Profound Medical (PROF) 40-F 7 Mar 24 2023 FY Annual report (Canada) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2023 shares
Document Information
Document Type	40-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Entity File Number	001-39032
Entity Registrant Name	Profound Medical Corp.
Entity Incorporation, State or Country Code	Z4
Entity Primary SIC Number	3841
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 Common Stock, Shares Outstanding	21,370,565
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Central Index Key	0001628808
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	PricewaterhouseCoopers LLP
Auditor Firm ID	271
Auditor Location	Toronto, Ontario, Canada
Business Contact
Document Information
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, 2023	Dec. 31, 2022
Current assets
Cash	$ 26,213	$ 46,517
Trade and other receivables (note 4)	7,288	6,344
Inventory (note 5)	6,989	7,941
Prepaid expenses and deposits	1,406	1,222
Total current assets	41,896	62,024
Property and equipment (note 6)	909	899
Intangible assets (note 7)	490	680
Right-of-use assets (note 8)	616	818
Total assets	43,911	64,421
Current liabilities
Accounts payable and accrued liabilities	3,282	2,033
Deferred revenue	721	471
Long-term debt (note 9)	2,104	523
Provisions		58
Derivative financial instrument (note 9)		563
Lease liabilities (note 10)	259	239
Income taxes payable		298
Total current liabilities	6,366	4,185
Deferred tax liability (note 16)	59
Long-term debt (note 9)	5,000	6,651
Deferred revenue	728	764
Lease liabilities (note 10)	578	817
Total liabilities	12,731	12,417
Shareholders' Equity
Share capital (note 11)	217,393	205,825
Contributed surplus	19,687	18,704
Accumulated other comprehensive income	12,031	16,837
Deficit	(217,931)	(189,362)
Total Shareholders' Equity	31,180	52,004
Total Liabilities and Shareholders' Equity	$ 43,911	$ 64,421

Consolidated Statements of Loss

Consolidated Statements of Loss and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Revenue (note 13)
Recurring - non-capital	$ 6,806	$ 4,677
Capital equipment	393	2,004
Total revenue	7,199	6,681
Cost of sales (note 14)	2,817	3,660
Gross profit	4,382	3,021
Operating expenses (note 14)
Research and development	14,377	14,690
General and administrative	9,168	9,465
Selling and distribution	9,453	8,468
Impairment of goodwill (note 7)		2,524
Total operating expenses	32,998	35,147
Operating loss	28,616	32,126
Net finance expense (income) (note 15)	81	(3,744)
Loss before income taxes	28,697	28,382
Income tax (recovery) expense (note 16)	(187)	287
Deferred tax expense (note 16)	59
Net loss attributed to shareholders for the year	28,569	28,669
Item that may be reclassified to loss
Foreign currency translation adjustment - net of tax	4,806	(12,091)
Net loss and comprehensive loss for the year	$ 33,375	$ 16,578
Loss per share (note 17)
Basic loss per common share	$ 1.35	$ 1.38
Diluted loss per common share	$ 1.35	$ 1.38

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands	Share capital	Contributed surplus	Accumulated other comprehensive income	Deficit	Total
Balance at the beginning at Dec. 31, 2021	$ 219,579	$ 16,986	$ 4,746	$ (160,693)	$ 80,618
Balance at the beginning (in shares) at Dec. 31, 2021	20,776,217
Net loss for the year				(28,669)	(28,669)
Cumulative translation adjustment - net of tax of $nil	$ (15,229)	(1,228)	12,091		(4,366)
Exercise of share options	$ 443	(180)			263
Exercise of share options (in shares)	40,542
Vesting of RSUs	$ 1,032	(1,032)
Vesting of RSUs (in shares)	62,738
Share-based compensation (note 12)		4,158			4,158
Balance at the end at Dec. 31, 2022	$ 205,825	18,704	16,837	(189,362)	52,004
Balance at the end (in shares) at Dec. 31, 2022	20,879,497
Net loss for the year				(28,569)	(28,569)
Cumulative translation adjustment - net of tax of $nil	$ 6,103	(654)	(4,806)		643
Exercise of share options	$ 403	(158)			245
Exercise of share options (in shares)	33,799
Exercise of warrants	$ 4,223	(986)			3,237
Exercise of warrants (shares)	285,138
Vesting of RSUs	$ 704	(704)
Vesting of RSUs (in shares)	162,131
Vesting of DSUs	$ 135	(135)
Vesting of DSUs (in shares)	10,000
Change in terms of DSUs (note 12)		203			203
Share-based compensation (note 12)		3,417			3,417
Balance at the end at Dec. 31, 2023	$ 217,393	$ 19,687	$ 12,031	$ (217,931)	$ 31,180
Balance at the end (in shares) at Dec. 31, 2023	21,370,565

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
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, 2023	Dec. 31, 2022
Operating activities
Net loss for the year	$ (28,569)	$ (28,669)
Adjustments to reconcile net loss to net cash flows from operating activities:
Depreciation of property and equipment (note 6)	727	672
Amortization of intangible assets (note 7)	202	704
Depreciation of right-of-use assets (note 8)	217	228
Share-based compensation (note 12)	3,417	4,238
Interest and accretion expense (note 15)	770	174
Deferred revenue	187	(27)
Change in fair value of derivative financial instrument (note 15)	232	275
Net change in amortized cost of trade and other receivables (note 4)	146	(290)
Impairment of goodwill (note 7)		2,524
Changes in non-cash working capital balances
Trade and other receivables	(956)	(1,424)
Prepaid expenses and deposits	(158)	(157)
Inventory	353	(1,864)
Accounts payable and accrued liabilities	1,356	(566)
Deferred tax liability	58
Provisions		(24)
Income taxes payable	(299)	311
Foreign exchange on cash	20	(1,905)
Net cash flow used in operating activities	(22,297)	(25,800)
Financing activities
Proceeds from long-term debt (note 9)		7,273
Long-term debt transaction costs (note 9)		(149)
Payment of long-term debt (note 9)	(912)	(44)
Proceeds from share options exercised	245	263
Proceeds from warrants exercised	2,423
Payment of lease liabilities (note 10)	(292)	(312)
Total cash from financing activities	1,464	7,031
Net change in cash during the year	(20,833)	(18,769)
Foreign exchange on cash	529	(1,866)
Cash - Beginning of year	46,517	67,152
Cash - End of year	26,213	46,517
Supplemental cash flow information:
Interest paid, included in financing activities	669	43
Income taxes paid, included in operating activities	$ 160	$ 55

Description of business

Description of business	12 Months Ended
	Dec. 31, 2023
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, Canada, L4W 5K5.

Summary of significant material

Summary of significant material accounting policies and basis of preparation	12 Months Ended
	Dec. 31, 2023
Summary of significant material accounting policies and basis of preparation
Summary of significant material accounting policies and basis of preparation	2 Summary of material 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 Accounting Standards). The Board of Directors approved these consolidated financial statements on March 7, 2024. These consolidated financial statements comply with IFRS Accounting Standards. Summary of material accounting policies Use of estimates and judgments The preparation of consolidated financial statements in conformity with IFRS Accounting Standards 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 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: 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). 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, liabilities and equity 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 (income) loss. 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 net finance income. 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 5 years Equipment under lease ​ 2 years 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. 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, right-of-use assets 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 net finance income. 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 three 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) and 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. 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. ​ Accounting standards adopted during the year Beginning on January 1, 2023, the Company adopted certain IFRS Accounting Standards and amendments. The nature and the effect of these changes are disclosed below: Disclosure initiative – accounting policies (Amendments to IAS 1 and IFRS Practice Statement 2) Beginning on January 1, 2023, the Company adopted the amendments to IAS 1 Presentation of financial statements (IAS 1) and IFRS Practice Statement 2 Making Materiality Judgements. These amendments help companies provide useful accounting policy disclosures and requires the disclosure of material accounting policy information rather than disclosing significant accounting policies. The adoption of these amendments did not have a material impact on the consolidated financial statements. Definition of accounting estimates (Amendments to IAS 8) Beginning on January 1, 2023, the Company adopted the amendments to IAS 8 Accounting policies, changes in accounting estimates and errors. These amendments show how to distinguish changes in accounting policies from changes in accounting estimates. The adoption of the amendments did not have a material impact on the consolidated financial statements. International tax reform—Pillar Two model rules (Amendments to IAS 12) Beginning on January 1, 2023, the Company adopted amendments to IAS 12 Income Taxes. This introduced a temporary exception to the requirements to recognize and disclose information about deferred tax assets and liabilities related to Pillar Two income taxes and targeted disclosure requirements for affected entities. The adoption of the amendments did not have a material impact on the consolidated financial statements. Accounting pronouncements issued but not yet effective Classification of liabilities as current or non-current (Amendments to IAS1) This amendment addresses inconsistencies with how entities classify current and non-current liabilities. It serves to address whether debt and other liabilities with an uncertain settlement date should be classified as current or non-current in the consolidated balance sheets. The amendment is effective for the Company starting on January 1, 2024. The adoption of the amendments is not expected to have a material impact on the consolidated financial statements. ​ Non-current liabilities with covenants (Amendments to IAS1) This amendment aims to improve the information an entity provides when its rights to defer settlement of a liability is subject to compliance with covenants within twelve months after the reporting period. The amendment is effective for the Company starting on January 1, 2024. The adoption of the amendments is not expected to have a material impact on the consolidated financial statements. ​ Other IFRS Accounting Standards and amendments issued but not yet effective have been assessed by the Company and are not expected to have a material impact on the consolidated financial statements and none have been early adopted.

Critical accounting estimates a

Critical accounting estimates and judgments	12 Months Ended
	Dec. 31, 2023
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: ● 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, 2023
Trade and other receivables
Trade and other receivables	4 Trade and other receivables The trade and other receivables balance comprises the following: ​ ​ ​ ​ ​ ​ ​ 2023 2022 ​ ​ $ ​ $ ​ ​ ​ ​ ​ Trade receivables, gross 7,145 ​ 5,980 Loss allowance (note 18) (76) ​ — Less amortized cost adjustment (315) ​ (143) Trade receivables, net 6,754 ​ 5,837 Tax receivables ​ 414 ​ 494 Other receivables ​ 120 ​ 13 Total trade and other receivables 7,288 ​ 6,344 ​ 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, 2023 there were $648 of trade receivables that were past due (2022 - $ nil ). Management continually reviews the future cash flows used in the calculation of the amortized cost of its trade and other receivables. Due to access to customer locations, certain gross trade receivables totalling $ 3,737 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 Company recognized $146 net interest expense for the year ended December 31, 2023 (2022 – $290 interest income) as a result of this adjustment.

Inventory

Inventory	12 Months Ended
	Dec. 31, 2023
Inventory
Inventory	5 Inventory ​ ​ ​ ​ ​ ​ ​ 2023 2022 ​ ​ $ ​ $ ​ ​ ​ ​ ​ Finished goods 4,646 5,455 Raw materials 2,351 2,491 Inventory provision (8) (5) Total inventory 6,989 7,941 ​ During the year ended December 31, 2023, $2,424 (2022 - $2,101 ) of inventory was recognized in cost of sales. The Company increased its inventory provision by $3 during the year ended December 31, 2023 (2022 – $2 ). There were no other inventory write-downs charged to cost of sales during the year ended December 31, 2023 (2022 -$ nil ).

