PROF - Earnings call transcript Q2 2022

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Operator

Welcome to the Profound Medical Second Quarter 2022 Financial Results Conference Call. My name is Darryl, and I’ll be your operator for today’s call. [Operator Instructions] I will now turn the call over to Stephen Kilmer, Investor Relations. Stephen, you may begin.

Stephen Kilmer

Thank you, Darryl. everyone. afternoon, Good

statements by include start only securities that statement conference and and performance All this in which be cautioned are to and beliefs, Profound’s Let of otherwise, and assumptions statements or pointing within other will expectations, forward-looking undertakes from guaranteed. publicly Canada. as and forward-looking United to, applicable uncertainties place law. based the unknown be call on performance, the current among me obligation to clinical as not on regulatory relate date States out these from undue are meaning to call. whether the that laws required forward-looking to materially obtain ability market regarding expectations company’s third-party things, future statements the anticipated of the different other commitments. risks, conference strategies, treatment involve a and/or the trials, reimbursement revise business such statements, Profound may technologies, speak forward-looking events of can results, by acceptance or no achievements and information, by forward-looking other statements, those known future as efficacy or results developments, payers, financial of of of prospects, Listeners update future Such than cause this any new actual implied reliance factors result No coding statements.

of incision-free Profound the for new markets story, diseased ablation moment and like are For would who summarize take to Profound to develops the of tissue. therapies business. benefit those customizable the a to I our also

protecting XXX temperature approved to In control. procedure and transurethral function urethra U.S., technology charge a and to natural Canada and pure and that radiation-free provide situation recurring States, preserve The Health defined as ablation capital while ultrasound TULSA-PRO, help of rectum service technology commercializing and FDA. real-time deploy CE combines sales per currently that. warrants model whereby actively lease the marked, and patient’s designed the for volume a for MRI extended associated prostate services we TULSA-PRO of are surgeon the predictable Outside model mobilities. the of customizable devices a is warranties. is robotically-driven feedback basis closed-loop consumables, revenue cleared a primarily by we a we consumable the United TULSA-PRO, and TULSA-PRO on separately with employ customers medical We the

metastases. with the are We fibroids platform and a Sonalleve, of for bone treatment innovative also commercializing mark palliative uterine an therapeutic of treatment CE pain

of been the Medical has Products equipment. device capital China approved the our has humanitarian for for under is for of by National a systems noninvasive Sonalleve Sonalleve onetime and model also recently sale Administration currently osteoma. osteoid FDA The exemption business of the treatment uterine obtained treatment fibroids approval

On Dr. the Officer. are representing Rashed. I’ll Financial Chief Profound’s Chief Menawat, company’s Rashed Executive now Arun call With the the to said, call today and turn over the Officer; company Dewan, that

Rashed Dewan

thank Good the at second you I would company. call. for team to management afternoon, and quarter to conference everyone, ongoing and everyone our XXXX of like On welcome in Profound, interest your our behalf

our you of for your support. appreciate call Arun in to the are who those For update will a I shareholders, continued turn interest an and over on activities. we moment commercial

To However, refer we second streamline our to are have before numbers been XXXX so they will all update like quarter I do, on the I approximate. brief a to of provide would rounded, things, results. financial

X-month period of quarter, represented to time loss in $XXX,XXX XX% $X.XX second net $X the and X-month million, of sequentially sale company recorded increased for second the share from revenue increase capital $X.X a with cost a This increased the revenue XX% million. to and quarter, due $X.X driven common Overall, markets. same consists June the XX% the $X.X XXXX. compared X% per first XXXX by net period in from of down share in a million second from a million XXXX, over million, company common sale primarily sales the primarily $XXX,XXX further, finance due the operating of of $X.XX an same the with $X.X distribution or of revenue quarter a quarter ended finance to lower period $X.X selling R&D XX, Total million the was of decreased by onetime and to $XXX,XXX for international $X.X previous or were recurring second quarter higher This million, $X distribution loss million XXXX in coming recurring with the basis on same the XXXX. foreign XXXX million. million revenues XXXX. selling XXXX of of for a in compared in which Breaking revenue increase the income onetime to of equipment in gain. increased $X.X to growth expenses QX North For expenditures that by G&A American R&D, XXXX of X% and months systems. equipment. year-over-year Sonalleve expenses $X.XX net capital expenses and the period and compared exchange of Net per XX% recorded X G&A

will Profound Arun. cash to XXXX, over With that, As the of I million. turn call at now June had $XX.X XX,

