); and ● those to be measured at amortized cost. The classification depends on the Company’s business model for managing the financial assets and the contractual terms of the cash flows. The Company does not currently have any assets measured subsequently at fair value. At initial recognition, the Company measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the Company has transferred substantially all the risks and rewards of ownership. Trade and other receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. They are generally due for settlement within 12 months and are therefore generally classified as current. Trade and other receivables are recognized initially at the amount of consideration that is unconditional, unless they contain significant financing components, when they are recognized at fair value. The Company holds the trade and other receivables with the objective of collecting the contractual cash flows and therefore measures them subsequently at amortized cost using the effective interest rate method. The Company reviews its expected cash flows from trade and other receivables and when the receivable extends beyond one year, the amortized cost is calculated using management’s estimate of the cash flow timing and amounts. These amounts are continually re-assessed and adjustments are made when necessary. The Company assesses on a forward-looking basis the expected credit losses associated with its financial assets carried at amortized cost. For trade and other receivables, the Company applies the simplified approach permitted by IFRS 9, Financial Instruments (IFRS 9), which requires lifetime expected credit losses to be recognized at the time of initial recognition of the receivables.
Inventories	Inventories Inventories are valued at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. Cost is determined using the first-in, first-out method for finished goods and weighted average cost for raw materials.
Property and equipment	Property and equipment Property and equipment are stated at cost, less accumulated depreciation and accumulated impairment losses. Cost includes expenditures that are directly attributable to the acquisition of the asset. The carrying amount of a replaced asset is derecognized when replaced. Repairs and maintenance costs are charged to the consolidated statements of loss and comprehensive loss during the year in which they are incurred. The major categories of property and equipment are depreciated on a straight-line basis as follows: ​ ​ ​ ​ ​ Furniture and fittings 20 % per year Research and manufacturing equipment 30 % per year Computer equipment 45 % per year Equipment under lease ​ 50 % per year Leasehold improvements over the term of the lease ​ Residual values, methods of depreciation and useful lives of the assets are reviewed annually and adjusted if appropriate.
Goodwill	Goodwill Goodwill represents the excess fair value of the consideration transferred over the fair value of the underlying net assets in a business combination and is measured at cost less accumulated impairment losses. Goodwill is not amortized but is tested for impairment on an annual basis or more frequently if there are indications the goodwill may be impaired. For the purposes of impairment testing, goodwill is allocated to each of the Company’s cash generating units (CGUs) or group of CGUs that are expected to benefit from the synergies of the acquisition. If the recoverable amount of the CGU or group of CGUs is less than the carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill and then to other assets of the CGU or group of CGUs.
Identifiable intangible assets	Identifiable intangible assets The Company’s intangible assets are stated at cost, less accumulated amortization and are amortized on a straight-line basis in the consolidated statements of loss and comprehensive loss over their estimated useful lives. The major categories of intangible assets are amortized as follows: ​ ​ ​ ​ Exclusive licence agreement 20 years Software 5 years Brand 5 years Proprietary technology 5 years
Impairment of non-financial assets	Impairment of non-financial assets Property and equipment and intangible assets are tested for impairment when events or changes in circumstances indicate the carrying amount may not be recoverable. For the purpose of measuring recoverable amounts, assets are grouped at the lowest levels for which there are separately identifiable cash flow CGUs. The recoverable amount is the higher of an asset’s fair value, less costs of disposal and value in use (which is the present value of the expected future cash flows of the relevant asset or CGU). An impairment loss is recognized as the amount by which the asset’s carrying amount exceeds its recoverable amount. The Company evaluates impairment losses for potential reversals when events or circumstances warrant such consideration.
Accounts payable and accrued liabilities	Accounts payable and accrued liabilities These amounts represent liabilities for goods and services provided to the Company before the end of the financial year, which are unpaid. Accounts payable and accrued liabilities are presented as current liabilities unless payment is not due within 12 months after the reporting period. They are recognized initially at their fair value and subsequently measured at amortized cost using the effective interest method.
Long-term debt	Long-term debt Long-term debt is initially recognized at fair value, net of transaction costs incurred. Long-term debt is subsequently measured at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in the consolidated statements of loss and comprehensive loss over the period of the long-term debt using the effective interest method. Long-term debt is removed from the consolidated balance sheets when the obligation specified in the contract is discharged, cancelled or expired. The difference between the carrying amount of a financial liability that has been extinguished and the consideration paid is recognized in the consolidated statements of loss and comprehensive loss within finance costs.
Provisions	Provisions A provision is recognized when the Company has a legal or constructive obligation as result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. If the effect is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability.
Leases	Leases At inception of a contract, the Company assesses whether a contract is, or contains, a lease based on whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured based on the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The assets are depreciated to the earlier of the end of the useful life of the right-of-use asset or the lease term using the straight-line method as this most closely reflects the expected pattern of consumption of the future economic benefits. The lease term includes periods covered by an option to extend if the Company is reasonably certain to exercise that option. Lease terms range from four to ten years for offices. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company's incremental borrowing rate. The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Company's estimate of the amount expected to be payable under a residual value guarantee, or if the Company changes its assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.
Revenue	Revenue To determine revenue recognition for arrangements the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the entity will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. The Company derives its revenues primarily from the lease and sale of medical devices and the sale of certain one-time-use devices. Capital equipment consists of one-time revenue for the sale of capital equipment including installation fees. Recurring - non-capital revenue consists of the sale of one-time-use devices, lease of medical devices, procedures and services associated with extended warranties. Revenue is recognized when a contractual promise to a customer (performance obligation) has been fulfilled by transferring control over the promised goods or services, generally at the point in time of shipment to or receipt of the products by the customer or when the services are performed. When contracts contain customer acceptance provisions, revenue is recognized on the satisfaction of the specific acceptance criteria. The amount of revenue to be recognized is based on the consideration the Company expects to receive in exchange for its goods and services. For contracts that contain multiple performance obligations, the Company allocates the consideration to which it expects to be entitled to each performance obligation based on relative standalone selling prices and recognizes the related revenue when or as control of each individual performance obligation is transferred to customers. Service revenue related to installation and training is recognized over the period in which the services are performed. Service revenue related to extended warranty service is deferred and recognized on a straight-line basis over the extended warranty period covered by the respective customer contract.
Cost of sales	Cost of sales Cost of sales primarily includes the cost of finished goods, depreciation of equipment under lease, inventory provisions, royalties, warranty expense, freight and direct overhead expenses necessary to acquire or manufacture the finished goods.
Income taxes	Income taxes Income taxes are accounted for using the liability method. Deferred tax assets and liabilities are recognized for the differences between the tax basis and carrying amounts of assets and liabilities, for operating losses and for tax credit carry-forwards. Deferred tax assets are recognized to the extent that it is probable that future taxable income will be available against which temporary differences can be utilized. Deferred tax assets and liabilities are measured using enacted or substantively enacted tax rates and laws.
Share-based compensation	Share-based compensation The Company grants share options periodically to certain employees, directors, officers and advisers. Options currently outstanding vest over four years and have a contractual life of ten years . Each tranche in an award is considered a separate award with its own vesting period and grant date fair value. The fair value of each tranche is measured at the date of grant using the Black-Scholes option pricing model. Compensation expense is recognized over the tranche's vesting period using the graded vesting method by increasing contributed surplus based on the number of awards expected to vest. The Company has a long-term incentive plan (LTIP). For each Restricted Share Unit (RSU) or Deferred Share Unit (DSU) granted under the long-term incentive plan, the Company recognizes an expense equal to the market value of a Profound common share at the date of grant based on the number of RSUs and DSUs expected to vest, recognized over the term of the vesting period, with a corresponding credit to contributed surplus for share-based compensation anticipated to be equity settled or a corresponding credit to a liability for those anticipated to be cash settled. Share-based compensation expense is adjusted for subsequent changes in management’s estimate of the number of RSUs or DSUs that are expected to vest, for RSUs or DSUs anticipated to be cash settled and changes in the market value of Profound common shares. The effect of these changes is recognized in the period of the change. Vested RSUs and DSUs are settled either in Profound common shares or in cash or a combination thereof at the discretion of the Company.
Research and development costs	Research and development costs Research costs are charged to expense as incurred. Development costs are capitalized and amortized when the criteria for capitalization are met, otherwise they are expensed as incurred. No development costs have been capitalized to date. Clinical trial expenses result from obligations under contracts with vendors, consultants and clinical site agreements in connection with conducting clinical trials. The financial terms of these contracts are subject to negotiations, which vary from contract to contract and may result in payment flows that do not match the periods over which materials or services are provided to the Company. The appropriate level of clinical trial expenses is reflected in the Company’s consolidated financial statements by matching period expenses with period services and efforts expended. These expenses are recorded according to the progress of the clinical trial as measured by patient progression and the timing of various aspects of the clinical trial. Clinical trial accrual estimates are determined through discussions with internal clinical personnel and outside service providers as to the progress or state of completion of clinical trials, or the services completed. Service provider status is then compared to the contractually obligated fees to be paid for such services. During the course of a clinical trial, the Company may adjust the rate of clinical expense recognized if actual results differ from management’s estimates.
Government grants	Government grants The Company recognizes government grants when there is reasonable assurance that the Company will comply with the conditions of the grant and the grant will be received. Government grants receivable are recorded in accounts receivable on the consolidated statements of financial position. The Company recognizes government grants in the consolidated statements of loss and comprehensive loss in the same period as the expenses for which the grant is intended to compensate and nets the amount off the related expenses. In cases where a government grant becomes receivable as compensation for expenses already incurred in prior periods, the grant is recognized in profit or loss in the period in which it becomes receivable.
Loss per share	Loss per share Basic loss per share is calculated by dividing the net loss by the weighted average number of common shares outstanding during the year. Diluted loss per share is calculated by dividing the applicable net loss by the sum of the weighted average number of shares outstanding during the year and all additional common shares that would have been outstanding if potentially dilutive common shares had been issued during the year. The computation of diluted loss per share is equal to the basic loss per share due to the anti-dilutive effect of the share options, RSUs, DSUs and warrants.
COVID-19	COVID-19 The COVID-19 outbreak has been declared a pandemic by the World Health Organization. COVID-19 is altering business and consumer activity in affected areas and beyond. The global response to the COVID-19 pandemic has resulted in, among other things, border closures, severe travel restrictions, the temporary shut-down of non-essential services and extreme fluctuations in financial and commodity markets. Additional measures may be implemented by one or more governments in jurisdictions where the Company operates. These measures have caused material disruption to businesses globally, resulting in an economic slowdown. The extent to which COVID-19 and any other pandemic or public health crisis impacts the Company’s business, affairs, operations, financial condition, liquidity, availability of credit and results of operations will depend on future developments that are highly uncertain and cannot be predicted with any meaningful precision, including new information which may emerge concerning the severity of the COVID-19 virus and the actions required to contain the COVID-19 virus or remedy its impact, among others. Further, from an operational perspective, the Company’s employees, direct sales and marketing teams and distribution partners, as well as the workforce of vendors, services providers and counterparties with which the Company does business, may also be adversely affected by the COVID-19 pandemic or efforts to mitigate the pandemic, including government-mandated shutdowns, requests or orders for employees to work remotely, and other physical distancing measures, which could result in an adverse impact on the Company’ ability to conduct its businesses, including its ability to cultivate adoption of the TULSA-PRO ® technology, support clinical trials, support clinical customers with the TULSA-PRO ® procedures and increase the utilization of the systems and one-time-use devices. To date, the economic downturn and uncertainty caused by the COVID-19 pandemic and global measures undertaken to contain its spread have affected all of the Company’s operations to some extent and, in particular, have caused volatility in demand for the TULSA-PRO ® and SONALLEVE ® systems and the one-time-use devices related thereto. This has resulted in a reduction in anticipated sales and led to delays in the Company’s expectations regarding the rate at which agreements for new system user sites will be entered into and when user sites will become operational for the initiation of patient treatments. Despite the COVID-19 pandemic, patient treatments are continuing and Profound continues to identify potential new system user sites. The Company continues to evaluate the current and potential impact of the COVID-19 pandemic on its business, affairs, operations, financial condition, liquidity, availability of credit and results of operations. The financial impacts from COVID-19 during the year has affected Profound’s ability to collect payments due to continuous lockdowns and hospital restrictions, which have impeded our efforts to install our systems and has delayed corresponding collections. Profound continues to work with local authorities and team members located within these countries to help expedite the process.