Property and equipment

Property and equipment	12 Months Ended
	Dec. 31, 2023
Property and equipment
Property and equipment	6 Property and equipment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Leasehold ​ Equipment ​ ​ ​ ​ improvements ​ under lease ​ Total ​ $ $ $ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2022 Opening net book value 286 502 788 Additions ​ — ​ 800 ​ 800 Foreign exchange (15) (2) (17) Depreciation (59) (613) (672) Closing net book value 212 687 899 ​ ​ ​ ​ ​ ​ ​ At December 31, 2022 ​ ​ ​ Cost 542 1,835 2,377 Accumulated depreciation (330) (1,148) (1,478) Net book value 212 687 899 ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2023 ​ ​ ​ Opening net book value 212 687 899 Additions ​ — ​ 733 ​ 733 Foreign exchange 3 1 4 Depreciation (57) (670) (727) Closing net book value 158 751 909 ​ ​ ​ ​ ​ ​ ​ At December 31, 2023 ​ ​ ​ Cost 542 2,583 3,125 Accumulated depreciation (384) (1,832) (2,216) Net book value 158 751 909 ​

Intangible assets

Intangible assets	12 Months Ended
	Dec. 31, 2023
Intangible assets
Intangible assets	7 Intangible assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exclusive ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ licence ​ ​ ​ Proprietary ​ ​ ​ ​ ​ ​ agreement ​ Software ​ technology ​ Brand ​ Total ​ $ $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2022 Opening net book value 165 770 417 83 1,435 Foreign exchange ​ (5) ​ (32) ​ (10) ​ (4) ​ (51) Amortization (25) (193) (407) (79) (704) Closing net book value 135 545 — — 680 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31, 2022 ​ ​ ​ ​ ​ Cost 231 978 3,456 681 5,346 Accumulated amortization (96) (433) (3,456) (681) (4,666) Net book value 135 545 — — 680 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2023 ​ ​ ​ ​ ​ Opening net book value 135 545 — — 680 Foreign exchange ​ 3 ​ 9 ​ — ​ — ​ 12 Amortization (21) (181) — — (202) Closing net book value 117 373 — — 490 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31, 2023 ​ ​ ​ ​ ​ Cost 231 978 3,456 681 5,346 Accumulated amortization (114) (605) (3,456) (681) (4,856) Net book value 117 373 — — 490 ​ 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 and exclusively licenced-in rights that enable the Company to use Sunnybrook’s technology for MRI-guided trans-urethral ultrasound therapy. The Company has the 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. Impairment of Goodwill - Sonalleve MR-HIFU CGU impairment test for the year ended December 31, 2022 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, 2022. 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 2% . The key assumptions and estimates used in determining the FVLCD are related to revenue and EBITDA assumptions, dependent on economic conditions and other events which are based on the financial forecast and assumed growth rates and the discount rate of 18% applied to the cash flow projections. As the return to business in China continued to be delayed as a result of actions outside of the control of management, including government restrictions impacting the re-opening of hospitals and clinics and delays in the vaccine roll out, management’s estimates of operating results and further cash flows for the forecasted periods have been negatively impacted. As a result of the impairment test performed, it was determined that the goodwill was impaired and the Company recognized an impairment of $2,524 during the year ended December 31, 2022, representing all of the Company’s goodwill. There were no other non-current assets allocated to the Sonalleve MR-HIFU CGU and therefore the impairment was only related to the remaining goodwill. No reasonable change in assumptions would change the outcome of the impairment test. ​ ​ ​ ​ Goodwill $ As at January 1, 2022 2,689 Foreign exchange (165) Impairment (2,524) As at December 31, 2022 — ​

Right-of-use assets

Right-of-use assets	12 Months Ended
	Dec. 31, 2023
Right-of-use assets
Right-of-use assets	8 Right-of-use assets ​ ​ ​ ​ ​ ​ Leased ​ premises ​ ​ $ ​ ​ ​ Year ended December 31, 2022 Opening net book value 1,116 Foreign exchange (70) Depreciation (228) Closing net book value 818 ​ ​ ​ As at December 31, 2022 ​ Cost 1,679 Accumulated depreciation (861) Net book value 818 ​ ​ ​ Year ended December 31, 2023 ​ Opening net book value 818 Foreign exchange 15 Depreciation (217) Closing net book value 616 ​ ​ ​ As at December 31, 2023 ​ Cost 1,679 Accumulated depreciation (1,063) Net book value 616 ​ The Company leases office premises in Mississauga, Canada. The lease agreement ends on September 30, 2026 with the rights to extend for another 5 years , which is not reasonably certain.

Long-term debt

Long-term debt	12 Months Ended
	Dec. 31, 2023
Long-term debt
Long-term debt	9 Long-term debt On November 3, 2022, the Company signed a term loan agreement with CIBC Innovation Banking (CIBC) to provide a secured loan for total gross proceeds of C $10,000 maturing on November 3, 2027 with an interest rate based on prime plus 2% (CIBC Loan). The Company was required to make interest only payments until October 31, 2023 and monthly repayments of C $208 plus accrued interest commenced on October 31, 2023. All obligations of the Company under the CIBC Loan are guaranteed by current and future subsidiaries of the Company and include security of first priority interests in the assets of the Company and its subsidiaries. Initially, the Company had financial covenants in relation to the CIBC loan where unrestricted cash is at all times greater than EBITDA for the most recent six-month period, reported on a monthly basis and that revenue for any fiscal quarter must be 15% greater than revenue for the same fiscal quarter in the prior fiscal year, reported on a quarterly basis. On September 26, 2023 an amendment to the CIBC Loan resulted in a change to the financial covenants. The amended covenants are that unrestricted cash must at all times be greater of: (i) to the extent EBITDA is negative for such period, EBITDA for the most recent nine-month period and (ii) $7,500 , reported on a monthly basis; and that recurring revenue for any fiscal quarter must be 15% greater than recurring revenue for the same fiscal quarter in the prior fiscal year, reported on a quarterly basis. The Company is in compliance with these financial covenants as at December 31, 2023. Future compliance with the financial covenants included in the CIBC Loan is dependent upon achieving certain revenue, EBITDA, and anticipated cash levels. ​ ​ ​ ​ ​ ​ ​ 2023 2022 ​ ​ $ ​ $ ​ ​ ​ ​ ​ Balance – Beginning of year ​ 7,174 ​ — Proceeds received, net ​ — ​ 7,124 Fair value of warrants ​ — ​ (129) Interest and accretion expense ​ 727 ​ 115 Foreign exchange ​ 115 ​ 108 Repayment ​ (912) ​ (44) Balance – End of year ​ 7,104 ​ 7,174 Less: Current portion ​ 2,104 ​ 523 Long-term portion ​ 5,000 ​ 6,651 ​ In connection with this term loan agreement on November 3, 2022, the Company also issued 47,287 common share purchase warrants to CIBC, with each warrant entitling the holder to acquire one common share at a price of C $5.29 per common share until the date that is 10 years from the closing of the term loan agreement, with a cashless exercise feature (note 11). 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 net finance income on the consolidated statements of loss and comprehensive loss. On June 14, 2023, all of the outstanding warrants were exercised resulting in the issuance of 34,537 common shares. A pricing model with observable market based inputs was used to estimate the fair value of the warrants issued and is considered level 2 in the fair value hierarchy. The estimated fair value of the warrants on June 14, 2023, the date of exercise, was $568 (December 31, 2022 - $418 ) and this amount was transferred from derivative financial instrument to common shares. The variables used to determine the fair values are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 14, December 31, ​ ​ ​ 2023 ​ 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ Share price C$ 19.16 C$ 14.48 ​ Volatility ​ 70 % ​ 70 % Expected life of warrants ​ 6.4 years ​ 6.9 years Risk free interest rate ​ 3.52 % ​ 3.30 % Dividend yield ​ — ​ — ​ ​ In connection with the July 30, 2018 CIBC term loan agreement which was previously repaid, the Company 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. 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 net finance income on the interim condensed consolidated statements of loss and comprehensive loss. On June 14, 2023, all of the outstanding warrants were exercised resulting in the issuance of 16,266 common shares. A pricing model with observable market based inputs was used to estimate the fair value of the warrants issued and is considered level 2 in the fair value hierarchy. The estimated fair value of the warrants on June 14, 2023, the date of exercise, was $227 (December 31,2022 - $145 ) and this amount was transferred from derivative financial instrument to common shares. The variables used to determine the fair values are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 14, ​ December 31, ​ ​ 2023 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ Share price C$ 19.60 C$ 14.48 ​ Volatility ​ 80 % ​ 84 % Expected life of warrants ​ 0.1 years ​ 0.6 years Risk free interest rate ​ 4.52 % ​ 4.07 % Dividend yield ​ — ​ — ​ ​

Lease liabilities

Lease liabilities	12 Months Ended
	Dec. 31, 2023
Lease liabilities
Lease liabilities	10 Lease liabilities ​ ​ ​ ​ ​ $ ​ ​ ​ As at January 1, 2022 1,377 Repayments (312) Foreign exchange (68) Interest and accretion expense ​ 59 As at December 31, 2022 ​ 1,056 Repayments ​ (292) Foreign exchange ​ 30 Interest and accretion expense ​ 43 As at December 31, 2023 837 Less: Current portion 259 Long-term portion 578 ​

Share capital

Share capital	12 Months Ended
	Dec. 31, 2023
Share capital
Share capital	11 Share capital Common shares The Company is authorized to issue an unlimited number of common shares. Issued and outstanding (with no par value) ​ ​ ​ ​ ​ ​ ​ 2023 2022 ​ ​ $ ​ $ ​ ​ ​ ​ ​ 21,370,565 (2022 – 20,879,497 ) common shares 217,393 205,825 ​ On September 6, 2023, the Company entered into an at-the-market equity program (ATM Program), under which the Company may from time to time in its sole discretion, issue and sell through its securities dealers acting as agents up to $ 30,000 of common shares. Through December 31, 2023, the Company has not issued any common shares of the Company under the ATM Program. Subsequent to year end, on January 2, 2024, the Company closed a public offering, resulting in the issuance of 2,666,667 common shares at a price of $7.50 , for gross proceeds of $20,000 ($ 18,238 , net of transaction costs). On January 16, 2024, the Company closed a non-brokered private placement, resulting in the issuance of 391,667 common shares at a price of $7.50 , for gross proceeds of $2,938 ( $2,841 , net of transaction costs). Warrants A summary of warrants outstanding is shown below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Weighted ​ average ​ ​ ​ ​ average ​ remaining ​ ​ ​ ​ exercise ​ contractual ​ ​ Number of ​ price ​ life ​ warrants C$ (years) ​ ​ ​ ​ ​ ​ ​ Balance – January 1, 2022 724,983 13.81 1.23 Granted ​ 47,287 ​ 5.29 ​ 9.80 Balance – December 31, 2022 ​ 772,270 ​ 13.29 ​ 0.82 Expired ​ (458,477) ​ 14.00 ​ — Exercised ​ (313,793) ​ 13.48 ​ — Balance – December 31, 2023 — — — ​