Dr. Arun Menawat

Thank Rashed. you,

you of several TULSA-PRO. As focus disease our know, technology, on prostate quarters for treatment has our the next-generation commercialization primary U.S. past been the

major to combines between the enable resonance Like forgotten its platforms to While to is tissue. how thermometry real-time difference ablation about two is TULSA, over of not future therapeutic company and that our importance tissue is continues, applied we The incision-free potential different. ultrasound the diseased longer as energy a imaging focus Sonalleve have magnetic Sonalleve and the and precise the diseased ultrasound thermal with term.

directionally Sonalleve like minimal in the MR large pattern delivered small of is a is both Profound area time. visualization MR-HIFU, company sweeping capabilities. a versus technology a with volume thermal in is ultrasound, focused or the only where a blade that has brings tissue high-intensity ultrasound ablated TULSA, where contacting real-time

moderate U.S. application, TULSA because Up XXx palliative exclusively in been have treatment directional recently, in treatment is the Sonalleve One become osteoma Osteoid markets causes HIFU we noncancerous osteoid and especially of used we CT-guided a of at until night. currently is we femur technology. is metastasis. for tumor that but and severe, approval osteoma all often at osteoma pain ultrasound than Humanitarian late occurs Exemption, radiation. or the adolescents. blade of in prostate it is bone it treatment, for faster XXXX, commercializing of patients reasons in invasive use In pain treatment the ablates fibroids in about commonly the Device aching tibia a uterine the FRA of bone osteoid And FDA young most under intensity, osteoma. children dull and and received the most a and exposes HDE, but the can young to that osteoid worsen is

Sonalleve offers these with exposure. without patients be a ionizing improvement, incisions, safely can or treatment needles radiation performed clinical any that but

in to most to Hospital let’s Not osteoma platform in Children’s the Hospital sale QX the prestigious is you now where of While represent will pediatric patients, studies treatment only arises but And they Sick care osteoid systems further I’m the the that centers of cancer. applications that the also of Toronto. United conduct recorded D.C. clinical National Washington, in Sonalleve market other X sales osteoid small, sales respectively. first the talk North and for the Children systems use Canada, X the we and for pleased of tell capital health unmet including in in the need States in the these America, institutions TULSA. osteoma, treat will were severe to young about These

prostate to the urinary file symptoms qualify BPH. Category paper as cancer, published sorry, evidence, did for in prostate the may the is of Journal which and of by the caused provided CPT prostate application, urinary you completed to in prostate Level TULSA support cancer TULSA, locally March -- publication As treatment normally a highest demonstrating that the as Endourology systematic also and safe recall, TULSA advanced mid-June. tract cancer clinical effective XA in well requirements lower This for by treating and recurrent we for us available the primary that online of was review cancer X simultaneous

are upcoming editorial in meeting panel approaching We CPT cautiously September. the

national caution activated proposed Level marketing that emanates that well. foster clinical midterm TULSA shown generation sufficient year sponsored initiatives. of the hospitals adoption CAPTAIN which in and continue technologies some have an be taken are from the is is from cosponsored to being code relevant to interest applications pleased believe the the TULSA see we to is United both it vital with to increase own maximize congresses very with conducted the support clinical like ablative we’re growing the history technologies case, application recruiting finalized technologies continues first and cancer fact help has recently for near societies. with our States. is September. advanced opportunities further that the for X% trial, in our TULSA extra men X any game-changing Our to them study physicians a We X incredible In in in for prostate Prostatectomy that see the of have and To in the patients. date, ever medical currently CPT pleased reimbursement that participation we our unique AMA the end said, for sites data, proposed Radical of TULSA professional before is been by emerging multiple have we new execution aspects CMS the the comparing post-market head-to-head filed This To $XX,XXX. advance currently of one With That used additional payment of in data, of proposed respect The it’s that that by CXXXX, and TULSA. the progress new the temporary and ahead patients shown Sonalleve, through has is will to payment further.