Summary of significant accoun_3

Summary of significant accounting policies and basis of preparation (Tables)	12 Months Ended
	Dec. 31, 2021
Summary of significant accounting policies and basis of preparation
Schedule of Depreciation rates of Assets	​ ​ ​ ​ ​ Furniture and fittings 20 % per year Research and manufacturing equipment 30 % per year Computer equipment 45 % per year Equipment under lease ​ 50 % per year Leasehold improvements over the term of the lease
Schedule of Useful Lives of Identifiable Intangible Assets	​ ​ ​ ​ Exclusive licence agreement 20 years Software 5 years Brand 5 years Proprietary technology 5 years

Trade and other receivables (Ta

Trade and other receivables (Tables)	12 Months Ended
	Dec. 31, 2021
Trade and other receivables
Schedule of Trade and other receivables	​ ​ ​ ​ ​ ​ ​ 2021 2020 ​ ​ $ ​ $ ​ ​ ​ ​ ​ Trade receivables 4,592 ​ 6,446 Tax receivables 407 ​ 774 Other receivables 35 ​ 211 Total trade and other receivables 5,034 ​ 7,431 Less: Current portion ​ 1,412 ​ 7,431 Long-term portion ​ 3,622 ​ —

Inventory (Tables)

Inventory (Tables)	12 Months Ended
	Dec. 31, 2021
Inventory
Schedule of Inventories	​ ​ ​ ​ ​ ​ ​ 2021 2020 ​ ​ $ ​ $ ​ ​ ​ ​ ​ Finished goods 5,114 3,573 Raw materials 2,306 1,774 Inventory provision (7) (16) Total inventory 7,413 5,331

Property and equipment (Tables)

Property and equipment (Tables)	12 Months Ended
	Dec. 31, 2021
Property and equipment
Schedule of Property and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Research ​ ​ ​ ​ ​ ​ ​ ​ Furniture ​ and ​ ​ ​ ​ ​ ​ ​ ​ and ​ manufacturing ​ Leasehold ​ Equipment ​ ​ ​ ​ fittings ​ equipment ​ improvements ​ under lease ​ Total ​ $ $ $ $ $ Year ended December 31, 2020 Opening net book value 45 122 360 — 527 Additions ​ — ​ — ​ — ​ 633 ​ 633 Foreign exchange 1 14 12 24 51 Depreciation (34) (136) (59) (123) (352) Closing net book value 12 — 313 534 859 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At December 31, 2020 ​ ​ ​ ​ ​ Cost 127 1,068 553 633 2,381 Accumulated depreciation (115) (1,068) (240) (99) (1,522) Net book value 12 — 313 534 859 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2021 ​ ​ ​ ​ ​ Opening net book value 12 — 313 534 859 Additions ​ — ​ — ​ 32 ​ 408 ​ 440 Foreign exchange (2) — 1 8 7 Depreciation (10) — (60) (448) (518) Closing net book value — — 286 502 788 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At December 31, 2021 ​ ​ ​ ​ ​ Cost 127 1,068 578 1,077 2,850 Accumulated depreciation (127) (1,068) (292) (575) (2,062) Net book value — — 286 502 788

Intangible assets (Tables)

Intangible assets (Tables)	12 Months Ended
	Dec. 31, 2021
Intangible assets
Schedule of Intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exclusive ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ licence ​ ​ ​ Proprietary ​ ​ ​ ​ ​ ​ agreement ​ Software ​ technology ​ Brand ​ Total ​ $ $ $ $ $ Year ended December 31, 2020 Opening net book value 205 67 1,785 352 2,409 Additions — 350 — — 350 Foreign exchange ​ 2 ​ 4 ​ 12 ​ 2 ​ 20 Amortization (21) (59) (669) (132) (881) Closing net book value 186 362 1,128 222 1,898 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31, 2020 ​ ​ ​ ​ ​ Cost 231 421 3,456 681 4,789 Accumulated amortization (45) (59) (2,328) (459) (2,891) Net book value 186 362 1,128 222 1,898 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exclusive ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ licence ​ ​ ​ Proprietary ​ ​ ​ ​ ​ ​ agreement ​ Software ​ technology ​ Brand ​ Total ​ $ $ $ $ $ Year ended December 31, 2021 ​ ​ ​ ​ ​ Opening net book value 186 362 1,128 222 1,898 Additions — 561 — — 561 Foreign exchange ​ 1 ​ (5) ​ 7 ​ 2 ​ 5 Amortization (22) (148) (718) (141) (1,029) Closing net book value 165 770 417 83 1,435 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31, 2021 ​ ​ ​ ​ ​ Cost 231 978 3,456 681 5,346 Accumulated amortization (66) (208) (3,039) (598) (3,911) Net book value 165 770 417 83 1,435