Share-based payments

Share-based payments	12 Months Ended
	Dec. 31, 2023
Share-based payments
Share-based payments	12 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 the share option plan and the long term incentive plan is 2,778,173 common shares or such other number as may be approved by the holders of the voting shares of the Company. As at December 31, 2023, 1,474,809 (2022 – 1,511,773 ) options are outstanding. Each share 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 year 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, 2022 2,092,596 16.90 Granted 29,200 9.65 Exercised (40,542) 8.45 Forfeited/expired (569,481) 17.49 Balance – December 31, 2022 1,511,773 16.07 Granted 59,300 15.42 Exercised (33,799) 9.86 Forfeited/expired (62,465) 16.13 Balance – December 31, 2023 1,474,809 16.19 ​ The Company estimated the fair value of the share options granted during the year using the Black-Scholes option pricing model with the weighted average assumptions below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 22, ​ June 12, ​ September 8, ​ November 16, ​ ​ 2023 2023 2023 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercise price ​ C$ 13.39 ​ C$ 19.87 ​ C$ 12.38 ​ C$ 12.41 ​ Expected volatility ​ ​ 70 % 70 % 69 % 70 % Expected life of options ​ ​ 6 years 6 years 6 years 6 years Risk-free interest rate ​ ​ 3.38 % 3.22 % 3.71 % 4.16 % Dividend yield ​ ​ — ​ — ​ — ​ — ​ Number of share options issued ​ ​ 13,900 ​ 23,450 ​ 7,650 ​ 14,300 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ August 15, ​ December 20, ​ 2022 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercise price ​ C$ 9.20 ​ C$ 12.46 ​ Expected volatility ​ 68 % 71 % Expected life of options ​ 6 years 6 years Risk-free interest rate ​ 2.76 % 2.95 % Dividend yield ​ — ​ — ​ Number of share options issued ​ 25,200 ​ 4,000 ​ ​ The following table summarizes information about the share options outstanding as at December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ average ​ ​ ​ ​ Number of ​ remaining ​ Number of Exercise price ​ options ​ contractual ​ options C$ outstanding life (years) exercisable ​ ​ ​ ​ ​ ​ ​ 8.01 – 10.00 317,609 5.30 314,535 10.01 – 12.00 109,534 4.23 109,534 12.01 – 14.00 37,650 8.02 9,050 14.01 – 16.00 142,456 3.43 133,759 16.01 – 18.00 421,889 6.40 376,252 18.01 – 20.00 ​ 21,700 ​ 9.45 ​ — 20.01 – 22.00 300 6.63 248 22.01 – 24.00 411,871 7.38 266,951 24.01 – 26.00 ​ 1,800 ​ 6.90 ​ 1,373 28.01 – 30.00 ​ 10,000 ​ 7.20 ​ 6,879 ​ ​ 1,474,809 ​ 6.08 ​ 1,218,581 ​ Compensation expense related to share options for the year ended December 31, 2023 was $1,211 (2022 - $2,514 ). Long-term incentive plan Effective May 17, 2023, the Company adopted the amended 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 maximum number of units which may be reserved for issuance under this LTIP in respect of grants of RSUs and DSUs shall not exceed 4.9 % of the issued and outstanding common shares on a non-diluted basis, provided that, the maximum number of shares which may be reserved for issuance pursuant to all of the Company’s security-based compensation arrangements shall not in the aggregate exceed 13 % of the issued and outstanding common shares on a non-diluted basis. 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 and DSUs granted under the LTIP vest over a period of up to three years . Share-based compensation expense related to the LTIP for the year ended December 31, 2023, was $2,206 (2022 - $1,724 ). During the year ended December 31, 2023, the Company authorized for issuance under the LTIP a total of 235,500 RSUs and 25,000 DSUs with market prices of C$ 12.38 and with vesting terms over 3 years . A summary of the RSU changes during the year are set forth below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ average ​ ​ ​ ​ remaining ​ Number of contractual ​ ​ RSUs ​ life (years) ​ ​ ​ ​ ​ Balance – January 1, 2022 232,317 ​ 2.45 Granted 385,083 ​ 3.00 Vested (62,738) ​ — Forfeited ​ (110,801) ​ 2.14 Balance – December 31, 2022 ​ 443,861 ​ 2.38 Granted ​ 235,500 ​ 3.00 Vested ​ (162,131) ​ — Forfeited ​ (23,834) ​ 1.56 Balance – December 31, 2023 493,396 ​ 1.99 ​ Effective May 17, 2023, the Company adopted the approval of revision to the amended LTIP. Previously, vested DSUs were settled either in common shares or in cash or a combination thereof at the discretion of the holder and were classified as a cash-settled liability. Under the amended LTIP, vested DSUs are settled either in common shares or in cash or a combination thereof at the discretion of the Company. The change in terms resulted in the DSUs being classified as equity settled and the effect of this change was recognized in the current period resulting in a reclassification between accounts payable and accrued liabilities and contributed surplus of $203 . ​ A summary of the DSU changes during the year are set forth below: ​ ​ ​ ​ ​ ​ Number of ​ DSUs ​ ​ ​ Balance - January 1, 2022 ​ — Granted ​ 60,000 Balance - December 31, 2022 ​ 60,000 Granted ​ 25,000 Vested ​ (10,000) Balance - December 31, 2023 ​ 75,000 ​

Revenue

Revenue	12 Months Ended
	Dec. 31, 2023
Revenue
Revenue	13 Revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2023 ​ 2022 ​ ​ $ ​ $ ​ Contracts ​ ​ ​ ​ ​ Contracts ​ ​ ​ ​ ​ with ​ ​ ​ ​ ​ with ​ ​ ​ ​ customers Leasing Total customers Leasing Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recurring - non-capital ​ 5,506 ​ 1,300 ​ 6,806 ​ 3,967 ​ 710 ​ 4,677 Capital equipment ​ 393 ​ — ​ 393 ​ 2,004 ​ — ​ 2,004 ​ ​ 5,899 ​ 1,300 ​ 7,199 ​ 5,971 ​ 710 ​ 6,681 ​

Nature of expenses

Nature of expenses	12 Months Ended
	Dec. 31, 2023
Nature of expenses
Nature of expenses	14 Nature of expenses ​ ​ ​ ​ ​ ​ ​ 2023 2022 ​ ​ $ ​ $ ​ ​ ​ ​ ​ Production and manufacturing costs ​ 873 ​ 2,397 Salaries and benefits ​ 15,011 ​ 14,942 Consulting fees ​ 5,820 ​ 4,146 Research and development expenses ​ 2,977 ​ 2,839 Impairment of goodwill ​ — ​ 2,524 Sales and marketing expenses ​ 2,199 ​ 1,711 Amortization and depreciation ​ 1,146 ​ 1,604 Share-based compensation ​ 3,417 ​ 4,238 Rent ​ 715 ​ 496 Software/hardware ​ 585 ​ 1,003 Insurance ​ 1,400 ​ 1,239 Office and shop supplies ​ 279 ​ 683 Other expenses ​ 1,317 ​ 985 Expected credit loss (note 4) ​ 76 ​ — ​ ​ 35,815 ​ 38,807 ​

Net finance (income) costs

Net finance (income) costs	12 Months Ended
	Dec. 31, 2023
Net finance (income) costs
Net finance (income) costs	15 Net finance (income) costs ​ ​ ​ ​ ​ ​ ​ 2023 2022 ​ ​ $ ​ $ ​ ​ ​ ​ ​ Change in fair value of derivative financial instrument ​ 232 ​ 275 Lease liability interest expense (note 10) ​ 43 ​ 59 Interest income ​ (1,642) ​ (803) Net change for amortized cost of trade and other receivables (note 4) ​ 146 ​ (290) CIBC loan interest expense (note 9) ​ 727 ​ 115 Net foreign exchange loss (gain) ​ 575 ​ (3,100) ​ ​ 81 ​ (3,744) ​

Income taxes

Income taxes	12 Months Ended
	Dec. 31, 2023
Income taxes
Income taxes	16 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: ​ ​ ​ ​ ​ ​ ​ 2023 2022 ​ ​ $ ​ $ ​ ​ ​ ​ ​ Loss before income taxes ​ 28,697 28,382 ​ ​ ​ ​ ​ Recovery based on combined federal and provincial statutory rate of 26% (2022 – 25.48% ) ​ (7,461) (7,232) Permanent differences ​ 652 1,082 Change in deferred tax assets not recognized ​ 6,929 6,440 Effect of tax rates in foreign jurisdictions ​ (248) (3) Net income tax (recovery) expense ​ (128) ​ 287 ​ The Company’s income tax provision is allocated as follows: ​ ​ ​ ​ ​ ​ ​ 2023 2022 ​ ​ $ ​ $ ​ ​ ​ ​ ​ Current tax (recovery) expense (187) 287 Deferred tax expense 59 — Net income tax (recovery) expense (128) 287 ​ The component of deferred tax liability is summarized as follows: ​ ​ ​ ​ ​ ​ ​ 2023 2022 ​ ​ $ ​ $ ​ ​ ​ ​ ​ Excess of accounting value of property and equipment over tax value ​ (59) ​ — Deferred tax liability ​ (59) ​ — ​ 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 $138,342 as at December 31, 2023 that expire in varying amounts from 2028 to 2043. The Company has SR&ED expenditures of approximately $16,475 as at December 31, 2023, which can be carried forward indefinitely to reduce future years’ taxable income. The Company has approximately $3,544 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 2043.

Loss per share

Loss per share	12 Months Ended
	Dec. 31, 2023
Loss per share
Loss per share	17 Loss per share The following table shows the calculation of basic and diluted loss per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 ​ ​ ​ ​ ​ ​ ​ Net loss for the year ​ $ 28,569 ​ $ 28,669 Weighted average number of common shares ​ 21,182,558 ​ 20,829,861 Basic and diluted loss per share ​ $ 1.35 ​ $ 1.38 ​ 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. Of the 1,474,809 (2022 – 1,511,773 ) share options, 493,396 (2022 – 443,681 ) RSUs, 75,000 (2022 – 60,000 ) DSUs and nil (2022 – 772,270 ) warrants not included in the calculation of diluted loss per share for the year ended December 31, 2023, 1,218,581 (2022 – 1,771,243 ) were exercisable.

Financial assets and liabilitie

Financial assets and liabilities	12 Months Ended
	Dec. 31, 2023
Financial assets and liabilities
Financial assets and liabilities	18 Financial assets and liabilities Classification of financial instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ ​ ​ Financial ​ ​ Fair value ​ Financial ​ liabilities ​ ​ through ​ assets at ​ at ​ ​ profit or ​ amortized ​ amortized ​ ​ loss ​ cost ​ cost ​ ​ $ ​ $ ​ $ ​ ​ ​ ​ ​ ​ ​ Cash ​ — ​ 26,213 ​ — Trade and other receivables ​ — ​ 7,288 ​ — Accounts payable and accrued liabilities ​ — ​ — ​ 3,282 Lease liabilities ​ — ​ — ​ 837 Long-term debt ​ — ​ — ​ 7,104 ​ ​ — ​ 33,501 ​ 11,223 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ ​ ​ Financial ​ ​ Fair value ​ Financial ​ liabilities ​ ​ through ​ assets at ​ at ​ ​ profit or ​ amortized ​ amortized ​ ​ loss ​ cost ​ cost ​ ​ $ ​ $ ​ $ ​ ​ ​ ​ ​ ​ ​ Cash ​ — ​ 46,517 ​ — Trade and other receivables ​ — ​ 6,344 ​ — Accounts payable and accrued liabilities ​ — ​ — ​ 2,033 Lease liabilities ​ — ​ — ​ 1,056 Derivative financial instrument ​ 563 ​ — ​ — Long-term debt ​ — ​ — ​ 7,174 ​ ​ 563 ​ 52,861 ​ 10,263 ​ 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 receivables. To measure the expected credit losses, trade receivables are grouped based on shared credit risk characteristics and the days past due. On that basis, the loss allowance as at December 31, 2022 was 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. At December 31, 2023, the expected loss rates are based on comparable company payment profiles of sales over a period of 36 months before December 31, 2023 or January 1, 2023 respectively and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current information on macroeconomic factors affecting the ability of the customers to settle the receivables. The loss allowance as at December 31, 2023 for trade receivables is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ Current 0–30 days 31-60 days 61-90 days 90+ days Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expected loss rate 0.84 % 1.42 % 1.35 % 2.46 % 3.62 % Gross carrying amount 6,497 — 93 — 555 7,145 Loss allowance 55 — 1 — 20 76 ​ The loss allowance for trade receivables as at December 31 reconciled to the opening loss allowances as follows: ​ ​ ​ ​ ​ 2023 ​ ​ $ ​ ​ Opening loss allowance January 1 — Increase in loss allowance recognized in loss during the year 76 Closing loss allowance at December 31 76 ​ 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 180 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 exposed to such fluctuations relating to cash, as it is held in a high interest account which bears interest at a floating rate and long-term debt, as it bears interest at a floating rate. If interest rates had been 1% higher on the average cash balance, with all other variables held constant, loss before income taxes would have been $235 lower for the year ended December 31, 2023 (2022 - $376 ). If interest rates had been 1% higher on the average long-term debt balance, with all other variables held constant, loss before income taxes would have been $71 higher for the year ended December 31, 2023 (2022 – $72 ). ● 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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ US ​ Canadian Chinese ​ ​ ​ dollars ​ Euro ​ dollars ​ renminbi ​ Total ​ ​ $ ​ $ ​ $ ​ $ ​ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash ​ 19,599 ​ 615 ​ 5,931 ​ 68 ​ 26,213 Trade and other receivables ​ 5,211 ​ 1,935 ​ 142 ​ — ​ 7,288 Accounts payable and accrued liabilities ​ (628) ​ (452) ​ (2,186) ​ (16) ​ (3,282) Lease liabilities ​ — ​ — ​ (837) ​ — ​ (837) Long-term debt ​ — ​ — ​ (7,104) ​ — ​ (7,104) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ US ​ Canadian Chinese ​ ​ ​ dollars ​ Euro ​ dollars ​ renminbi ​ Total ​ ​ $ ​ $ ​ $ ​ $ ​ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash ​ 32,897 ​ 365 ​ 13,214 ​ 41 ​ 46,517 Trade and other receivables ​ 1,118 ​ 1,074 ​ 4,152 ​ — ​ 6,344 Accounts payable and accrued liabilities ​ (288) ​ (521) ​ (1,208) ​ (16) ​ (2,033) Derivative financial instrument ​ — ​ — ​ (563) ​ — ​ (563) Lease liabilities ​ — ​ — ​ (1,056) ​ — ​ (1,056) Long-term debt ​ — ​ — ​ (7,174) ​ — ​ (7,174) ​ As at December 31, 2023, if foreign exchange rates had been 5% higher, with all other variables held constant, loss and comprehensive loss would have been $95 (2022 – $415 ) 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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ ​ Future Between ​ ​ Carrying ​ cash ​ Less than ​ 1 year and ​ ​ amount ​ flows ​ 1 year ​ 5 years ​ ​ $ ​ $ ​ $ ​ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accounts payable and accrued liabilities ​ 3,282 3,282 3,282 — Lease liabilities ​ 837 904 298 606 Long-term debt ​ 7,104 8,703 2,677 6,026 ​ ​ 11,223 12,889 6,257 6,632 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ ​ Future ​ Between ​ ​ Carrying ​ cash ​ Less than ​ 1 year and ​ ​ amount ​ flows ​ 1 year ​ 5 years ​ ​ $ ​ $ ​ $ ​ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accounts payable and accrued liabilities ​ 2,033 ​ 2,033 ​ 2,033 ​ — Lease liabilities ​ 1,056 ​ 1,174 ​ 291 ​ 883 Long-term debt ​ 7,174 ​ 9,324 ​ 1,134 ​ 8,190 ​ ​ 10,263 ​ 12,531 ​ 3,458 ​ 9,073 ​ Fair value The fair values of cash, trade and other receivables, accounts payable and accrued liabilities and lease liabilities approximate their carrying values, due to their relatively short periods to maturity. The fair value of the long-term debt approximates its carrying amount as it has a floating interest rate.