as strong We sites in the patients may to U.S. add of to the have be have vast we interest U.S. again, will is that from there sites We majority in do increased study X X expect or patients. XX X a Europe. participation. due in interest, And We in in the of target X number still Canada. sites

initiatives meetings Turning an marketing have they few to had months. and medical exciting

presentation. May. as in note, XXXX Meeting at from sessions. Category performed of this example, the activity plenary to that For and pivotal Chicago, of University physician-led session, UT AUA Medical included free a his Goldberg was valid, balanced, center of be the TULSA-PRO Dr. Association’s TACT X and the procedure Ken earlier education which bias. from designated and TULSA an Southwestern fair, during the Dr. Also TULSA commercial content the PRA follow-up committee requires plenary during a Of semi-live determine Urological The scientifically Eggener review vigorous AMA data Scott American one study Annual Center in procedure, front credit,

included the function In Mikael I/II all BPH. presentation, uroflowmetry Phase a University from life, X-month study patient The addition, of suffering men TULSA Anttinen Hospital’s sexual a in LUTS, for discontinuing of use their gave poster treating from reported improvement updated Turku results patients BPH study clinical which quality with evaluating moderated and medication.

in advance daily features. unveiled product software X.XX, our we Finally, release demonstrations, TULSA-PRO new of two included

therapy. multiparametric avoid be they help known is identify feature performing intraprostatic MRI as or the more guide margins can defining sparing, and focal or physicians benign malignant first, commonly subtotal between are delineate prostate The prostate more particularly confidently This as as ablation to if targeted designed well in and calcifications. tissue helpful, vision to

profiles The for second meeting In Raman many catheterization Karun X-year from to initial AUA, Busch in from moved data Sonalleve the Among presentation in and treatment future presented is and UCLA was from HIFU treatment. in plans optimized or or of Dr. of Children’s upcoming did TULSA favor most algorithm, pediatric enjoyed on supra-pubic for X view trial examine technology treating an TACT; June. both osteoma prior X presentations patients applications, designed use at urethral response the osteoid radiation developed to bladder a physicians and catheters. hyperthermia Radiology his experience Dr. Steve Sonalleve an the pediatric reviewed the of Hospital of the follow-up Interventional high U.S.-based platforms, the mentioned of from Sharma having Society to suppression which applications, presentation Dr. discussed titled TULSA; in Foley its and National in with data current

effectively participating, as were we meetings it is extremely received event, to existing of this bring on whom users and Live in day to purposely we few and we’re planning ago. relatively awareness are XX quarter the and of first our physicians great on adoption Based kept first simply, continues hosted of users. face-to-face and about PRO-Talk an strategy. larger future first used is together we Since small, was event way experience our TULSA Live, the unique and we a the approximately users, Canada go very forward. during potential with during physician weekends which have XX existing -- positive inaugural Quite PRO-Talk education types We ideal To technology the previous the Chicago product both Finally, in company for rest from presentations These events, to sell a sold the users, quarter. grow. feedback my U.S. our that discussions. of a by summarize, to first hosting Sonalleve additional users the and system we in second for potential ablative designed

-- for TULSA RP X the June. is Enrollment capital TULSA we the filed in application trial CAPTAIN expected, Category comparing in progressing. our in As CPT to

a briefly and you touch dreaded are it COVID-XX. word, activities them the I that of because market. takes new of the when our the market. on affected pandemic, about we years, of me always bring what The introduction X let adoption to TULSA for game-changing many today described of could results the do But kinds to not Now of to it to technology

driving them important supply to particularly effects, remain, frame learning TULSA. and overcome applications CPT for at the of lingering installation filing respect aspects presentations society use. sponsor significant and podium are all meetings to adoption chain [POC] how While effective society training, to with a reduce time from we’re

This Now thrilled QX will we pace in the U.S. of comfortable continue TULSA But number are XXXX our sites the for you new starting sites I’m sales XX take that treated a prepared continue in the questions of ends patients of Operator? to increase in and the were We the will adoption I remain accelerate total QX. finally progress. end our today. focused the efforts quarter-over-quarter installed With with happy will have. we of before might that and to that XXXX. and Rashed remarks to into any that, achieve

Operator

And Instructions] Frank from comes Takkinen. our [Operator first question

Frank Takkinen

naive have solid Congrats number where that just a starting the quarter but little occurred at bit right I on with and that’s of all progress. question, for a guys XX guide, in may out think it, the of off operational did where heard stands? the missed I curious that now. call standing Apologies was you I placements the but

Dr. Arun Menawat

prepared Frank, we focused systems of we I contracts pretty said that prepared at of as end But thank operational new did you in all. We running. this I XX we, sites first the additional as on in have year. least comfortable because, but additional really by we’re remarks, the did the have are not getting mentioned will remarks, sites place

Frank Takkinen

well through Can codes, versus Profound good can on impact of intricacies imaging then as on oncologists of that could maybe and reimbursement That’s urologists for was Appreciate to as who more on a one some time? TULSA, two-code use Okay. color. commercialization you how process. -- product sorry, over that. treatment. And the on Noticed the it this which just maybe reimbursement process? application just And the radiation, the the talk