Right-of-use assets (Tables)

Right-of-use assets (Tables)	12 Months Ended
	Dec. 31, 2021
Right-of-use assets
Schedule of right-of-use assets	​ ​ ​ ​ ​ ​ Leased ​ premises ​ ​ $ Year ended December 31, 2020 Opening net book value 1,693 Foreign exchange 36 Depreciation (305) Closing net book value 1,424 ​ ​ ​ As at December 31, 2020 ​ Cost 1,918 Accumulated depreciation (494) Net book value 1,424 ​ ​ ​ Year ended December 31, 2021 ​ Opening net book value 1,424 Addition ​ 18 Foreign exchange 6 Depreciation (332) Closing net book value 1,116 ​ ​ ​ As at December 31, 2021 ​ Cost 1,918 Accumulated depreciation (802) Net book value 1,116

Long-term debt (Tables)

Long-term debt (Tables)	12 Months Ended
	Dec. 31, 2021
Long-term debt
Schedule of changes during the period for long-term debt	​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ ​ $ ​ $ ​ ​ ​ ​ ​ Balance - Beginning of period ​ — ​ 9,135 Interest and accretion expense ​ — ​ 472 Foreign exchange ​ — ​ (290) Repayment ​ — ​ (9,317) Balance - End of period ​ — ​ —
Schedule of variables used to determine the fair value of purchase warrants issued for borrowings	​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 ​ ​ ​ ​ ​ ​ ​ Share price C$ 14.26 C$ 26.19 ​ Volatility 61 % 63 % Expected life of warrants 1.6 years 2.6 years Risk free interest rate 0.94% 0.20% ​ Dividend yield — — ​

Other liabilities (Tables)

Other liabilities (Tables)	12 Months Ended
	Dec. 31, 2021
Other liabilities
Schedule of changes during the period for other liabilities	​ ​ ​ ​ ​ ​ ​ ​ Contingent ​ ​ consideration ​ ​ $ As at January 1, 2020 221 Amounts paid (212) Change in fair value 90 As at December 31, 2020 99 Amounts paid (99) As at December 31, 2021 —

Lease liabilities (Tables)

Lease liabilities (Tables)	12 Months Ended
	Dec. 31, 2021
Lease liabilities
Schedule of changes in lease liabilities	​ ​ ​ ​ ​ $ As at January 1, 2020 1,836 Repayments (289) Foreign exchange 58 Interest and accretion expense 71 As at December 31, 2020 ​ 1,676 Repayments ​ (386) Foreign exchange ​ 2 Addition ​ 18 Interest and accretion expense ​ 67 As at December 31, 2021 1,377 Less: Current portion 250 Long-term portion 1,127

Share capital (Tables)

Share capital (Tables)	12 Months Ended
	Dec. 31, 2021
Share capital
Schedule of issued and outstanding common shares (with no par value)	​ ​ ​ ​ ​ ​ ​ 2021 2020 ​ ​ $ ​ $ ​ ​ ​ ​ ​ 20,776,217 (2020 – 20,208,948 ) common shares 219,579 211,527
Schedule of warrants outstanding	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Weighted ​ average ​ ​ ​ ​ average ​ remaining ​ ​ ​ ​ exercise ​ contractual ​ ​ Number of ​ price ​ life ​ warrants C$ (years) ​ ​ ​ ​ ​ ​ ​ Balance - January 1, 2020 2,779,898 14.20 2.49 Granted (1,556,154) 14.08 1.82 Balance - December 31, 2020 1,223,744 14.35 1.68 Expired ​ (13,600) ​ 15.50 ​ — Exercised (485,161) 15.33 0.32 Balance - December 31, 2021 724,983 13.81 1.23

Share-based payments (Tables)

Share-based payments (Tables)	12 Months Ended
	Dec. 31, 2021
Share-based payments
Summary of the share option changes during the period presented and the total number of share options outstanding	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ average ​ ​ ​ ​ exercise ​ ​ Number ​ price ​ of options C$ ​ ​ ​ ​ ​ Balance - January 1, 2020 1,109,943 10.51 Granted 687,255 18.46 Exercised (235,123) 10.42 Forfeited/expired (39,713) 12.80 Balance - December 31, 2020 1,522,362 14.05 Granted 698,035 22.21 Exercised (79,208) 9.72 Forfeited/expired (48,593) 15.46 Balance - December 31, 2021 2,092,596 16.90
Summary of estimated the fair value of the share options granted	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ November 15, ​ December 30, ​ 2021 2021 ​ Exercise price ​ C$ 14.96 ​ C$ 14.90 ​ Expected volatility ​ 84 % 84 % Expected life of options ​ 6 years 6 years Risk-free interest rate ​ 1.54 % 1.69 % Dividend yield ​ — ​ — ​ Number of share options issued ​ 24,500 ​ 105,071 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 11, ​ May 21, ​ June 17, ​ 2021 2021 2021 ​ Exercise price ​ C$ 28.16 ​ C$ 22.08 ​ C$ 23.14 ​ Expected volatility ​ 84 % 85 % 85 % Expected life of options ​ 6 years 6 years 6 years Risk-free interest rate ​ 1.09 % 1.34 % 1.25 % Dividend yield ​ — ​ — ​ — ​ Number of share options issued ​ 12,000 ​ 555,464 ​ 1,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ November 16, ​ December 15, ​ December 22, ​ 2020 2020 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercise price C$ 24.31 C$ 23.02 C$ 25.01 ​ Expected volatility ​ 85 % ​ 85 % ​ 85 % Expected life of options ​ 6 years ​ 6 years ​ 6 years Risk-free interest rate ​ 0.46 % ​ 0.45 % ​ 0.48 % Dividend yield ​ — ​ — ​ — ​ Number of share options issued ​ 84,900 ​ 10,000 ​ 11,500 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 12, ​ May 20, ​ June 8, ​ August 17, ​ 2020 ​ 2020 2020 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercise price ​ C$ 15.15 ​ C$ 17.44 ​ C$ 16.87 ​ C$ 20.39 ​ Expected volatility ​ ​ 82 % 84 % 84 % 83 % Expected life of options ​ ​ 6 years 6 years 6 years 6 years Risk-free interest rate ​ ​ 0.60 % 0.46 % 0.58 % 0.48 % Dividend yield ​ ​ — ​ — ​ — ​ — ​ Number of share options issued ​ ​ 16,550 ​ 481,405 ​ 80,000 ​ 2,900 ​ ​
Summary of the share options outstanding	The following table summarizes information about the share options outstanding as at December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ average ​ ​ ​ ​ Number of ​ remaining ​ Number of Exercise price ​ options ​ contractual ​ options C$ ​ outstanding ​ life (years) ​ exercisable ​ ​ ​ ​ ​ ​ ​ 2.01 – 4.00 6,300 0.78 6,300 8.01 – 10.00 452,310 6.47 274,745 10.01 – 12.00 137,890 6.42 106,903 12.01 – 14.00 8,300 4.61 8,300 14.01 – 16.00 289,827 7.28 152,353 16.01 – 18.00 533,155 8.42 209,363 20.01 – 22.00 1,400 8.63 464 22.01 – 24.00 561,514 9.27 2,500 24.01 – 26.00 ​ 90,900 ​ 8.93 ​ 24,485 28.01 – 30.00 ​ 11,000 ​ 9.20 ​ — ​ ​ 2,092,596 ​ 7.95 ​ 785,413
Summary of the RSUs changes during the period	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ average ​ ​ ​ ​ remaining ​ Number of contractual ​ ​ RSUs ​ life (years) ​ ​ ​ ​ ​ Balance - January 1, 2020 — ​ — Granted 8,917 ​ 3.00 Forfeited (200) ​ 2.65 Balance - December 31, 2020 ​ 8,717 ​ 2.39 Granted ​ 241,500 ​ 3.00 Vested ​ (2,900) ​ — Forfeited ​ (15,000) ​ 2.39 Balance - December 31, 2021 232,317 ​ 2.45