Related party transactions

Related party transactions	12 Months Ended
	Dec. 31, 2023
Related party transactions
Related party transactions	19 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: ​ ​ ​ ​ ​ ​ ​ 2023 2022 ​ ​ $ ​ $ ​ ​ ​ ​ ​ Salaries and employee benefits ​ 1,526 ​ 2,054 Directors’ fees ​ 294 ​ 296 Share-based compensation ​ 2,983 ​ 2,272 ​ ​ 4,803 ​ 4,622 ​ 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, 2023
Commitments and contingencies
Commitments and contingencies	20 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, 2023
Capital management
Capital management	21 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: ​ ​ ​ ​ ​ ​ ​ 2023 2022 ​ ​ $ ​ $ ​ ​ ​ ​ ​ Common shares ​ 217,393 ​ 205,825 Deficit ​ (217,931) ​ (189,362) Long-term debt ​ 7,104 ​ 7,174 ​ ​ 6,566 ​ 23,637 ​

Segment reporting

Segment reporting	12 Months Ended
	Dec. 31, 2023
Segment reporting
Segment reporting	22 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, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Canada USA Germany Total ​ ​ $ ​ $ ​ $ ​ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue ​ ​ ​ ​ Recurring - non-capital 230 ​ 5,126 ​ 1,450 6,806 Capital equipment — ​ — ​ 393 393 ​ ​ 230 ​ 5,126 ​ 1,843 ​ 7,199 ​ For the year ended December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Canada USA Germany Total ​ ​ $ ​ $ ​ $ ​ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue ​ ​ ​ ​ ​ ​ ​ Recurring - non-capital 504 ​ 3,177 ​ 996 ​ 4,677 Capital equipment 986 ​ 218 ​ 800 ​ 2,004 ​ 1,490 ​ 3,395 ​ 1,796 ​ 6,681 ​ Other financial information by segment as at December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Canada USA Germany China Finland Total ​ ​ $ ​ $ ​ $ ​ $ ​ $ ​ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets 34,257 ​ 4,067 1,952 ​ 82 3,553 43,911 Intangible assets 490 ​ — — ​ — — 490 Property and equipment 158 ​ 751 — ​ — — 909 Right-of-use assets 616 ​ — — ​ — — 616 Amortization of intangible assets 202 ​ — — ​ — — 202 Depreciation of property and equipment 57 ​ 670 — ​ — — 727 Depreciation of right-of-use assets 217 ​ — — ​ — — 217 ​ Other financial information by segment as at December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Canada USA Germany China Finland Total ​ ​ $ ​ $ ​ $ ​ $ ​ $ ​ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets 57,694 ​ 3,010 ​ 1,288 ​ 56 ​ 2,373 ​ 64,421 Intangible assets 680 ​ — ​ — ​ — ​ — ​ 680 Property and equipment 212 ​ 687 ​ — ​ — ​ — ​ 899 Right-of-use assets ​ 818 ​ — ​ — ​ — ​ — ​ 818 Amortization of intangible assets 704 ​ — ​ — ​ — ​ — ​ 704 Depreciation of property and equipment ​ 59 ​ 613 ​ — ​ — ​ — ​ 672 Depreciation of right-of-use assets 219 ​ — ​ — ​ 9 ​ — ​ 228 ​

Summary of significant materi_2

Summary of significant material accounting policies and basis of preparation (Policies)	12 Months Ended
	Dec. 31, 2023
Summary of significant material 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 Accounting Standards). The Board of Directors approved these consolidated financial statements on March 7, 2024. These consolidated financial statements comply with IFRS Accounting Standards.
Use of estimates and judgments	Use of estimates and judgments The preparation of consolidated financial statements in conformity with IFRS Accounting Standards 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 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: 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).
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, liabilities and equity 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 (income) loss. 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 net finance income.
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 5 years Equipment under lease ​ 2 years 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.
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, right-of-use assets 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 net finance income.
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 three 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) and 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.
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. ​
Accounting standards adopted during the year	Accounting standards adopted during the year Beginning on January 1, 2023, the Company adopted certain IFRS Accounting Standards and amendments. The nature and the effect of these changes are disclosed below: Disclosure initiative – accounting policies (Amendments to IAS 1 and IFRS Practice Statement 2) Beginning on January 1, 2023, the Company adopted the amendments to IAS 1 Presentation of financial statements (IAS 1) and IFRS Practice Statement 2 Making Materiality Judgements. These amendments help companies provide useful accounting policy disclosures and requires the disclosure of material accounting policy information rather than disclosing significant accounting policies. The adoption of these amendments did not have a material impact on the consolidated financial statements. Definition of accounting estimates (Amendments to IAS 8) Beginning on January 1, 2023, the Company adopted the amendments to IAS 8 Accounting policies, changes in accounting estimates and errors. These amendments show how to distinguish changes in accounting policies from changes in accounting estimates. The adoption of the amendments did not have a material impact on the consolidated financial statements. International tax reform—Pillar Two model rules (Amendments to IAS 12) Beginning on January 1, 2023, the Company adopted amendments to IAS 12 Income Taxes. This introduced a temporary exception to the requirements to recognize and disclose information about deferred tax assets and liabilities related to Pillar Two income taxes and targeted disclosure requirements for affected entities. The adoption of the amendments did not have a material impact on the consolidated financial statements.
Accounting pronouncements issued but not yet effective	Accounting pronouncements issued but not yet effective Classification of liabilities as current or non-current (Amendments to IAS1) This amendment addresses inconsistencies with how entities classify current and non-current liabilities. It serves to address whether debt and other liabilities with an uncertain settlement date should be classified as current or non-current in the consolidated balance sheets. The amendment is effective for the Company starting on January 1, 2024. The adoption of the amendments is not expected to have a material impact on the consolidated financial statements. ​ Non-current liabilities with covenants (Amendments to IAS1) This amendment aims to improve the information an entity provides when its rights to defer settlement of a liability is subject to compliance with covenants within twelve months after the reporting period. The amendment is effective for the Company starting on January 1, 2024. The adoption of the amendments is not expected to have a material impact on the consolidated financial statements. ​ Other IFRS Accounting Standards and amendments issued but not yet effective have been assessed by the Company and are not expected to have a material impact on the consolidated financial statements and none have been early adopted.

Summary of significant materi_3

Summary of significant material accounting policies and basis of preparation (Tables)	12 Months Ended
	Dec. 31, 2023
Summary of significant material accounting policies and basis of preparation
Schedule of major categories of property and equipment are depreciated on a straight-line basis	​ ​ ​ ​ Furniture and fittings 5 years Equipment under lease ​ 2 years Leasehold improvements over the term of the lease
Schedule of major categories of intangible assets are amortized	​ ​ ​ ​ 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, 2023
Trade and other receivables
Schedule of trade and other receivables	​ ​ ​ ​ ​ ​ ​ 2023 2022 ​ ​ $ ​ $ ​ ​ ​ ​ ​ Trade receivables, gross 7,145 ​ 5,980 Loss allowance (note 18) (76) ​ — Less amortized cost adjustment (315) ​ (143) Trade receivables, net 6,754 ​ 5,837 Tax receivables ​ 414 ​ 494 Other receivables ​ 120 ​ 13 Total trade and other receivables 7,288 ​ 6,344

Inventory (Tables)

Inventory (Tables)	12 Months Ended
	Dec. 31, 2023
Inventory
Schedule of inventories	​ ​ ​ ​ ​ ​ ​ 2023 2022 ​ ​ $ ​ $ ​ ​ ​ ​ ​ Finished goods 4,646 5,455 Raw materials 2,351 2,491 Inventory provision (8) (5) Total inventory 6,989 7,941

Property and equipment (Tables)

Property and equipment (Tables)	12 Months Ended
	Dec. 31, 2023
Property and equipment
Schedule of property and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Leasehold ​ Equipment ​ ​ ​ ​ improvements ​ under lease ​ Total ​ $ $ $ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2022 Opening net book value 286 502 788 Additions ​ — ​ 800 ​ 800 Foreign exchange (15) (2) (17) Depreciation (59) (613) (672) Closing net book value 212 687 899 ​ ​ ​ ​ ​ ​ ​ At December 31, 2022 ​ ​ ​ Cost 542 1,835 2,377 Accumulated depreciation (330) (1,148) (1,478) Net book value 212 687 899 ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2023 ​ ​ ​ Opening net book value 212 687 899 Additions ​ — ​ 733 ​ 733 Foreign exchange 3 1 4 Depreciation (57) (670) (727) Closing net book value 158 751 909 ​ ​ ​ ​ ​ ​ ​ At December 31, 2023 ​ ​ ​ Cost 542 2,583 3,125 Accumulated depreciation (384) (1,832) (2,216) Net book value 158 751 909 ​

Intangible assets (Tables)

Intangible assets (Tables)	12 Months Ended
	Dec. 31, 2023
Intangible assets
Schedule of intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exclusive ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ licence ​ ​ ​ Proprietary ​ ​ ​ ​ ​ ​ agreement ​ Software ​ technology ​ Brand ​ Total ​ $ $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2022 Opening net book value 165 770 417 83 1,435 Foreign exchange ​ (5) ​ (32) ​ (10) ​ (4) ​ (51) Amortization (25) (193) (407) (79) (704) Closing net book value 135 545 — — 680 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31, 2022 ​ ​ ​ ​ ​ Cost 231 978 3,456 681 5,346 Accumulated amortization (96) (433) (3,456) (681) (4,666) Net book value 135 545 — — 680 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2023 ​ ​ ​ ​ ​ Opening net book value 135 545 — — 680 Foreign exchange ​ 3 ​ 9 ​ — ​ — ​ 12 Amortization (21) (181) — — (202) Closing net book value 117 373 — — 490 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31, 2023 ​ ​ ​ ​ ​ Cost 231 978 3,456 681 5,346 Accumulated amortization (114) (605) (3,456) (681) (4,856) Net book value 117 373 — — 490
Schedule of changes in goodwill	​ ​ ​ ​ Goodwill $ As at January 1, 2022 2,689 Foreign exchange (165) Impairment (2,524) As at December 31, 2022 — ​

Right-of-use assets (Tables)

Right-of-use assets (Tables)	12 Months Ended
	Dec. 31, 2023
Right-of-use assets
Schedule of right-of-use assets	​ ​ ​ ​ ​ ​ Leased ​ premises ​ ​ $ ​ ​ ​ Year ended December 31, 2022 Opening net book value 1,116 Foreign exchange (70) Depreciation (228) Closing net book value 818 ​ ​ ​ As at December 31, 2022 ​ Cost 1,679 Accumulated depreciation (861) Net book value 818 ​ ​ ​ Year ended December 31, 2023 ​ Opening net book value 818 Foreign exchange 15 Depreciation (217) Closing net book value 616 ​ ​ ​ As at December 31, 2023 ​ Cost 1,679 Accumulated depreciation (1,063) Net book value 616