Dr. Arun Menawat

Yes, absolutely, I’m happy bit quite on to color Frank. provide this. of a

procedure a the So a was with and received closely this. we’re that this done jointly feedback could And radiologist be very that societies that of a one that be with we working on urologist. could

about where aspects then the upon treatment, the and the treatment, code seeking And the the used these and catheters is divided of that which into recommendations, second that more treatment of one the could so two activity. which be more imaging those about based the by urology applications we a is of subsets and And of a assessment is insertion planning more part, radiologist. we’re

one the so physician the that whole or doing codes the thing, way -- using specialty have if -- be be used And both societies by one put specialties, could could physician of individually And the those of codes. is both this that urologist. together, the used use can . is by

get that, whole in that. to there to continue will codes. the will and in So hospitals and the fact to flexibility a physicians hospitals, really this cases, they lot because thing, able flexibility we’re a be the do using two of in more physicians they can are together, doing And they urologists where large it that the that how hearing technology do can have doing are smaller single adopted to both likely gives some they like then it, use

So I certainly AMA very moment. of on think that’s the going at analysis is that that on. going plan lot the color. with comprehensive a a is of There’s the part It

going a technology. we’re game-changing So it. through It’s

Obviously, getting with the overall. from thrilled independent we’re optimistic we’re advice caliber We’re of societies.

we’ll But color go how to goes, while the it procedures, really of ours, most ablative good, do went urology CXXXX, other really, we was think we see procedures, have the -- meets September. final other many also it gets were the up. and has to payment let’s procedure finally is actually So the already And the it. HIFU, down, come with particularly I cancer part be saw down. treatment the was well honest, which already by gone end the up ablative that editing to for continue of X% the finalized that continue target pretty reimbursements prostate and But like thrilled fact which and if

that. the other ablative technologies, the with recognizing So fact are societies and of value I CMS quite we’re that think thrilled that the

C can think code forward. adoption the drive we with going I very well

Frank Takkinen

if just more. one sneak helpful. I Really can Okay. Maybe

capital about basis? back on extra you try of in placements Sonalleve up and the year frame a and maybe thinking just be quarter, we the could commentary all half should go-forward this Given how on the

Dr. Arun Menawat

questions. very good Frank, Again, Yes.

That’s is what XX% driving. So again, -- of our we’re our TULSA. priority

received that interventional meeting year. this with the surprised in June Boston Sonalleve at pleasantly radiology the We’re in attention

devices obviously are thrilled of this We two the with sales the -- in two quarter.

in think conservative. for frankly quite applications. going my terms more I is devices these U.S. in would forward I would sell not year suggestion of this that that we assume

budget have that will hopefully of pediatric references number lot interest, into a is States sites sites a that they’re to on. the I of to United XXXX. convert them think provide And going to in there two these will I in so but sales think and

the of in apply, process. So Sonalleve, in that’s not very that markets, quite still international slowly. it’s China, do back think particularly And there. capital thinking really our model particular, is really, I for still part The coming we

So cautious think we’re strategically, I I would bodes do I think well with still be But longer I it and this. term. on it think mid- for to the thrilled

Operator

And Weiner. our Zach next comes question from

Zach Weiner

confirm to one broader wanted one and just more I thing then question.

Just on and of the the impacting thought couple follow-ups. through what’s a placements the is those commentary maybe where COVID And half of on And the the have there? year, headwinds then second expectation I placements?

Dr. Arun Menawat

assuming talking TULSA I’m -- about particularly the Zach, Sure, United you’re you’re States adoption? and in

Zach Weiner

Yes. Yes.

Yes. about Sorry that.

Dr. Arun Menawat

now remarks, that society the meetings coming think No, that thrilled in are that the as where are now mentioned on, awareness. TULSA out, how with really -- I so years. you amount the better critical over Yes. of attention is publications the I the fact going last I’m prepared is build than and is significantly reason on X it what that we that, the the is And had

think I is it level today a the of was year significantly ago. even So higher awareness TULSA than

continue we continue will to sites. see you will is more what think I so And install to

all reasons has taken debottlenecking why of We’re longer. the it

this XX about sites are We confident year. pretty

usage the in quarter-over-quarter. to increase. double that continue confident pretty has been It will We’re digits increasing

and perhaps pace also to end will this going that. of increase you start year, see of continue by I is think to to the increase

see side, are continue continuing -- the more up, to on you’ll more continue things you’ll to awareness and up, and see you like feedback, the will give see publications, we more sites positive going on going think track, us more patients to to continue I to are So continue TULSA up. go usage is it’s adoption additional

but is also. in improvement to I think time I will you think adoption continue over see the the at moment, the pace of pace decent