Revenue (Tables)

Revenue (Tables)	12 Months Ended
	Dec. 31, 2021
Revenue.
Schedule of revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ ​ 2021 ​ 2020 ​ ​ ​ $ ​ $ ​ ​ Contracts ​ ​ ​ ​ ​ Contracts ​ ​ ​ ​ ​ ​ with ​ ​ ​ ​ ​ with ​ ​ ​ ​ ​ customers ​ Leasing ​ Total customers Leasing Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital equipment ​ 3,150 ​ — ​ 3,150 ​ 4,581 ​ — ​ 4,581 ​ Recurring - non-capital ​ 3,293 ​ 430 ​ 3,723 ​ 2,409 ​ 314 ​ 2,723 ​ ​ ​ 6,443 ​ 430 ​ 6,873 ​ 6,990 ​ 314 ​ 7,304 ​

Nature of expenses (Tables)

Nature of expenses (Tables)	12 Months Ended
	Dec. 31, 2021
Nature of expenses
Schedule of nature of expenses	​ ​ ​ ​ ​ ​ ​ 2021 2020 ​ ​ $ ​ $ ​ ​ ​ ​ ​ Production and manufacturing costs ​ 2,738 ​ 3,063 Salaries and benefits ​ 12,835 ​ 9,917 Consulting fees ​ 4,076 ​ 3,395 Research and development expenses ​ 3,433 ​ 2,318 Sales and marketing expenses ​ 1,142 ​ 574 Amortization and depreciation ​ 1,879 ​ 1,538 Share-based compensation ​ 7,205 ​ 3,018 Rent ​ 250 ​ 231 Software/hardware ​ 619 ​ 424 Insurance ​ 1,397 ​ 1,278 Other expenses ​ 1,590 ​ 411 ​ ​ 37,164 ​ 26,167

Net finance costs (Tables)

Net finance costs (Tables)	12 Months Ended
	Dec. 31, 2021
Net finance costs
Schedule of net finance costs	​ ​ ​ ​ ​ ​ ​ 2021 2020 ​ ​ $ ​ $ ​ ​ ​ ​ ​ Change in fair value of derivative financial instrument ​ (293) ​ 237 Lease liability interest expense (note 11) ​ 67 ​ 71 Interest income ​ (205) ​ (692) Change in amortized cost of trade and other receivables (note 4) ​ 448 ​ — CIBC loan ​ — ​ 472 Change in fair value of contingent consideration (note 10) ​ — ​ 90 Foreign exchange loss ​ 286 ​ 2,536 ​ ​ 303 ​ 2,714

Income taxes (Tables)

Income taxes (Tables)	12 Months Ended
	Dec. 31, 2021
Income taxes
Summary of income taxes expense	​ ​ ​ ​ ​ ​ ​ 2021 2020 ​ ​ $ ​ $ ​ ​ ​ ​ ​ Loss before income taxes ​ 30,594 21,577 ​ ​ ​ ​ ​ Recovery based on combined federal and provincial statutory rate of 25.48% (2020 - 26.1% ) ​ (7,795) (5,632) Permanent differences ​ 1,608 (638) Change in deferred tax assets not recognized ​ 6,287 6,331 Effect of tax rates in foreign jurisdictions ​ 5 (16) Net income tax expense ​ 105 ​ 45

Loss per share (Tables)

Loss per share (Tables)	12 Months Ended
	Dec. 31, 2021
Loss per share
Schedule of basic and diluted loss per share	​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 ​ ​ ​ ​ ​ ​ ​ Net loss for the year ​ $ 30,699 ​ $ 21,622 Weighted average number of common shares ​ 20,464,168 ​ 17,294,653 Basic and diluted loss per share ​ $ 1.50 ​ $ 1.25

Financial assets and liabilit_2

Financial assets and liabilities (Tables)	12 Months Ended
	Dec. 31, 2021
Financial assets and liabilities
Summary of classification of financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ ​ ​ Financial ​ ​ Fair value ​ Financial ​ liabilities ​ ​ through ​ assets at ​ at ​ ​ profit or ​ amortized ​ amortized ​ ​ loss ​ cost ​ cost ​ ​ $ ​ $ ​ $ ​ ​ ​ ​ ​ ​ ​ Cash ​ — ​ 67,152 ​ — Trade and other receivables ​ — ​ 5,034 ​ — Accounts payable and accrued liabilities ​ — ​ — ​ 3,180 Lease liabilities ​ — ​ — ​ 1,377 Derivative financial instrument ​ 161 ​ — ​ — ​ ​ 161 ​ 72,186 ​ 4,557 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ ​ ​ Financial ​ ​ Fair value ​ Financial ​ liabilities ​ ​ through ​ assets at ​ at ​ ​ profit or ​ amortized ​ amortized ​ ​ loss ​ cost ​ cost ​ ​ $ ​ $ ​ $ ​ ​ ​ ​ ​ ​ ​ Cash ​ — ​ 83,913 ​ — Trade and other receivables ​ — ​ 7,431 ​ — Accounts payable and accrued liabilities ​ — ​ — ​ 3,382 Other liabilities ​ 99 ​ — ​ — Lease liabilities ​ — ​ — ​ 1,676 Derivative financial instrument ​ 450 ​ — ​ — ​ ​ 549 ​ 91,344 ​ 5,058 ​
Summary of financial instruments denominated in foreign currencies	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ US ​ Canadian Chinese ​ ​ ​ dollars ​ Euro ​ dollars ​ renminbi ​ Total ​ ​ $ ​ $ ​ $ ​ $ ​ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash ​ 47,765 ​ 1,349 ​ 17,984 ​ 54 ​ 67,152 Trade and other receivables ​ 4,310 ​ 421 ​ 303 ​ — ​ 5,034 Accounts payable and accrued liabilities ​ (372) ​ (1,030) ​ (1,759) ​ (19) ​ (3,180) Lease liabilities ​ — ​ — ​ (1,368) ​ (9) ​ (1,377) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ US ​ Canadian ​ ​ ​ dollars ​ Euro ​ dollars ​ Total ​ ​ $ ​ $ ​ $ ​ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash ​ 61,644 ​ 1,899 ​ 20,370 ​ 83,913 Trade and other receivables ​ 5,002 ​ 2,197 ​ 232 ​ 7,431 Accounts payable and accrued liabilities ​ (734) ​ (1,700) ​ (948) ​ (3,382) Other liabilities ​ — ​ (99) ​ — ​ (99) Lease liabilities ​ — ​ (95) ​ (1,581) ​ (1,676) ​
Summary of significant contractual, undiscounted cash flows related to its financial liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ ​ Future Between Greater ​ ​ Carrying ​ cash ​ Less than ​ 1 year and ​ than 5 ​ ​ amount ​ flows ​ 1 year ​ 5 years ​ years ​ ​ $ ​ $ ​ $ ​ $ ​ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accounts payable and accrued liabilities ​ 3,180 3,180 3,180 — — Lease liability ​ 1,377 1,575 321 1,254 — ​ ​ 4,557 4,755 3,501 1,254 — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ ​ Future ​ Between Greater ​ ​ Carrying ​ cash ​ Less than ​ 1 year and ​ than 5 ​ ​ amount ​ flows ​ 1 year ​ 5 years ​ years ​ ​ $ ​ $ ​ $ ​ $ ​ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accounts payable and accrued liabilities ​ 3,382 ​ 3,382 ​ 3,382 ​ — ​ — Lease liability ​ 1,676 ​ 1,958 ​ 398 ​ 1,240 ​ 320 Other liabilities ​ 99 ​ 99 ​ 99 ​ — ​ — ​ ​ 5,157 ​ 5,439 ​ 3,879 ​ 1,240 ​ 320