Long-term debt (Tables)

Long-term debt (Tables)	12 Months Ended
	Dec. 31, 2023
Long-term debt
Schedule of changes during the period for long-term debt	​ ​ ​ ​ ​ ​ ​ 2023 2022 ​ ​ $ ​ $ ​ ​ ​ ​ ​ Balance – Beginning of year ​ 7,174 ​ — Proceeds received, net ​ — ​ 7,124 Fair value of warrants ​ — ​ (129) Interest and accretion expense ​ 727 ​ 115 Foreign exchange ​ 115 ​ 108 Repayment ​ (912) ​ (44) Balance – End of year ​ 7,104 ​ 7,174 Less: Current portion ​ 2,104 ​ 523 Long-term portion ​ 5,000 ​ 6,651
CIBC loan | November 3, 2022
Long-term debt
Schedule of variables used to determine the fair value of purchase warrants issued for borrowings	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 14, December 31, ​ ​ ​ 2023 ​ 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ Share price C$ 19.16 C$ 14.48 ​ Volatility ​ 70 % ​ 70 % Expected life of warrants ​ 6.4 years ​ 6.9 years Risk free interest rate ​ 3.52 % ​ 3.30 % Dividend yield ​ — ​ — ​
CIBC loan | July 30, 2018
Long-term debt
Schedule of variables used to determine the fair value of purchase warrants issued for borrowings	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 14, ​ December 31, ​ ​ 2023 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ Share price C$ 19.60 C$ 14.48 ​ Volatility ​ 80 % ​ 84 % Expected life of warrants ​ 0.1 years ​ 0.6 years Risk free interest rate ​ 4.52 % ​ 4.07 % Dividend yield ​ — ​ — ​ ​

Lease liabilities (Tables)

Lease liabilities (Tables)	12 Months Ended
	Dec. 31, 2023
Lease liabilities
Schedule of changes in lease liabilities	​ ​ ​ ​ ​ $ ​ ​ ​ As at January 1, 2022 1,377 Repayments (312) Foreign exchange (68) Interest and accretion expense ​ 59 As at December 31, 2022 ​ 1,056 Repayments ​ (292) Foreign exchange ​ 30 Interest and accretion expense ​ 43 As at December 31, 2023 837 Less: Current portion 259 Long-term portion 578 ​

Share capital (Tables)

Share capital (Tables)	12 Months Ended
	Dec. 31, 2023
Share capital
Schedule of issued and outstanding common shares (with no par value)	​ ​ ​ ​ ​ ​ ​ 2023 2022 ​ ​ $ ​ $ ​ ​ ​ ​ ​ 21,370,565 (2022 – 20,879,497 ) common shares 217,393 205,825
Schedule of warrants outstanding	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Weighted ​ average ​ ​ ​ ​ average ​ remaining ​ ​ ​ ​ exercise ​ contractual ​ ​ Number of ​ price ​ life ​ warrants C$ (years) ​ ​ ​ ​ ​ ​ ​ Balance – January 1, 2022 724,983 13.81 1.23 Granted ​ 47,287 ​ 5.29 ​ 9.80 Balance – December 31, 2022 ​ 772,270 ​ 13.29 ​ 0.82 Expired ​ (458,477) ​ 14.00 ​ — Exercised ​ (313,793) ​ 13.48 ​ — Balance – December 31, 2023 — — — ​

Share-based payments (Tables)

Share-based payments (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2022 2,092,596 16.90 Granted 29,200 9.65 Exercised (40,542) 8.45 Forfeited/expired (569,481) 17.49 Balance – December 31, 2022 1,511,773 16.07 Granted 59,300 15.42 Exercised (33,799) 9.86 Forfeited/expired (62,465) 16.13 Balance – December 31, 2023 1,474,809 16.19
Summary of estimated the fair value of the share options granted	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 22, ​ June 12, ​ September 8, ​ November 16, ​ ​ 2023 2023 2023 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercise price ​ C$ 13.39 ​ C$ 19.87 ​ C$ 12.38 ​ C$ 12.41 ​ Expected volatility ​ ​ 70 % 70 % 69 % 70 % Expected life of options ​ ​ 6 years 6 years 6 years 6 years Risk-free interest rate ​ ​ 3.38 % 3.22 % 3.71 % 4.16 % Dividend yield ​ ​ — ​ — ​ — ​ — ​ Number of share options issued ​ ​ 13,900 ​ 23,450 ​ 7,650 ​ 14,300 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ August 15, ​ December 20, ​ 2022 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercise price ​ C$ 9.20 ​ C$ 12.46 ​ Expected volatility ​ 68 % 71 % Expected life of options ​ 6 years 6 years Risk-free interest rate ​ 2.76 % 2.95 % Dividend yield ​ — ​ — ​ Number of share options issued ​ 25,200 ​ 4,000 ​ ​
Summary of the share options outstanding	The following table summarizes information about the share options outstanding as at December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ average ​ ​ ​ ​ Number of ​ remaining ​ Number of Exercise price ​ options ​ contractual ​ options C$ outstanding life (years) exercisable ​ ​ ​ ​ ​ ​ ​ 8.01 – 10.00 317,609 5.30 314,535 10.01 – 12.00 109,534 4.23 109,534 12.01 – 14.00 37,650 8.02 9,050 14.01 – 16.00 142,456 3.43 133,759 16.01 – 18.00 421,889 6.40 376,252 18.01 – 20.00 ​ 21,700 ​ 9.45 ​ — 20.01 – 22.00 300 6.63 248 22.01 – 24.00 411,871 7.38 266,951 24.01 – 26.00 ​ 1,800 ​ 6.90 ​ 1,373 28.01 – 30.00 ​ 10,000 ​ 7.20 ​ 6,879 ​ ​ 1,474,809 ​ 6.08 ​ 1,218,581
Summary of the RSUs changes during the period	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ average ​ ​ ​ ​ remaining ​ Number of contractual ​ ​ RSUs ​ life (years) ​ ​ ​ ​ ​ Balance – January 1, 2022 232,317 ​ 2.45 Granted 385,083 ​ 3.00 Vested (62,738) ​ — Forfeited ​ (110,801) ​ 2.14 Balance – December 31, 2022 ​ 443,861 ​ 2.38 Granted ​ 235,500 ​ 3.00 Vested ​ (162,131) ​ — Forfeited ​ (23,834) ​ 1.56 Balance – December 31, 2023 493,396 ​ 1.99 ​ ​ ​ ​ ​ ​ Number of ​ DSUs ​ ​ ​ Balance - January 1, 2022 ​ — Granted ​ 60,000 Balance - December 31, 2022 ​ 60,000 Granted ​ 25,000 Vested ​ (10,000) Balance - December 31, 2023 ​ 75,000 ​

Revenue (Tables)

Revenue (Tables)	12 Months Ended
	Dec. 31, 2023
Revenue
Summary of revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2023 ​ 2022 ​ ​ $ ​ $ ​ Contracts ​ ​ ​ ​ ​ Contracts ​ ​ ​ ​ ​ with ​ ​ ​ ​ ​ with ​ ​ ​ ​ customers Leasing Total customers Leasing Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recurring - non-capital ​ 5,506 ​ 1,300 ​ 6,806 ​ 3,967 ​ 710 ​ 4,677 Capital equipment ​ 393 ​ — ​ 393 ​ 2,004 ​ — ​ 2,004 ​ ​ 5,899 ​ 1,300 ​ 7,199 ​ 5,971 ​ 710 ​ 6,681 ​

Nature of expenses (Tables)

Nature of expenses (Tables)	12 Months Ended
	Dec. 31, 2023
Nature of expenses
Summary of nature of expenses	​ ​ ​ ​ ​ ​ ​ 2023 2022 ​ ​ $ ​ $ ​ ​ ​ ​ ​ Production and manufacturing costs ​ 873 ​ 2,397 Salaries and benefits ​ 15,011 ​ 14,942 Consulting fees ​ 5,820 ​ 4,146 Research and development expenses ​ 2,977 ​ 2,839 Impairment of goodwill ​ — ​ 2,524 Sales and marketing expenses ​ 2,199 ​ 1,711 Amortization and depreciation ​ 1,146 ​ 1,604 Share-based compensation ​ 3,417 ​ 4,238 Rent ​ 715 ​ 496 Software/hardware ​ 585 ​ 1,003 Insurance ​ 1,400 ​ 1,239 Office and shop supplies ​ 279 ​ 683 Other expenses ​ 1,317 ​ 985 Expected credit loss (note 4) ​ 76 ​ — ​ ​ 35,815 ​ 38,807 ​

Net finance (income) costs (Tab

Net finance (income) costs (Tables)	12 Months Ended
	Dec. 31, 2023
Net finance (income) costs
Summary of net finance (income) costs	​ ​ ​ ​ ​ ​ ​ 2023 2022 ​ ​ $ ​ $ ​ ​ ​ ​ ​ Change in fair value of derivative financial instrument ​ 232 ​ 275 Lease liability interest expense (note 10) ​ 43 ​ 59 Interest income ​ (1,642) ​ (803) Net change for amortized cost of trade and other receivables (note 4) ​ 146 ​ (290) CIBC loan interest expense (note 9) ​ 727 ​ 115 Net foreign exchange loss (gain) ​ 575 ​ (3,100) ​ ​ 81 ​ (3,744) ​

Income taxes (Tables)

Income taxes (Tables)	12 Months Ended
	Dec. 31, 2023
Income taxes
Summary of income taxes expense	​ ​ ​ ​ ​ ​ ​ 2023 2022 ​ ​ $ ​ $ ​ ​ ​ ​ ​ Loss before income taxes ​ 28,697 28,382 ​ ​ ​ ​ ​ Recovery based on combined federal and provincial statutory rate of 26% (2022 – 25.48% ) ​ (7,461) (7,232) Permanent differences ​ 652 1,082 Change in deferred tax assets not recognized ​ 6,929 6,440 Effect of tax rates in foreign jurisdictions ​ (248) (3) Net income tax (recovery) expense ​ (128) ​ 287
Schedule of company's income tax provision	​ ​ ​ ​ ​ ​ ​ 2023 2022 ​ ​ $ ​ $ ​ ​ ​ ​ ​ Current tax (recovery) expense (187) 287 Deferred tax expense 59 — Net income tax (recovery) expense (128) 287
Schedule of component of deferred tax liability	​ ​ ​ ​ ​ ​ ​ 2023 2022 ​ ​ $ ​ $ ​ ​ ​ ​ ​ Excess of accounting value of property and equipment over tax value ​ (59) ​ — Deferred tax liability ​ (59) ​ —

Loss per share (Tables)

Loss per share (Tables)	12 Months Ended
	Dec. 31, 2023
Loss per share
Summary of basic and diluted loss per share	​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 ​ ​ ​ ​ ​ ​ ​ Net loss for the year ​ $ 28,569 ​ $ 28,669 Weighted average number of common shares ​ 21,182,558 ​ 20,829,861 Basic and diluted loss per share ​ $ 1.35 ​ $ 1.38