Rashed Dewan

that’s we have Zach, subsided think, the long a XX physicians, another prepared now first made we time, can our point more brought after in I And a time, base pick like them that them extent, educate activities and of PRO-Talk going where we’ve we you’ll engaged same Live aware at So the towards had to those in get that more right? make where and are with is guiding and up recently, certain technology. can that physicians our and like is start COVID the remark our we physician see to technology

Dr. Arun Menawat

Exactly. lot you provide good happy color had sites. things. of to We’ve on these And we’re a

a current of them sites the But is of high. As some using failures. users, U.S. of the the number mostly in are you quality it know, for our for very

using Some for therapy. focal of were them

And so Some are they more are could using whole for using users it how brought of gland. them on. when others the broadly we see together, and

would time. So I sites higher at these activities to think existing even usage over lead

to finally got cross-benchmark, So of the cross-fertilize are that with that’s we were adoption users. these ready of their we’re to we’re nonusers why And kind now there, excited and TULSA. able own that forward across many very many, good our knowledge move guys feedback

Zach Weiner

I could if in. sneak one just And more

Your sort of are pressures the that comments broader tech space. inflationary facing med on

Just internally? guys are curious what you seeing

Dr. Arun Menawat

to much In be the Zach. tech, med honest, I comments, don’t broader have

that one-track we think a mind. very I have

at moment. the our We’re we’re of small technologies. kind very And focused on

not So some are us. things to critical as those of macro

I lack people. to of is That was contact, the what thrilled think the of already biggest about. thing described, ability lack we’re as cross-fertilize we’ve

them to Generally it. don’t community they out I should urology wait on. with and when visit is to saying speaking, continue those value They the think not should I would or adopt so of we they think ready this they walk that meetings do do say see don’t technology. more customers, we

Operator

Raymond from And James. [Operator from Instructions] Rahul question next our Sarugaser comes

Rahul Sarugaser

clearly, for consolidation, is, consolidation quarter et the reimbursement, the question an of cetera. this AUA, is essentially first et awareness, important my So cetera,

looking most per at important the essentially the XX installed need that around as will at be by rate XX then around -- current probably the the utilization base guided you when to device. we And so lever to we’ll and be of look end year, of we the

current you it had a please device believe do per of that I alluded more see trending Arun, bit us you’re to utilization increasing. forward, you you Could how little going give color in so terms that limiting the new up seeing code And that to potentially given How currently hospitals nursing currently? and ability all wrap technologies? adopt the environment then are current and their evolving -- environment, having, with with and the CPT C-code CPT then challenges particularly

Dr. Arun Menawat

Yes. Rahul, very happy provide And think on more questions. I’m these very I color important to this. are

So me here. a kind little bit again, let of more views detailed share

are the unique go sites, a this treated with at sales If addition goals, we’ll just to described, high-volume are teaching you achieving or early that teaching adopters, okay, into to that cash our imaging the the the and we sites sites But We starting and recall, follow-ups. they not done are able are to application, support as those face-to-face the when in we’re I going And that achieved. has starting they’re they because do who’ve to the go to are site of you pay even those what presentations those channels. is product going product I type customer? the unique the -- CPT to introduced through the and present cash centers, necessarily of after I the after cancer. we’re type, number that this well, going lot site sites And market, moment. of to see different unique not now podium same-store of we were provide another to said kind talked see A will three goals a about need cross-fertilization think teaching have being how have after go now, be about going of being saying, ways the they patients hospitals we has for pay. provide the of number but And were So we the of another done right? think sites

they’re talking our we think they’re of Pro-Talk saw other, I to all from learn from of society so that each the about experience. talking now conferences how just Live and rather do from is what each the meetings number other and And than own we

So time. sales do I over that will be same-store increasing expect

do The universities in that So don’t still, from think will number expect as And site. is already. usage strong it not that generally conversations I cautious our there numbers, the to the guys say in see having speaking, you one think I also from clearly that revenue to increased the continue us to would there we’re telling enough, desire sites, enough know per only you happen trend usage. to is to but increased me the are but with well I recurring again, of able a quarter, increase that be

think And the linear will so I that think adoption may you think. more it bit be see And it do exponential. in I I the moment, -- pace to of will quarter-over-quarter, increase will a but at acceleration that linear