Related party transactions (Tab

Related party transactions (Tables)	12 Months Ended
	Dec. 31, 2021
Related party transactions
Summary of remuneration of directors and the senior management team	​ ​ ​ ​ ​ ​ ​ 2021 2020 ​ ​ $ ​ $ ​ ​ ​ ​ ​ Salaries and employee benefits ​ 1,989 ​ 1,418 Directors’ fees ​ 233 ​ 99 Share-based compensation ​ 3,182 ​ 1,594 ​ ​ 5,404 ​ 3,111

Capital management (Tables)

Capital management (Tables)	12 Months Ended
	Dec. 31, 2021
Capital management
Schedule of capital management	​ ​ ​ ​ ​ ​ ​ 2021 2020 ​ ​ $ ​ $ ​ ​ ​ ​ ​ Common shares ​ 219,579 ​ 211,527 Deficit ​ (160,693) ​ (129,994) ​ ​ 58,886 ​ 81,533

Segment reporting (Tables)

Segment reporting (Tables)	12 Months Ended
	Dec. 31, 2021
Segment reporting
Schedule of financial information of geographical segments	For the year ended December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Canada USA Germany Total ​ ​ $ ​ $ ​ $ ​ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue ​ ​ ​ ​ Capital equipment 1,724 ​ — ​ 1,426 3,150 Recurring - non-capital 353 ​ 2,090 ​ 1,280 3,723 ​ ​ 2,077 ​ 2,090 ​ 2,706 ​ 6,873 ​ For the year ended December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ Canada Germany Total ​ ​ $ ​ $ ​ $ ​ ​ ​ ​ ​ ​ ​ Revenue ​ ​ ​ ​ ​ Capital equipment 4,031 ​ 550 ​ 4,581 Recurring - non-capital 2,454 ​ 269 ​ 2,723 ​ 6,485 ​ 819 ​ 7,304 ​ Other financial information by segment as at December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Canada USA Germany China Finland Total ​ ​ $ ​ $ ​ $ ​ $ ​ $ ​ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets 81,529 ​ 2,068 ​ 1,445 ​ 81 ​ 1,652 ​ 86,775 Goodwill and intangible assets 4,124 ​ — ​ — ​ — ​ — ​ 4,124 Property and equipment 490 ​ 298 ​ — ​ — ​ — ​ 788 Right-of-use assets ​ 1,106 ​ — ​ — ​ 10 ​ — ​ 1,116 Amortization of intangible assets 1,029 ​ — ​ — ​ — ​ — ​ 1,029 Depreciation of property and equipment ​ 408 ​ 110 ​ — ​ — ​ — ​ 518 Depreciation of right-of-use assets 234 ​ — ​ — ​ 8 ​ 90 ​ 332 ​ Other financial information by segment as at December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Canada USA Germany Finland Total ​ ​ $ ​ $ ​ $ ​ $ ​ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets 98,890 ​ 456 1,682 3,573 104,601 Goodwill and intangible assets 4,576 ​ — — — 4,576 Property and equipment 859 ​ — — — 859 Right-of-use assets 1,325 ​ — — 99 1,424 Amortization of intangible assets 881 ​ — — — 881 Depreciation of property and equipment 236 ​ — — 116 352 Depreciation of right-of-use assets 212 ​ — — 93 305

Summary of significant accoun_4

Summary of significant accounting policies and basis of preparation - Property and equipment (Details)	12 Months Ended
	Dec. 31, 2021
Furniture and fittings
Disclosure Of Significant Accounting Policies
Depreciation of property and equipment	20.00%
Research and manufacturing equipment
Disclosure Of Significant Accounting Policies
Depreciation of property and equipment	30.00%
Computer equipment
Disclosure Of Significant Accounting Policies
Depreciation of property and equipment	45.00%
Equipment Under Lease
Disclosure Of Significant Accounting Policies
Depreciation of property and equipment	50.00%

Summary of significant accoun_5

Summary of significant accounting policies and basis of preparation - Identifiable Intangible assets (Details)	12 Months Ended
	Dec. 31, 2021
Exclusive license agreement
Disclosure Of Significant Accounting Policies
Useful life	20 years
Software
Disclosure Of Significant Accounting Policies
Useful life	5 years
Brand
Disclosure Of Significant Accounting Policies
Useful life	5 years
Proprietary technology
Disclosure Of Significant Accounting Policies
Useful life	5 years

Summary of significant accoun_6

Summary of significant accounting policies and basis of preparation - Additional Information (Details)	12 Months Ended
	Dec. 31, 2021
Disclosure Of Significant Accounting Policies [Line Items]
Vesting period	4 years
Contractual life	10 years
Minimum
Disclosure Of Significant Accounting Policies [Line Items]
Lease term	4 years
Maximum
Disclosure Of Significant Accounting Policies [Line Items]
Lease term	10 years

Trade and other receivables (De

Trade and other receivables (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of financial assets [line items]
Trade receivables	$ 4,592	$ 6,446
Tax receivables	407	774
Other receivables	35	211
Total trade and other receivables	5,034	7,431
Trade and other receivables	1,412	7,431
Long-term portion	3,622
Interest expense	$ 448
Discount rate	6.00%
Past due
Disclosure of financial assets [line items]
Trade receivables	$ 0	$ 695

Inventory (Details)

Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Inventory
Finished goods	$ 5,114	$ 3,573
Raw materials	2,306	1,774
Inventory provision	(7)	(16)
Total inventory	$ 7,413	$ 5,331

Inventory - Narrative (Details)

Inventory - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Inventory
Inventory recognized in cost of sales	$ 3,547	$ 3,610
Decrease in Inventory provision	9	$ 2
Inventory write down charged to cost of sales	$ 0

Property and equipment (Details

Property and equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Property and equipment
Opening net book value	$ 859	$ 527
Additions	440	633
Foreign exchange	7	51
Depreciation	(518)	(352)
Closing net book value	788	859
Cost	2,850	2,381
Accumulated depreciation	(2,062)	(1,522)
Net book value	788	859
Furniture and fittings
Property and equipment
Opening net book value	12	45
Foreign exchange	(2)	1
Depreciation	(10)	(34)
Closing net book value	0	12
Cost	127	127
Accumulated depreciation	(127)	(115)
Net book value	0	12
Research and manufacturing equipment
Property and equipment
Opening net book value	0	122
Foreign exchange		14
Depreciation		(136)
Closing net book value	0	0
Cost	1,068	1,068
Accumulated depreciation	(1,068)	(1,068)
Net book value	0	0
Leasehold improvements
Property and equipment
Opening net book value	313	360
Additions	32
Foreign exchange	1	12
Depreciation	(60)	(59)
Closing net book value	286	313
Cost	578	553
Accumulated depreciation	(292)	(240)
Net book value	286	313
Computer equipment
Property and equipment
Opening net book value	534
Additions	408	633
Foreign exchange	8	24
Depreciation	(448)	(123)
Closing net book value	502	534
Cost	1,077	633
Accumulated depreciation	(575)	(99)
Net book value	$ 502	$ 534

Intangible assets (Details)

Intangible assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Opening net book value	$ 1,898	$ 2,409
Additions	561	350
Foreign exchange	5	20
Amortization	(1,029)	(881)
Closing net book value	1,435	1,898
Cost	5,346	4,789
Accumulated amortization	(3,911)	(2,891)
Net book value	1,435	1,898
Exclusive license agreement
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Opening net book value	186	205
Foreign exchange	1	2
Amortization	(22)	(21)
Closing net book value	165	186
Cost	231	231
Accumulated amortization	(66)	(45)
Net book value	165	186
Software
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Opening net book value	362	67
Additions	561	350
Foreign exchange	(5)	4
Amortization	(148)	(59)
Closing net book value	770	362
Cost	978	421
Accumulated amortization	(208)	(59)
Net book value	770	362
Proprietary technology
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Opening net book value	1,128	1,785
Foreign exchange	7	12
Amortization	(718)	(669)
Closing net book value	417	1,128
Cost	3,456	3,456
Accumulated amortization	(3,039)	(2,328)
Net book value	417	1,128
Brand
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Opening net book value	222	352
Foreign exchange	2	2
Amortization	(141)	(132)
Closing net book value	83	222
Cost	681	681
Accumulated amortization	(598)	(459)
Net book value	$ 83	$ 222