Financial assets and liabilit_2

Financial assets and liabilities (Tables)	12 Months Ended
	Dec. 31, 2023
Financial assets and liabilities
Summary of classification of financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ ​ ​ Financial ​ ​ Fair value ​ Financial ​ liabilities ​ ​ through ​ assets at ​ at ​ ​ profit or ​ amortized ​ amortized ​ ​ loss ​ cost ​ cost ​ ​ $ ​ $ ​ $ ​ ​ ​ ​ ​ ​ ​ Cash ​ — ​ 26,213 ​ — Trade and other receivables ​ — ​ 7,288 ​ — Accounts payable and accrued liabilities ​ — ​ — ​ 3,282 Lease liabilities ​ — ​ — ​ 837 Long-term debt ​ — ​ — ​ 7,104 ​ ​ — ​ 33,501 ​ 11,223 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ ​ ​ Financial ​ ​ Fair value ​ Financial ​ liabilities ​ ​ through ​ assets at ​ at ​ ​ profit or ​ amortized ​ amortized ​ ​ loss ​ cost ​ cost ​ ​ $ ​ $ ​ $ ​ ​ ​ ​ ​ ​ ​ Cash ​ — ​ 46,517 ​ — Trade and other receivables ​ — ​ 6,344 ​ — Accounts payable and accrued liabilities ​ — ​ — ​ 2,033 Lease liabilities ​ — ​ — ​ 1,056 Derivative financial instrument ​ 563 ​ — ​ — Long-term debt ​ — ​ — ​ 7,174 ​ ​ 563 ​ 52,861 ​ 10,263 ​
Summary of Loss allowance	The loss allowance as at December 31, 2023 for trade receivables is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ Current 0–30 days 31-60 days 61-90 days 90+ days Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expected loss rate 0.84 % 1.42 % 1.35 % 2.46 % 3.62 % Gross carrying amount 6,497 — 93 — 555 7,145 Loss allowance 55 — 1 — 20 76
Summary of reconciled to the opening loss allowances	The loss allowance for trade receivables as at December 31 reconciled to the opening loss allowances as follows: ​ ​ ​ ​ ​ 2023 ​ ​ $ ​ ​ Opening loss allowance January 1 — Increase in loss allowance recognized in loss during the year 76 Closing loss allowance at December 31 76
Summary of financial instruments denominated in foreign currencies	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ US ​ Canadian Chinese ​ ​ ​ dollars ​ Euro ​ dollars ​ renminbi ​ Total ​ ​ $ ​ $ ​ $ ​ $ ​ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash ​ 19,599 ​ 615 ​ 5,931 ​ 68 ​ 26,213 Trade and other receivables ​ 5,211 ​ 1,935 ​ 142 ​ — ​ 7,288 Accounts payable and accrued liabilities ​ (628) ​ (452) ​ (2,186) ​ (16) ​ (3,282) Lease liabilities ​ — ​ — ​ (837) ​ — ​ (837) Long-term debt ​ — ​ — ​ (7,104) ​ — ​ (7,104) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ US ​ Canadian Chinese ​ ​ ​ dollars ​ Euro ​ dollars ​ renminbi ​ Total ​ ​ $ ​ $ ​ $ ​ $ ​ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash ​ 32,897 ​ 365 ​ 13,214 ​ 41 ​ 46,517 Trade and other receivables ​ 1,118 ​ 1,074 ​ 4,152 ​ — ​ 6,344 Accounts payable and accrued liabilities ​ (288) ​ (521) ​ (1,208) ​ (16) ​ (2,033) Derivative financial instrument ​ — ​ — ​ (563) ​ — ​ (563) Lease liabilities ​ — ​ — ​ (1,056) ​ — ​ (1,056) Long-term debt ​ — ​ — ​ (7,174) ​ — ​ (7,174) ​
Summary of significant contractual, undiscounted cash flows related to its financial liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ ​ Future Between ​ ​ Carrying ​ cash ​ Less than ​ 1 year and ​ ​ amount ​ flows ​ 1 year ​ 5 years ​ ​ $ ​ $ ​ $ ​ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accounts payable and accrued liabilities ​ 3,282 3,282 3,282 — Lease liabilities ​ 837 904 298 606 Long-term debt ​ 7,104 8,703 2,677 6,026 ​ ​ 11,223 12,889 6,257 6,632 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ ​ Future ​ Between ​ ​ Carrying ​ cash ​ Less than ​ 1 year and ​ ​ amount ​ flows ​ 1 year ​ 5 years ​ ​ $ ​ $ ​ $ ​ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accounts payable and accrued liabilities ​ 2,033 ​ 2,033 ​ 2,033 ​ — Lease liabilities ​ 1,056 ​ 1,174 ​ 291 ​ 883 Long-term debt ​ 7,174 ​ 9,324 ​ 1,134 ​ 8,190 ​ ​ 10,263 ​ 12,531 ​ 3,458 ​ 9,073

Related party transactions (Tab

Related party transactions (Tables)	12 Months Ended
	Dec. 31, 2023
Related party transactions
Summary of remuneration of directors and the senior management team	​ ​ ​ ​ ​ ​ ​ 2023 2022 ​ ​ $ ​ $ ​ ​ ​ ​ ​ Salaries and employee benefits ​ 1,526 ​ 2,054 Directors’ fees ​ 294 ​ 296 Share-based compensation ​ 2,983 ​ 2,272 ​ ​ 4,803 ​ 4,622

Capital management (Tables)

Capital management (Tables)	12 Months Ended
	Dec. 31, 2023
Capital management
Summary of company's capital structure	​ ​ ​ ​ ​ ​ ​ 2023 2022 ​ ​ $ ​ $ ​ ​ ​ ​ ​ Common shares ​ 217,393 ​ 205,825 Deficit ​ (217,931) ​ (189,362) Long-term debt ​ 7,104 ​ 7,174 ​ ​ 6,566 ​ 23,637 ​

Segment reporting (Tables)

Segment reporting (Tables)	12 Months Ended
	Dec. 31, 2023
Segment reporting
Schedule of financial information of geographical segments	For the year ended December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Canada USA Germany Total ​ ​ $ ​ $ ​ $ ​ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue ​ ​ ​ ​ Recurring - non-capital 230 ​ 5,126 ​ 1,450 6,806 Capital equipment — ​ — ​ 393 393 ​ ​ 230 ​ 5,126 ​ 1,843 ​ 7,199 ​ For the year ended December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Canada USA Germany Total ​ ​ $ ​ $ ​ $ ​ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue ​ ​ ​ ​ ​ ​ ​ Recurring - non-capital 504 ​ 3,177 ​ 996 ​ 4,677 Capital equipment 986 ​ 218 ​ 800 ​ 2,004 ​ 1,490 ​ 3,395 ​ 1,796 ​ 6,681 ​ Other financial information by segment as at December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Canada USA Germany China Finland Total ​ ​ $ ​ $ ​ $ ​ $ ​ $ ​ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets 34,257 ​ 4,067 1,952 ​ 82 3,553 43,911 Intangible assets 490 ​ — — ​ — — 490 Property and equipment 158 ​ 751 — ​ — — 909 Right-of-use assets 616 ​ — — ​ — — 616 Amortization of intangible assets 202 ​ — — ​ — — 202 Depreciation of property and equipment 57 ​ 670 — ​ — — 727 Depreciation of right-of-use assets 217 ​ — — ​ — — 217 ​ Other financial information by segment as at December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Canada USA Germany China Finland Total ​ ​ $ ​ $ ​ $ ​ $ ​ $ ​ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets 57,694 ​ 3,010 ​ 1,288 ​ 56 ​ 2,373 ​ 64,421 Intangible assets 680 ​ — ​ — ​ — ​ — ​ 680 Property and equipment 212 ​ 687 ​ — ​ — ​ — ​ 899 Right-of-use assets ​ 818 ​ — ​ — ​ — ​ — ​ 818 Amortization of intangible assets 704 ​ — ​ — ​ — ​ — ​ 704 Depreciation of property and equipment ​ 59 ​ 613 ​ — ​ — ​ — ​ 672 Depreciation of right-of-use assets 219 ​ — ​ — ​ 9 ​ — ​ 228 ​

Summary of significant materi_4

Summary of significant material accounting policies and basis of preparation - Property and equipment (Details)	12 Months Ended
	Dec. 31, 2023
Furniture and fittings
Summary of significant accounting policies and basis of preparation
Useful life of property and equipment	5 years
Equipment under lease
Summary of significant accounting policies and basis of preparation
Useful life of property and equipment	2 years

Summary of significant materi_5

Summary of significant material accounting policies and basis of preparation - Identifiable Intangible assets (Details)	12 Months Ended
	Dec. 31, 2023
Exclusive licence agreement
Summary of significant accounting policies and basis of preparation
Useful life	20 years
Software
Summary of significant accounting policies and basis of preparation
Useful life	5 years
Brand
Summary of significant accounting policies and basis of preparation
Useful life	5 years
Proprietary technology
Summary of significant accounting policies and basis of preparation
Useful life	5 years

Summary of significant materi_6

Summary of significant material accounting policies and basis of preparation - Additional Information (Details)	12 Months Ended
	Dec. 31, 2023
Summary of significant accounting policies and basis of preparation
Vesting period	4 years
Contractual life	10 years
Minimum
Summary of significant accounting policies and basis of preparation
Lease term	3 years
Maximum
Summary of significant accounting policies and basis of preparation
Lease term	10 years

Trade and other receivables (De

Trade and other receivables (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Trade and other receivables
Trade receivables, net	$ 6,754	$ 5,837
Tax receivables	414	494
Other receivables	120	13
Total trade and other receivables	7,288	6,344
Interest income (expense)	146	290
Trade receivables	3,737
Gross carrying amount
Trade and other receivables
Trade receivables, net	7,145	5,980
Loss allowance
Trade and other receivables
Trade receivables, net	(76)
Less amortized cost adjustment
Trade and other receivables
Trade receivables, net	(315)	(143)
Current
Trade and other receivables
Trade receivables, gross	$ 648	$ 0

Inventory (Details)

Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Inventory
Finished goods	$ 4,646	$ 5,455
Raw materials	2,351	2,491
Inventory provision	(8)	(5)
Total inventory	$ 6,989	$ 7,941

Inventory - Additional Informat

Inventory - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Inventory
Inventory recognized in cost of sales	$ 2,424	$ 2,101
Increase in inventory provision	3	2
Inventory write-downs charged to cost of sales	$ 0	$ 0

Property and equipment (Details

Property and equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Property and equipment
Opening net book value	$ 899	$ 788
Additions	733	800
Foreign exchange	4	(17)
Depreciation	(727)	(672)
Closing net book value	909	899
Cost	3,125	2,377
Accumulated depreciation	(2,216)	(1,478)
Net book value	909	899
Leasehold improvements
Property and equipment
Opening net book value	212	286
Foreign exchange	3	(15)
Depreciation	(57)	(59)
Closing net book value	158	212
Cost	542	542
Accumulated depreciation	(384)	(330)
Net book value	158	212
Equipment under lease
Property and equipment
Opening net book value	687	502
Additions	733	800
Foreign exchange	1	(2)
Depreciation	(670)	(613)
Closing net book value	751	687
Cost	2,583	1,835
Accumulated depreciation	(1,832)	(1,148)
Net book value	$ 751	$ 687

Intangible assets (Details)

Intangible assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Intangible assets
Opening net book value	$ 680	$ 1,435
Foreign exchange	12	(51)
Amortization	(202)	(704)
Closing net book value	490	680
Cost	5,346	5,346
Accumulated amortization	(4,856)	(4,666)
Net book value	490	680
Exclusive licence agreement
Intangible assets
Opening net book value	135	165
Foreign exchange	3	(5)
Amortization	(21)	(25)
Closing net book value	117	135
Cost	231	231
Accumulated amortization	(114)	(96)
Net book value	117	135
Software
Intangible assets
Opening net book value	545	770
Foreign exchange	9	(32)
Amortization	(181)	(193)
Closing net book value	373	545
Cost	978	978
Accumulated amortization	(605)	(433)
Net book value	373	545
Proprietary technology
Intangible assets
Opening net book value		417
Foreign exchange		(10)
Amortization		(407)
Cost	3,456	3,456
Accumulated amortization	(3,456)	(3,456)
Net book value
Brand
Intangible assets
Opening net book value		83
Foreign exchange		(4)
Amortization		(79)
Cost	681	681
Accumulated amortization	$ (681)	$ (681)
Net book value

Intangible assets - Goodwill (D

Intangible assets - Goodwill (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Intangible assets
Goodwill at beginning of period	$ 2,689
Foreign exchange	(165)
Impairment	$ (2,524)

Intangible assets - Additional

Intangible assets - Additional information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Intangible assets
Impairment of goodwill	$ 2,524
Sonalleve MR-HIFU
Intangible assets
Terminal growth assumption	2%
Discount rate	18%
Impairment of goodwill	$ 2,524

Right-of-use assets (Details)

Right-of-use assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Right-of-use assets
Opening net book value	$ 818	$ 1,116
Foreign exchange	15	(70)
Depreciation	(217)	(228)
Closing net book value	$ 616	818
Lease agreement extension	5 years
Cost
Right-of-use assets
Opening net book value	$ 1,679
Closing net book value	1,679	1,679
Accumulated depreciation
Right-of-use assets
Opening net book value	(861)
Closing net book value	$ (1,063)	$ (861)