Rahul Sarugaser

playing on the through that’s on podium how the particularly really And and CPT it’s your presentations with strategy color, Terrific. code. helpful

this we’re reimbursement. pieces your things comment for of reconsolidation at guess increased following final awareness, on which, et to playing now these course, getting I So looking then through together about translates to maybe from cetera, as your revenue. building year, utilization, XXXX

to in forward again, you’re that you together, about these $XX currently to in a reimbursement -- color otherwise? we pieces the million are you this be in the look important quarter. as potentially ramp fill how important Could given any position hospitals, how of some us around relatively to thinking XXXX well-established in maybe projections XXXX and or all pieces -- put as give of -- these sort around looking gaps, the now relative million terms and also right burn cash you debt you installed revenue awareness should particularly in revenue of $X how So on maybe of now, your cash and the of base XXXX, teaching putting

Dr. Arun Menawat

solid But visibility to into give forward don’t will, QX you, we Yes. is can, the provide for and a is so do more do able I we quarter, I do about feel guidance year-end or pretty conversations we we visibility it that. be And Well, you confident like as we we the visibility this think enough XXXX. with just revenues to and first that to to XXXX, really, as yet. get into confident next think I right? enough to year will and to XX, be that normal understand by -- need soon enough lot we there really have honest, soon as share I for feel that as may have on

comfortable, and think So as hopefully, burn cash to I is the pretty soon that are to don’t going is certainly shape. works as expect so the good position that we feel on, we’ll feel in our I still I we do increase. very and With respect in that.

I in margins a that place. gross our think decent are

the an think as see in is think volume. revenues manufacturing all you also I I gross you know, margin will about increase because, increase, as continue to

overhead will the kick As in, come costs our down constant. volumes remain and costs also fairly

slowly until in you. I metrics. tell we -- that more think I at could have at progress these just think the would it’s I So moment. the the moment, show I where cusp that you data see to surely, all again we but rather we of but wish And are that And we’re I will on wait

Rahul Sarugaser

that asking if more optimistic one And you I’ll one. one now more asking -- more Perfect. mind ask don’t question -- me I’m

CPT is of the societies? Anything you around us potentially course, of application year. catalysts this in So the optimism around more because, your given the for optimism around any supporting sort important to multiple this color color one your that relative the give else the alluded application, the provides could -- you most application, there your of societies and

Dr. Arun Menawat

provide Sure. more happy Again, I’m color. to

Number this really of think I there that critical. really, to I are that our two am team. aspects both one, proud are

in and critical like speed to on And I technology, societies can time. commercial connected team learn team on clinical our data. get. them and has came as help -- get with our it that think good up on How I as our data think done our

one the by of color agreements. for that are But good to these get have these us that All names with thereby, did very you, control, tell application, societies that feel well. decisions them them cannot been you part, looking the more we agreements help that two framing and we with those So work about give that societies I our has sign can codes it. about I is it. the than confidentially to this and very -- multiple we’re closely very obviously, we to I with -- that to the we in code and abide because done extent getting versus

more you game-changing one go often of as significant And the the me these get Now longer I is a through face them. than know strongly in well everything. to me not, data look AMA. pieces is it data year through staring at that technologies that of for than takes And scrutiny by the like enough,

go I ahead think So want is, I and don’t want and to of final AMA, more And the ignore our gone to message don’t and is but the well I today. it X%. as paid that want has up important reality with part And part rules, the get will work fact that being the actually it reason we it them reality, help to either. code of of it becomes the C X%. is continues up If

like it patients of shape up. It gone is in go we’re -- are it, can’t lots not pretty are In until has case, to adopting willing they it that to in where our go paid, drive companies working, is get anywhere. So they is cannot sites pay, interested to our CPT good they C-code adoption.

shape. good in We’re

good with We’re shape in that.

color. the that’s So

Rahul Sarugaser

your Great. And their yeoman’s congratulations team work. to for

Operator

I’ll have for [Operator don’t Instructions] And questions we to at closing turn any back it Arun time. this comments.

Dr. Arun Menawat

Profound thank interest for again, quarter you much. to you And in and again. you Thank third our forward Thank your look meeting. so we

Rashed Dewan

a Thanks lot.

Operator

thank and participating. for Thank conference. today’s you you, gentlemen. This And concludes ladies

may disconnect. You now

Profound Medical (PROF) 7 Aug 222022 Q2 Earnings call transcript