Intangible assets - Additional

Intangible assets - Additional information (Details)	Aug. 16, 2019CAD ($)	Dec. 31, 2021USD ($)
Sonalleve MR-HIFU
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Terminal growth assumption		4.00%
Discount rate		16.00%
Amount by which unit's recoverable amount exceeds its carrying amount		$ 3,464,000
Impairment loss		$ 0
Exclusive license agreement | Sunnybrook Health Sciences
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Milestone payment	$ 250,000

Right-of-use assets (Details)

Right-of-use assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of quantitative information about right-of-use assets [line items]
Opening net book value	$ 1,424	$ 1,693
Addition	18
Foreign exchange	6	36
Depreciation	(332)	(305)
Closing net book value	$ 1,116	1,424
Minimum
Disclosure of quantitative information about right-of-use assets [line items]
Lease agreement term	3 years
Maximum
Disclosure of quantitative information about right-of-use assets [line items]
Lease agreement term	10 years
Cost.
Disclosure of quantitative information about right-of-use assets [line items]
Opening net book value	$ 1,918
Closing net book value	1,918	1,918
Accumulated depreciation
Disclosure of quantitative information about right-of-use assets [line items]
Opening net book value	(494)
Closing net book value	$ (802)	$ (494)

Long-term debt - CIBC Loan (Det

Long-term debt - CIBC Loan (Details) - CIBC loan $ in Thousands, $ in Thousands	Feb. 04, 2020USD ($)	Jul. 30, 2018CAD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Disclosure of detailed information about borrowings [line items]
Total initial gross proceeds		$ 12,500
Adjustment to interest rate basis (as a percent)		2.50%
Amount repaid	$ 9,317
Changes during the period
Balance - Beginning of period			$ 0	$ 9,135
Interest and accretion expense			0	472
Foreign exchange			0	(290)
Repayment			0	(9,317)
Balance - End of period			$ 0	$ 0

Long-term debt - Purchase warra

Long-term debt - Purchase warrants issued to CIBC (Details) $ in Thousands	Jul. 31, 2018$ / sharesshares	Dec. 31, 2021USD ($)$ / shares	Dec. 31, 2020USD ($)$ / shares
Variables used to determine the fair value of warrants
Share price | $ / shares		$ 14.26	$ 26.19
Volatility		61.00%	63.00%
Expected life of warrants		1 year 7 months 6 days	2 years 7 months 6 days
Risk free interest rate		0.94%	0.20%
CIBC loan
Disclosure of detailed information about borrowings [line items]
Number of warrants issued | shares	32,171
Number of common share that each warrant entitles the holder | shares	1
Purchase warrant price per common share | $ / shares	$ 9.70
Term of the warrant	60 months
Fair value of warrants | $		$ 161	$ 450

Other liabilities (Details)

Other liabilities (Details) - Contingent consideration - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of contingent liabilities [line items]
Beginning balance	$ 99	$ 221
Amounts paid	$ (99)	(212)
Change in fair value		90
Ending balance		$ 99

Other liabilities - Additional

Other liabilities - Additional Information (Details) - Contingent consideration	12 Months Ended			24 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2020
Disclosure of contingent liabilities [line items]
Contingent consideration payment (as a percent)		6.00%	5.00%	7.00%
Forecast
Disclosure of contingent liabilities [line items]
Contingent consideration payment, when total revenues are in excess of a defined amount (as a percent)	7.00%

Lease liabilities (Details)

Lease liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Lease liabilities
Balance Beginning of period	$ 1,676	$ 1,836
Repayments	(386)	(289)
Foreign exchange	2	58
Addition	18
Interest and accretion expense	67	71
Balance End of period	1,377	1,676
Less: Current portion	250	312
Long-term portion	$ 1,127	$ 1,364

Share capital - Common shares (

Share capital - Common shares (Details) - USD ($) $ / shares in Units, $ in Thousands	Jul. 21, 2020	Jan. 27, 2020	Dec. 31, 2021	Dec. 31, 2020
Share capital
Common shares issued (in shares)			20,776,217	20,208,948
Common shares, par value (in dollars per share)			$ 0	$ 0
Common shares issued and outstanding			$ 219,579	$ 211,527
Offering | Major ordinary share transactions
Share capital
Number of units issued	3,172,414	3,392,500
Offering price per unit	$ 14.50	$ 11.65
Gross proceeds	$ 46,000	$ 39,523
Net proceeds	$ 42,721	$ 36,373

Share capital - Summary of warr

Share capital - Summary of warrants outstanding (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Number of warrants
Opening balance	1,223,744	2,779,898
Granted		(1,556,154)
Expired	(13,600)
Exercised	(485,161)
Ending balance	724,983	1,223,744	2,779,898
Weighted average exercise price
Opening balance	$ 14.35	$ 14.20
Granted		14.08
Expired	15.50
Exercised	15.33
Ending balance	$ 13.81	$ 14.35	$ 14.20
Weighted average remaining contractual life (years)
Weighted Average Remaining Contractual Life	1 year 2 months 23 days	1 year 8 months 4 days	2 years 5 months 26 days
Granted		1 year 9 months 25 days
Exercised	3 months 25 days

Share-based payments - Share op

Share-based payments - Share options (Details)

Dec. 30, 2021Options

Nov. 15, 2021Options

Jun. 17, 2021Options

May 21, 2021Options

Mar. 11, 2021Options

Dec. 22, 2020Options

Dec. 15, 2020Options

Nov. 16, 2020Options

Aug. 17, 2020Options

Jun. 08, 2020Options

May 20, 2020Options

Mar. 12, 2020Options

Dec. 31, 2021EquityInstrumentsOptionsshares

Dec. 31, 2020EquityInstrumentsOptions

Share-based payments

Number of share options granted in share-based payment arrangement

105,071

24,500

1,000

555,464

12,000

11,500

10,000

84,900

2,900

80,000

481,405

16,550

698,035

687,255

Share Option Plan

Share-based payments

Number of share options granted in share-based payment arrangement

2,700,908

Number of other equity instruments outstanding in share-based payment arrangement | EquityInstruments

2,092,596

1,522,362

Number of each option granted to purchase common shares | shares

1

Number of trading days preceding the date the share option granted

5 days

Maximum term of share options granted

10 years

Maximum period of share options vested

4 years

Share-based payments - Share _2

Share-based payments - Share option changes and outstanding (Details)	Dec. 30, 2021Options	Nov. 15, 2021Options	Jun. 17, 2021Options	May 21, 2021Options	Mar. 11, 2021Options	Dec. 22, 2020Options	Dec. 15, 2020Options	Nov. 16, 2020Options	Aug. 17, 2020Options	Jun. 08, 2020Options	May 20, 2020Options	Mar. 12, 2020Options	Dec. 31, 2021Options$ / shares	Dec. 31, 2020Options$ / shares
Share-based payments
Number of share options outstanding in share-based payment arrangement at beginning of period | Options													1,522,362	1,109,943
Granted | Options	105,071	24,500	1,000	555,464	12,000	11,500	10,000	84,900	2,900	80,000	481,405	16,550	698,035	687,255
Exercised | Options													(79,208)	(235,123)
Forfeited/expired | Options													(48,593)	(39,713)
Number of share options outstanding in share-based payment arrangement at end of period | Options													2,092,596	1,522,362
Weighted average exercise price of share options outstanding in share-based payment arrangement at beginning of period | $ / shares													$ 14.05	$ 10.51
Granted | $ / shares													22.21	18.46
Exercised | $ / shares													9.72	10.42
Forfeited/expired | $ / shares													15.46	12.80
Weighted average exercise price of share options outstanding in share-based payment arrangement at end of period | $ / shares													$ 16.90	$ 14.05