Long-term debt - CIBC Loan (Det

Long-term debt - CIBC Loan (Details) $ in Thousands, $ in Thousands		12 Months Ended
	Nov. 03, 2022 CAD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Sep. 26, 2023 USD ($)
Long-term debt
Total initial gross proceeds			$ 7,273
Changes during the period
Balance - Beginning of year		$ 7,174
Proceeds received, net			7,124
Fair value of warrants			(129)
Interest and accretion expense		727	115
Foreign exchange		115	108
Repayment		(912)	(44)
Balance - End of year		7,104	7,174
Less: Current portion		2,104	523
Long-term portion		$ 5,000	$ 6,651
CIBC loan
Long-term debt
Total initial gross proceeds	$ 10,000
Adjustment to interest rate basis (as a percent)	2%
Amount repaid	$ 208
Minimum percentage of revenue for the same fiscal quarter in the prior fiscal year as financial covenant	15%			15%
Unrestricted cash				$ 7,500

Long-term debt - Purchase warra

Long-term debt - Purchase warrants issued to CIBC (Details) - CIBC loan $ in Thousands				12 Months Ended
	Jun. 14, 2023 USD ($) $ / shares shares	Nov. 03, 2022 $ / shares shares	Jul. 30, 2018 $ / shares shares	Dec. 31, 2022 USD ($) $ / shares
November 3, 2022
Long-term debt
Number of warrants issued		47,287
Number of common share that each warrant entitles the holder		1
Purchase warrant price per common share | $ / shares		$ 5.29
Term of the warrant		10 years
Exercise of warrants (shares)	34,537
Fair value of warrants | $	$ 568			$ 418
Variables used to determine the fair value of warrants
Share price | $ / shares	$ 19.16			$ 14.48
Volatility	70%			70%
Expected life of warrants	6 years 4 months 24 days			6 years 10 months 24 days
Risk free interest rate	3.52%			3.30%
July 30, 2018
Long-term debt
Number of warrants issued			32,171
Number of common share that each warrant entitles the holder			1
Purchase warrant price per common share | $ / shares			$ 9.70
Term of the warrant			60 months
Exercise of warrants (shares)	16,266
Fair value of warrants | $	$ 227			$ 145
Variables used to determine the fair value of warrants
Share price | $ / shares	$ 19.60			$ 14.48
Volatility	80%			84%
Expected life of warrants	1 month 6 days			7 months 6 days
Risk free interest rate	4.52%			4.07%

Lease liabilities (Details)

Lease liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Lease liabilities
Balance Beginning of period	$ 1,056	$ 1,377
Repayments	(292)	(312)
Foreign exchange	30	(68)
Interest and accretion expense	43	59
Balance End of period	837	1,056
Less: Current portion	259	239
Long-term portion	$ 578	$ 817

Share capital - Common shares (

Share capital - Common shares (Details) - USD ($) $ / shares in Units, $ in Thousands	Jan. 16, 2024	Jan. 02, 2024	Dec. 31, 2023	Sep. 06, 2023	Dec. 31, 2022
Share capital
Common shares issued			21,370,565		20,879,497
Common shares, par value			$ 0
Common shares issued and outstanding			$ 217,393		$ 205,825
At the market equity program
Share capital
Securities dealers of common shares				$ 30,000
At the market equity program | Major ordinary share transactions
Share capital
Number of units issued		2,666,667
Offering price per unit		$ 7.50
Gross proceeds		$ 20,000
Net of transaction costs		$ 18,238
Non-brokered private placement | Major ordinary share transactions
Share capital
Number of units issued	391,667
Offering price per unit	$ 7.50
Gross proceeds	$ 2,938
Net of transaction costs	$ 2,841

Share capital - Summary of warr

Share capital - Summary of warrants outstanding (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Number of warrants
Opening balance	772,270	724,983
Expired	(458,477)
Exercised	(313,793)
Granted		47,287
Ending balance		772,270	724,983
Weighted average exercise price
Opening balance	$ 13.29	$ 13.81
Expired	14
Exercised	$ 13.48
Granted		5.29
Ending balance		$ 13.29	$ 13.81
Weighted average remaining contractual life (years)
Weighted Average Remaining Contractual Life		9 months 25 days	1 year 2 months 23 days
Granted		9 years 9 months 18 days
Total cash proceeds	$ 2,423

Share-based payments - Share op

Share-based payments - Share options (Details)								12 Months Ended
	Nov. 16, 2023 Options	Sep. 08, 2023 Options	Jun. 12, 2023 Options	Mar. 22, 2023 Options	Dec. 20, 2022 Options	Aug. 15, 2022 Options	May 20, 2020 Options	Dec. 31, 2023 Options EquityInstruments shares	Dec. 31, 2022 Options EquityInstruments
Share-based payments
Number of share options issued	14,300	7,650	23,450	13,900	4,000	25,200		59,300	29,200
Number of each option granted to purchase common shares | shares								1
Share Option Plan
Share-based payments
Number of share options issued							2,778,173
Number of trading shares preceding the date the share option granted | EquityInstruments								1,474,809	1,511,773
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)							12 Months Ended
	Nov. 16, 2023 Options	Sep. 08, 2023 Options	Jun. 12, 2023 Options	Mar. 22, 2023 Options	Dec. 20, 2022 Options	Aug. 15, 2022 Options	Dec. 31, 2023 Options $ / shares	Dec. 31, 2022 Options $ / shares
Share-based payments
Number of option, Opening Balance | Options							1,511,773	2,092,596
Granted | Options	14,300	7,650	23,450	13,900	4,000	25,200	59,300	29,200
Exercised | Options							(33,799)	(40,542)
Forfeited/expired | Options							(62,465)	(569,481)
Number of option, Ending Balance | Options							1,474,809	1,511,773
Weighted average exercise price, Opening balance | $ / shares							$ 16.07	$ 16.90
Granted | $ / shares							15.42	9.65
Exercised | $ / shares							9.86	8.45
Forfeited/expired | $ / shares							16.13	17.49
Weighted average exercise price, Ending balance | $ / shares							$ 16.19	$ 16.07

Share-based payments - Estimate

Share-based payments - Estimated the fair value of the share options granted (Details)							12 Months Ended
	Nov. 16, 2023 Options Y $ / shares	Sep. 08, 2023 Options Y $ / shares	Jun. 12, 2023 Options Y $ / shares	Mar. 22, 2023 Y Options $ / shares	Dec. 20, 2022 Y Options $ / shares	Aug. 15, 2022 Y Options $ / shares	Dec. 31, 2023 Options	Dec. 31, 2022 Options
Share-based payments
Exercise price | $ / shares	$ 12.41	$ 12.38	$ 19.87	$ 13.39	$ 12.46	$ 9.20
Expected volatility	70%	69%	70%	70%	71%	68%
Expected life of options | Y	6	6	6	6	6	6
Risk-free interest rate	4.16%	3.71%	3.22%	3.38%	2.95%	2.76%
Number of share options issued | Options	14,300	7,650	23,450	13,900	4,000	25,200	59,300	29,200

Share-based payments - Share _3

Share-based payments - Share options outstanding (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) Options	Dec. 31, 2023 Options $ / shares	Dec. 31, 2021 Options
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options outstanding		1,511,773	1,474,809	2,092,596
Weighted average remaining contractual life (years)	6 years 29 days
Number of options exercisable			1,218,581
Compensation expense | $	$ 3,417	$ 4,238
Share option
Disclosure of terms and conditions of share-based payment arrangement [line items]
Compensation expense | $	$ 1,211	$ 2,514
Exercise Price 8.01 - 10.00
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options outstanding			317,609
Weighted average remaining contractual life (years)	5 years 3 months 18 days
Number of options exercisable			314,535
Exercise Price 8.01 - 10.00 | Bottom of range
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price | $ / shares			$ 8.01
Exercise Price 8.01 - 10.00 | Top of range
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			109,534
Weighted average remaining contractual life (years)	4 years 2 months 23 days
Number of options exercisable			109,534
Exercise Price 10.01 - 12.00 | Bottom of range
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price | $ / shares			$ 10.01
Exercise Price 10.01 - 12.00 | Top of range
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			37,650
Weighted average remaining contractual life (years)	8 years 7 days
Number of options exercisable			9,050
Exercise Price 12.01 - 14.00 | Bottom of range
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price | $ / shares			$ 12.01
Exercise Price 12.01 - 14.00 | Top of range
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			142,456
Weighted average remaining contractual life (years)	3 years 5 months 4 days
Number of options exercisable			133,759
Exercise Price 14.01 - 16.00 | Bottom of range
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price | $ / shares			$ 14.01
Exercise Price 14.01 - 16.00 | Top of range
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			421,889
Weighted average remaining contractual life (years)	6 years 4 months 24 days
Number of options exercisable			376,252
Exercise Price 16.01 - 18.00 | Bottom of range
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price | $ / shares			$ 16.01
Exercise Price 16.01 - 18.00 | Top of range
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price | $ / shares			$ 18
Exercise Price 18.01 - 20.00
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options outstanding			21,700
Weighted average remaining contractual life (years)	9 years 5 months 12 days
Exercise Price 18.01 - 20.00 | Bottom of range
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price | $ / shares			$ 18.01
Exercise Price 18.01 - 20.00 | Top of range
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price | $ / shares			$ 20
Exercise Price 20.01 - 22.00
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options outstanding			300
Weighted average remaining contractual life (years)	6 years 7 months 17 days
Number of options exercisable			248
Exercise Price 20.01 - 22.00 | Bottom of range
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price | $ / shares			$ 20.01
Exercise Price 20.01 - 22.00 | Top of range
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			411,871
Weighted average remaining contractual life (years)	7 years 4 months 17 days
Number of options exercisable			266,951
Exercise Price 22.01 - 24.00 | Bottom of range
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price | $ / shares			$ 22.01
Exercise Price 22.01 - 24.00 | Top of range
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			1,800
Weighted average remaining contractual life (years)	6 years 10 months 24 days
Number of options exercisable			1,373
Exercise Price 24.01 - 26.00 | Bottom of range
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price | $ / shares			$ 24.01
Exercise Price 24.01 - 26.00 | Top of range
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			10,000
Weighted average remaining contractual life (years)	7 years 2 months 12 days
Number of options exercisable			6,879
Exercise Price 28.01 - 30.00 | Bottom of range
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price | $ / shares			$ 28.01
Exercise Price 28.01 - 30.00 | Top of range
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) $ in Thousands		12 Months Ended
	May 17, 2023 USD ($)	Dec. 31, 2023 USD ($) shares	Dec. 31, 2023 $ / shares	Dec. 31, 2022 USD ($)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Common shares on non-diluted basis	13%
Change in terms of DSUs		$ 203
Contributed surplus
Disclosure of terms and conditions of share-based payment arrangement [line items]
Change in terms of DSUs	$ 203	$ 203
LTIP
Disclosure of terms and conditions of share-based payment arrangement [line items]
Common shares on non-diluted basis	4.90%
Number of trading days preceding the date the share option granted		5 days
Share-based compensation expense		$ 2,206		$ 1,724
LTIP | DSU
Disclosure of terms and conditions of share-based payment arrangement [line items]
Restricted stock units, Shares authorized | shares		25,000
LTIP | RSUs
Disclosure of terms and conditions of share-based payment arrangement [line items]
Restricted stock units, Shares authorized | shares		235,500
Vesting period		3 years
LTIP | RSUs | DSU
Disclosure of terms and conditions of share-based payment arrangement [line items]
Maximum period of share options vested		3 years
LTIP | Bottom of range | RSUs
Disclosure of terms and conditions of share-based payment arrangement [line items]
Restricted stock units, Market price | $ / shares			$ 12.38

Share-based payments - RSUs (De

Share-based payments - RSUs (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of terms and conditions of share-based payment arrangement [line items]
Opening Balance	60,000
Granted	25,000	60,000
Vested	(10,000)
Ending Balance	75,000	60,000
RSUs
Disclosure of terms and conditions of share-based payment arrangement [line items]
Opening Balance	443,861	232,317
Granted	235,500	385,083
Vested	(162,131)	(62,738)
Forfeited	(23,834)	(110,801)
Ending Balance	493,396	443,861	232,317
Weighted average remaining contractual life (years)	1 year 11 months 26 days	2 years 4 months 17 days	2 years 5 months 12 days
Granted	3 years	3 years
Forfeited	1 year 6 months 21 days	2 years 1 month 20 days

Revenue (Details)

Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Revenue
Contracts with customers	$ 5,899	$ 5,971
Leasing	1,300	710
Total revenue	7,199	6,681
Recurring - non-capital
Revenue
Contracts with customers	393	2,004
Total revenue	393	2,004
Capital equipment
Revenue
Contracts with customers	5,506	3,967
Leasing	1,300	710
Total revenue	$ 6,806	$ 4,677

Nature of expenses (Details)

Nature of expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Nature of expenses
Production and manufacturing costs	$ 873	$ 2,397
Salaries and benefits	15,011	14,942
Consulting fees	5,820	4,146
Research and development expenses	2,977	2,839
Impairment of goodwill		2,524
Sales and marketing expenses	2,199	1,711
Amortization and depreciation	1,146	1,604
Share-based compensation	3,417	4,238
Rent	715	496
Software/hardware	585	1,003
Insurance	1,400	1,239
Office and shop supplies	279	683
Other expenses	1,317	985
Expected Credit Losses	76
Nature of expenses, total	$ 35,815	$ 38,807

Net finance (income) costs (Det

Net finance (income) costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Net finance (income) costs
Change in fair value of derivative financial instrument	$ 232	$ 275
Lease liability interest expense (note 10)	43	59
Interest income	(1,642)	(803)
Net change for amortized cost of trade and other receivables (note 4)	146	(290)
CIBC loan interest expense (note 9)	727	115
Net foreign exchange loss (gain)	575	(3,100)
Net finance (income) costs, total	$ 81	$ (3,744)

Income taxes (Details)

Income taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income taxes
Loss before income taxes	$ 28,697	$ 28,382
Recovery based on combined federal and provincial statutory rate of 0000% (2022 - 25.48%)	(7,461)	(7,232)
Permanent differences	652	1,082
Change in deferred tax assets not recognized	6,929	6,440
Effect of tax rates in foreign jurisdictions	(248)	(3)
Net income tax (recovery) expense	(128)	$ 287
Deferred tax liability	$ 59
Federal and provincial statutory rate (as a percent)	26%	25.48%
Non-capital loss carry-forwards	$ 138,342
SR&ED expenditures	16,475
Federal and provincial tax credits	$ 3,544

Income taxes - Income tax provi

Income taxes - Income tax provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income taxes
Current tax (recovery) expense	$ (187)	$ 287
Deferred tax expense	59
Net income tax (recovery) expense	$ (128)	$ 287

Income taxes - Component of def

Income taxes - Component of deferred tax liability (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Component of deferred tax liability
Deferred tax liability	$ (59)
Property, plant and equipment
Component of deferred tax liability
Deferred tax liability	$ (59)

Loss per share (Details)

Loss per share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Loss per share
Net loss for the year	$ 28,569	$ 28,669
Weighted average number of common shares	21,182,558	20,829,861
Basic loss per share	$ 1.35	$ 1.38
Diluted loss per share	$ 1.35	$ 1.38
Exercisable	1,218,581	1,771,243
Share option
Loss per share
Anti dilutive instruments not included in calculation of diluted loss per share	1,474,809	1,511,773
RSU
Loss per share
Anti dilutive instruments not included in calculation of diluted loss per share	493,396	443,681
DSU
Loss per share
Anti dilutive instruments not included in calculation of diluted loss per share	75,000	60,000
Warrants
Loss per share
Anti dilutive instruments not included in calculation of diluted loss per share	0	772,270

Financial assets and liabilit_3

Financial assets and liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair value through profit or loss
Financial assets and liabilities
Financial liabilities		$ 563
Financial liabilities at amortized cost
Financial assets and liabilities
Financial liabilities	$ 11,223	10,263
Accounts payable and accrued liabilities | Financial liabilities at amortized cost
Financial assets and liabilities
Financial liabilities	3,282	2,033
Lease liabilities | Financial liabilities at amortized cost
Financial assets and liabilities
Financial liabilities	837	1,056
Derivative financial instrument | Fair value through profit or loss
Financial assets and liabilities
Financial liabilities		563
Long-term debt | Financial liabilities at amortized cost
Financial assets and liabilities
Financial liabilities	7,104	7,174
Financial assets at amortized cost
Financial assets and liabilities
Financial assets	33,501	52,861
Cash | Financial assets at amortized cost
Financial assets and liabilities
Financial assets	26,213	46,517
Trade and other receivables | Financial assets at amortized cost
Financial assets and liabilities
Financial assets	$ 7,288	$ 6,344

Financial assets and liabilit_4

Financial assets and liabilities - Credit risk (Details) - Trade receivables $ in Thousands	Dec. 31, 2023 USD ($)
Current
Financial assets and liabilities
Expected loss rate	0.84%
0-30 days
Financial assets and liabilities
Expected loss rate	1.42%
31-60 days
Financial assets and liabilities
Expected loss rate	1.35%
61-90 days
Financial assets and liabilities
Expected loss rate	2.46%
90+ days
Financial assets and liabilities
Expected loss rate	3.62%
Gross carrying amount
Financial assets and liabilities
Gross carrying amount	$ 7,145
Gross carrying amount | Current
Financial assets and liabilities
Gross carrying amount	6,497
Gross carrying amount | 31-60 days
Financial assets and liabilities
Gross carrying amount	93
Gross carrying amount | 90+ days
Financial assets and liabilities
Gross carrying amount	555
Loss allowance
Financial assets and liabilities
Gross carrying amount	(76)
Loss allowance	76
Loss allowance | Current
Financial assets and liabilities
Loss allowance	55
Loss allowance | 31-60 days
Financial assets and liabilities
Loss allowance	1
Loss allowance | 90+ days
Financial assets and liabilities
Loss allowance	$ 20

Financial assets and liabilit_5

Financial assets and liabilities - Reconciliation of loss allowance (Details) - Trade receivables - Loss allowance $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Reconciliation of changes in loss allowance
Increase in loss allowance recognized in loss during the year	$ 76
Closing loss allowance at December 31	$ 76

Financial assets and liabilit_6

Financial assets and liabilities - Liquidity risk (Details) - Liquidity risk - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Financial assets and liabilities
Carrying amount	$ 11,223,000	$ 10,263
Future cash flows	12,889,000	12,531
Less than 1 year
Financial assets and liabilities
Future cash flows	6,257,000	3,458
Between 1 year and 5 years
Financial assets and liabilities
Future cash flows	6,632,000	9,073
Accounts payable and accrued liabilities
Financial assets and liabilities
Carrying amount	3,282,000	2,033,000
Future cash flows	3,282,000	2,033,000
Accounts payable and accrued liabilities | Less than 1 year
Financial assets and liabilities
Future cash flows	3,282,000	2,033,000
Lease liabilities
Financial assets and liabilities
Carrying amount	837,000	1,056,000
Future cash flows	904,000	1,174,000
Lease liabilities | Less than 1 year
Financial assets and liabilities
Future cash flows	298,000	291,000
Lease liabilities | Between 1 year and 5 years
Financial assets and liabilities
Future cash flows	606,000	883,000
Long-term debt
Financial assets and liabilities
Carrying amount	7,104,000	7,174,000
Future cash flows	8,703,000	9,324,000
Long-term debt | Less than 1 year
Financial assets and liabilities
Future cash flows	2,677,000	1,134,000
Long-term debt | Between 1 year and 5 years
Financial assets and liabilities
Future cash flows	$ 6,026,000	$ 8,190,000

Financial assets and liabilit_7

Financial assets and liabilities - Risk Management Strategy (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Reasonably possible increase in interest rates
Expected loss rates	36 months
Interest rate risk
Reasonably possible increase in interest rates
Loss before income taxes due to 1% higher interest rate on the average cash balance	$ 235	$ 376
Loss before income taxes due to 1% higher interest rate on the average long-term debt balance	$ 71	$ 72

Financial assets and liabilit_8

Financial assets and liabilities - Risk Management Strategy and Loss before income taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Reasonably possible increase in interest rates
Reasonably possible increase in interest rates	5%
Loss before income taxes	$ 95	$ 415
Currency risk | Accounts payable and accrued liabilities
Reasonably possible increase in interest rates
Financial liabilities	(3,282)	(2,033)
Currency risk | Derivative financial instrument
Reasonably possible increase in interest rates
Financial liabilities		(563)
Currency risk | Lease liabilities
Reasonably possible increase in interest rates
Financial liabilities	(837)	(1,056)
Currency risk | Long-term debt
Reasonably possible increase in interest rates
Financial liabilities	(7,104)	(7,174)
Currency risk | Cash
Reasonably possible increase in interest rates
Financial assets	26,213	46,517
Currency risk | Trade and other receivables
Reasonably possible increase in interest rates
Financial assets	7,288	6,344
Currency risk | US dollars | Accounts payable and accrued liabilities
Reasonably possible increase in interest rates
Financial liabilities	(628)	(288)
Currency risk | US dollars | Cash
Reasonably possible increase in interest rates
Financial assets	19,599	32,897
Currency risk | US dollars | Trade and other receivables
Reasonably possible increase in interest rates
Financial assets	5,211	1,118
Currency risk | Euro | Accounts payable and accrued liabilities
Reasonably possible increase in interest rates
Financial liabilities	(452)	(521)
Currency risk | Euro | Cash
Reasonably possible increase in interest rates
Financial assets	615	365
Currency risk | Euro | Trade and other receivables
Reasonably possible increase in interest rates
Financial assets	1,935	1,074
Currency risk | Canadian dollars | Accounts payable and accrued liabilities
Reasonably possible increase in interest rates
Financial liabilities	(2,186)	(1,208)
Currency risk | Canadian dollars | Derivative financial instrument
Reasonably possible increase in interest rates
Financial liabilities		(563)
Currency risk | Canadian dollars | Lease liabilities
Reasonably possible increase in interest rates
Financial liabilities	(837)	(1,056)
Currency risk | Canadian dollars | Long-term debt
Reasonably possible increase in interest rates
Financial liabilities	(7,104)	(7,174)
Currency risk | Canadian dollars | Cash
Reasonably possible increase in interest rates
Financial assets	5,931	13,214
Currency risk | Canadian dollars | Trade and other receivables
Reasonably possible increase in interest rates
Financial assets	142	4,152
Currency risk | Chinese renminbi | Accounts payable and accrued liabilities
Reasonably possible increase in interest rates
Financial liabilities	(16)	(16)
Currency risk | Chinese renminbi | Cash
Reasonably possible increase in interest rates
Financial assets	$ 68	$ 41

Related party transactions (Det

Related party transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Related party transactions
Salaries and employee benefits	$ 1,526	$ 2,054
Directors' fees	294	296
Share-based compensation	2,983	2,272
Remuneration of directors and the senior management team	$ 4,803	$ 4,622

Capital management (Details)

Capital management (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Capital management
Common shares	$ 217,393	$ 205,825
Deficit	(217,931)	(189,362)
Long-term debt	7,104	7,174
Capital structure	$ 6,566	$ 23,637

Segment reporting (Details)

Segment reporting (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)
Revenue
Operating segment | segment	1
Recurring - non-capital	$ 6,806	$ 4,677
Capital equipment	393	2,004
Total revenue	7,199	6,681
Canada
Revenue
Recurring - non-capital	230	504
Capital equipment		986
Total revenue	230	1,490
USA
Revenue
Recurring - non-capital	5,126	3,177
Capital equipment		218
Total revenue	5,126	3,395
Germany
Revenue
Recurring - non-capital	1,450	996
Capital equipment	393	800
Total revenue	$ 1,843	$ 1,796

Segment reporting - Other finan

Segment reporting - Other financial information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment reporting
Total assets	$ 43,911	$ 64,421
Intangible assets	490	680	$ 1,435
Property and equipment	909	899	$ 788
Right-of-use assets	616	818
Amortization of intangible assets	202	704
Depreciation of property and equipment	727	672
Depreciation of right-of-use assets	217	228
Canada
Segment reporting
Total assets	34,257	57,694
Intangible assets	490	680
Property and equipment	158	212
Right-of-use assets	616	818
Amortization of intangible assets	202	704
Depreciation of property and equipment	57	59
Depreciation of right-of-use assets	217	219
USA
Segment reporting
Total assets	4,067	3,010
Property and equipment	751	687
Depreciation of property and equipment	670	613
Germany
Segment reporting
Total assets	1,952	1,288
China
Segment reporting
Total assets	82	56
Depreciation of right-of-use assets		9
Finland
Segment reporting
Total assets	$ 3,553	$ 2,373