Share-based payments - Estimate

Share-based payments - Estimated the fair value of the share options granted (Details)	Dec. 30, 2021OptionsY$ / shares	Nov. 15, 2021OptionsY$ / shares	Jun. 17, 2021YOptions$ / shares	May 21, 2021OptionsY$ / shares	Mar. 11, 2021YOptions$ / shares	Dec. 22, 2020OptionsY$ / shares	Dec. 15, 2020YOptions$ / shares	Nov. 16, 2020OptionsY$ / shares	Aug. 17, 2020YOptions$ / shares	Jun. 08, 2020OptionsY$ / shares	May 20, 2020OptionsY$ / shares	Mar. 12, 2020YOptions$ / shares	Dec. 31, 2021Options	Dec. 31, 2020Options
Share-based payments
Exercise price | $ / shares	$ 14.90	$ 14.96	$ 23.14	$ 22.08	$ 28.16	$ 25.01	$ 23.02	$ 24.31	$ 20.39	$ 16.87	$ 17.44	$ 15.15
Expected volatility	84.00%	84.00%	85.00%	85.00%	84.00%	85.00%	85.00%	85.00%	83.00%	84.00%	84.00%	82.00%
Expected life of share options (in years) | Y	6	6	6	6	6	6	6	6	6	6	6	6
Risk-free interest rate	1.69%	1.54%	1.25%	1.34%	1.09%	0.48%	0.45%	0.46%	0.48%	0.58%	0.46%	0.60%
Number of share options issued | Options	105,071	24,500	1,000	555,464	12,000	11,500	10,000	84,900	2,900	80,000	481,405	16,550	698,035	687,255

Share-based payments - Share _3

Share-based payments - Share options outstanding (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)Options	Dec. 31, 2021Options$ / shares	Dec. 31, 2019Options
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options outstanding		1,522,362	2,092,596	1,109,943
Weighted average remaining contractual life (years)	7 years 11 months 12 days
Number of options exercisable			785,413
Compensation expense | $	$ 7,205	$ 3,018
Share option
Disclosure of terms and conditions of share-based payment arrangement [line items]
Compensation expense | $	$ 5,891	$ 3,007
Exercise Price 2.01 - 4.00
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options outstanding			6,300
Weighted average remaining contractual life (years)	9 months 10 days
Number of options exercisable			6,300
Exercise Price 2.01 - 4.00 | Minimum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price | $ / shares			$ 2.01
Exercise Price 2.01 - 4.00 | Maximum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price | $ / shares			$ 4
Exercise Price 8.01 - 10.00
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options outstanding			452,310
Weighted average remaining contractual life (years)	6 years 5 months 19 days
Number of options exercisable			274,745
Exercise Price 8.01 - 10.00 | Minimum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price | $ / shares			$ 8.01
Exercise Price 8.01 - 10.00 | Maximum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price | $ / shares			$ 10
Exercise Price 10.01 - 12.00
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options outstanding			137,890
Weighted average remaining contractual life (years)	6 years 5 months 1 day
Number of options exercisable			106,903
Exercise Price 10.01 - 12.00 | Minimum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price | $ / shares			$ 10.01
Exercise Price 10.01 - 12.00 | Maximum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price | $ / shares			$ 12
Exercise Price 12.01 - 14.00
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options outstanding			8,300
Weighted average remaining contractual life (years)	4 years 7 months 9 days
Number of options exercisable			8,300
Exercise Price 12.01 - 14.00 | Minimum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price | $ / shares			$ 12.01
Exercise Price 12.01 - 14.00 | Maximum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price | $ / shares			$ 14
Exercise Price 14.01 - 16.00
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options outstanding			289,827
Weighted average remaining contractual life (years)	7 years 3 months 10 days
Number of options exercisable			152,353
Exercise Price 14.01 - 16.00 | Minimum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price | $ / shares			$ 14.01
Exercise Price 14.01 - 16.00 | Maximum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price | $ / shares			$ 16
Exercise Price 16.01 - 18.00
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options outstanding			533,155
Weighted average remaining contractual life (years)	8 years 5 months 1 day
Number of options exercisable			209,363
Exercise Price 16.01 - 18.00 | Minimum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price | $ / shares			$ 16.01
Exercise Price 16.01 - 18.00 | Maximum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price | $ / shares			$ 18
Exercise Price 20.01 - 22.00
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options outstanding			1,400
Weighted average remaining contractual life (years)	8 years 7 months 17 days
Number of options exercisable			464
Exercise Price 20.01 - 22.00 | Minimum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price | $ / shares			$ 20.01
Exercise Price 20.01 - 22.00 | Maximum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price | $ / shares			$ 22
Exercise Price 22.01 - 24.00
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options outstanding			561,514
Weighted average remaining contractual life (years)	9 years 3 months 7 days
Number of options exercisable			2,500
Exercise Price 22.01 - 24.00 | Minimum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price | $ / shares			$ 22.01
Exercise Price 22.01 - 24.00 | Maximum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price | $ / shares			$ 24
Exercise Price 24.01 - 26.00
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options outstanding			90,900
Weighted average remaining contractual life (years)	8 years 11 months 4 days
Number of options exercisable			24,485
Exercise Price 24.01 - 26.00 | Minimum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price | $ / shares			$ 24.01
Exercise Price 24.01 - 26.00 | Maximum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price | $ / shares			$ 26
Exercise Price 28.01 - 30.00
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options outstanding			11,000
Weighted average remaining contractual life (years)	9 years 2 months 12 days
Exercise Price 28.01 - 30.00 | Minimum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price | $ / shares			$ 28.01
Exercise Price 28.01 - 30.00 | Maximum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price | $ / shares			$ 30

Share-based payments - Long ter

Share-based payments - Long term incentive plan (Details) - LTIP $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)shares	Dec. 31, 2021$ / shares	Dec. 31, 2020USD ($)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share-based compensation expense | $	$ 1,314		$ 11
RSUs
Disclosure of terms and conditions of share-based payment arrangement [line items]
Restricted stock units, Shares authorized | shares	241,500
Vesting period	3 years
Minimum | RSUs
Disclosure of terms and conditions of share-based payment arrangement [line items]
Restricted stock units, Market price		$ 14.90
Maximum | RSUs
Disclosure of terms and conditions of share-based payment arrangement [line items]
Restricted stock units, Market price		$ 23.14

Share-based payments - RSUs (De

Share-based payments - RSUs (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of terms and conditions of share-based payment arrangement [line items]
Opening Balance	8,717
Ending Balance	232,317	8,717
RSUs
Disclosure of terms and conditions of share-based payment arrangement [line items]
Opening Balance	8,717	0
Granted	241,500	8,917
Vested	(2,900)
Forfeited	(15,000)	(200)
Ending Balance	232,317	8,717
Opening Balance	2 years 4 months 20 days	0 years
Granted	3 years	3 years
Forfeited	2 years 4 months 20 days	2 years 7 months 24 days
Closing Balance	2 years 5 months 12 days	2 years 4 months 20 days

Revenue (Details)

Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contracts with customers	$ 6,443	$ 6,990
Leasing	430	314
Total revenue	6,873	7,304
Capital equipment
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contracts with customers	3,150	4,581
Total revenue	3,150	4,581
Recurring - non-capital
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contracts with customers	3,293	2,409
Leasing	430	314
Total revenue	$ 3,723	$ 2,723

Nature of expenses (Details)

Nature of expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Nature of expenses
Production and manufacturing costs	$ 2,738	$ 3,063
Salaries and benefits	12,835	9,917
Consulting fees	4,076	3,395
Research and development expenses	3,433	2,318
Sales and marketing expenses	1,142	574
Amortization and depreciation	1,879	1,538
Share-based compensation	7,205	3,018
Rent	250	231
Software/hardware	619	424
Insurance	1,397	1,278
Other expenses	1,590	411
Nature of expenses, total	$ 37,164	26,167
Salaries and benefits, net of government assistance		376
Research and development expenses, net of reimbursements		$ 316

Net finance costs (Details)

Net finance costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Net finance costs
Change in fair value of derivative financial instrument	$ (293)	$ 237
Lease liability interest expense (note 11)	67	71
Interest income	(205)	(692)
Change in amortized cost of trade and other receivables (note 4)	448
CIBC loan		472
Change in fair value of contingent consideration (note 10)		90
Foreign exchange loss	286	2,536
Net finance costs. Total	$ 303	$ 2,714

Income taxes (Details)

Income taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income taxes
Loss before income taxes	$ 30,594	$ 21,577
Recovery based on combined federal and provincial statutory rate of 26.1% (2020 - 26.1%)	(7,795)	(5,632)
Permanent differences	1,608	(638)
Change in deferred tax assets not recognized	6,287	6,331
Effect of tax rates in foreign jurisdictions	5	(16)
Net income tax expense	$ 105	$ 45
Federal and provincial statutory rate (as a percent)	25.48%	26.10%
Non-capital loss carry-forwards	$ 98,454
SR&ED expenditures	14,435
Federal and provincial tax credits	$ 2,992

Loss per share (Details)

Loss per share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Loss per share
Net loss for the year	$ 30,699	$ 21,622
Weighted average number of common shares	20,464,168	17,294,653
Basic loss per share	$ 1.50	$ 1.25
Diluted loss per share	$ 1.50	$ 1.25
Share options	2,092,596	1,522,362
Warrants	724,983	1,223,744
RSUs	232,317	8,717
Exercisable	1,510,396	1,678,431

Financial assets and liabilit_3

Financial assets and liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair value through profit or loss.
Financial assets and liabilities
Financial liabilities	$ 161	$ 549
Financial liabilities at amortized cost
Financial assets and liabilities
Financial liabilities	4,557	5,058
Accounts payable and accrued liabilities | Financial liabilities at amortized cost
Financial assets and liabilities
Financial liabilities	3,180	3,382
Other Liabilities | Fair value through profit or loss.
Financial assets and liabilities
Financial liabilities		99
Lease Liabilities | Financial liabilities at amortized cost
Financial assets and liabilities
Financial liabilities	1,377	1,676
Derivative financial instrument | Fair value through profit or loss.
Financial assets and liabilities
Financial liabilities		450
Derivative financial instrument | Financial liabilities at amortized cost
Financial assets and liabilities
Financial liabilities	161
Financial assets at amortized cost
Financial assets and liabilities
Financial assets	72,186	91,344
Cash | Financial assets at amortized cost
Financial assets and liabilities
Financial assets	67,152	83,913
Trade and Other receivables | Financial assets at amortized cost
Financial assets and liabilities
Financial assets	5,034	7,431
Foreign currency risk | Accounts payable and accrued liabilities
Financial assets and liabilities
Financial liabilities	3,180	3,382
Foreign currency risk | Other Liabilities
Financial assets and liabilities
Financial liabilities		99
Foreign currency risk | Lease Liabilities
Financial assets and liabilities
Financial liabilities	1,377	1,676
Foreign currency risk | Cash
Financial assets and liabilities
Financial assets	67,152	83,913
Foreign currency risk | Trade and Other receivables
Financial assets and liabilities
Financial assets	$ 5,034	$ 7,431

Financial assets and liabilit_4

Financial assets and liabilities - Risk Management Strategy (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)
Interest rate risk [member]
Reasonably possible increase in interest rates
Loss before income taxes	$ 0

Financial assets and liabilit_5

Financial assets and liabilities - Risk Management Strategy and Loss before income taxes (Details) - Foreign currency risk - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Reasonably possible increase in interest rates
Reasonably possible increase in interest rates	5.00%
Loss before income taxes	$ 2,623	$ 3,406
Accounts payable and accrued liabilities
Reasonably possible increase in interest rates
Financial liabilities	(3,180)	(3,382)
Other Liabilities
Reasonably possible increase in interest rates
Financial liabilities		(99)
Lease Liabilities
Reasonably possible increase in interest rates
Financial liabilities	(1,377)	(1,676)
Cash
Reasonably possible increase in interest rates
Financial assets	67,152	83,913
Trade and Other receivables
Reasonably possible increase in interest rates
Financial assets	5,034	7,431
US dollars | Accounts payable and accrued liabilities
Reasonably possible increase in interest rates
Financial liabilities	(372)	(734)
US dollars | Cash
Reasonably possible increase in interest rates
Financial assets	47,765	61,644
US dollars | Trade and Other receivables
Reasonably possible increase in interest rates
Financial assets	4,310	5,002
Euro | Accounts payable and accrued liabilities
Reasonably possible increase in interest rates
Financial liabilities	(1,030)	(1,700)
Euro | Other Liabilities
Reasonably possible increase in interest rates
Financial liabilities		(99)
Euro | Lease Liabilities
Reasonably possible increase in interest rates
Financial liabilities		(95)
Euro | Cash
Reasonably possible increase in interest rates
Financial assets	1,349	1,899
Euro | Trade and Other receivables
Reasonably possible increase in interest rates
Financial assets	421	2,197
Canadian dollars | Accounts payable and accrued liabilities
Reasonably possible increase in interest rates
Financial liabilities	(1,759)	(948)
Canadian dollars | Lease Liabilities
Reasonably possible increase in interest rates
Financial liabilities	(1,368)	(1,581)
Canadian dollars | Cash
Reasonably possible increase in interest rates
Financial assets	17,984	20,370
Canadian dollars | Trade and Other receivables
Reasonably possible increase in interest rates
Financial assets	303	$ 232
Chinese renminbi | Accounts payable and accrued liabilities
Reasonably possible increase in interest rates
Financial liabilities	(19)
Chinese renminbi | Lease Liabilities
Reasonably possible increase in interest rates
Financial liabilities	(9)
Chinese renminbi | Cash
Reasonably possible increase in interest rates
Financial assets	$ 54

Financial assets and liabilit_6

Financial assets and liabilities - Liquidity risk (Details) - Liquidity risk - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Carrying amount	$ 4,557,000	$ 5,157
Future cash flows	4,755,000	5,439
Less than 1 year
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Future cash flows	3,501,000	3,879
Between 1 year and 5 years
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Future cash flows	1,254,000	1,240
Greater than 5 years
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Future cash flows		320
Accounts payable and accrued liabilities
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Carrying amount	3,180,000	3,382
Future cash flows	3,180,000	3,382
Accounts payable and accrued liabilities | Less than 1 year
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Future cash flows	3,180,000	3,382
Lease Liabilities
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Carrying amount	1,377,000	1,676
Future cash flows	1,575,000	1,958
Lease Liabilities | Less than 1 year
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Future cash flows	321,000	398
Lease Liabilities | Between 1 year and 5 years
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Future cash flows	$ 1,254,000	1,240
Lease Liabilities | Greater than 5 years
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Future cash flows		320
Other Liabilities
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Carrying amount		99
Future cash flows		99
Other Liabilities | Less than 1 year
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Future cash flows		$ 99

Related party transactions (Det

Related party transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Related party transactions
Salaries and employee benefits	$ 1,989	$ 1,418
Directors' fees	233	99
Share-based compensation	3,182	1,594
Remuneration of directors and the senior management team	$ 5,404	$ 3,111

Capital management (Details)

Capital management (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Capital management
Common shares	$ 219,579	$ 211,527
Deficit	(160,693)	(129,994)
Long-term debt	$ 58,886	$ 81,533

Segment reporting (Details)

Segment reporting (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Revenue
Capital equipment	$ 3,150	$ 4,581
Recurring - non-capital	3,723	2,723
Total revenue	6,873	7,304
Canada
Revenue
Capital equipment	1,724	4,031
Recurring - non-capital	353	2,454
Total revenue	2,077	6,485
USA
Revenue
Recurring - non-capital	2,090
Total revenue	2,090
Germany
Revenue
Capital equipment	1,426	550
Recurring - non-capital	1,280	269
Total revenue	$ 2,706	$ 819

Segment reporting - Other finan

Segment reporting - Other financial information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Geographical areas
Total assets	$ 86,775	$ 104,601
Goodwill and intangible assets	4,124	4,576
Property and equipment (note 6)	788	859	$ 527
Right-of-use assets	1,116	1,424
Amortization of intangible assets	1,029	881
Depreciation of property and equipment	518	352
Depreciation of right-of-use assets (note 8)	332	305
Canada
Geographical areas
Total assets	81,529	98,890
Goodwill and intangible assets	4,124	4,576
Property and equipment (note 6)	490	859
Right-of-use assets	1,106	1,325
Amortization of intangible assets	1,029	881
Depreciation of property and equipment	408	236
Depreciation of right-of-use assets (note 8)	234	212
USA
Geographical areas
Total assets	2,068	456
Property and equipment (note 6)	298
Depreciation of property and equipment	110
Germany
Geographical areas
Total assets	1,445	1,682
China
Geographical areas
Total assets	81
Right-of-use assets	10
Depreciation of right-of-use assets (note 8)	8
Finland
Geographical areas
Total assets	1,652	3,573
Right-of-use assets		99
Depreciation of property and equipment		116
Depreciation of right-of-use assets (note 8)	$ 90	$ 93