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Profound Medical (PROF), Siemens Unite to Treat Prostate Cancer
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Profound Medical (PROF - Free Report) announced its non-exclusive collaboration with Siemens Healthineers to set the stage for PROF to start marketing a full therapeutic solution.
The partnership is intended to combine Profound Medical’s TULSA-PRO system with the Siemens Magnetom Free.Max magnetic resonance (MR) scanner. PROF's sales force is responsible for this combination. The business also intends to sell TULSA-PRO as a stand-alone offering. Customers can now employ the technology with the MR hardware of their choice.
Price Performance
For the past six months, PROF shares have gained 1.8% compared with the industry’s growth of 2.6%. The S&P 500 rose 11.6% in the same time frame.
Image Source: Zacks Investment Research
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The transurethral ultrasound ablation procedure is carried out by TULSA-PRO. It uses sound absorption technology to kill targeted prostate tissue, while utilizing real-time magnetic resonance guidance for accuracy.
Surgeons can use this technique to ablate prostate tissue, either whole or partial, in patients with low, intermediate, or high-risk prostate cancer. Benign prostatic hyperplasia (BPH) is also treated with it. Patients with prostate cancer, who are under active surveillance, and looking for cancer treatment and BPH symptom relief, can be treated with it.
Magnetom Free.Max offers the built-in advantages of a mid-field MR scanner, while expanding the scope of MR clinical applications. To improve the patient experience, it makes MR scanning easier for larger or more claustrophobic individuals.
The companies expect to bring their integrated offering to the market in 2025.
Industry Prospects
Per a report by Grand View Research, the global prostate cancer therapeutics market size was valued at $12.1 billion in 2022, and is expected to grow 8.4% from 2023 to 2030.
The market is witnessing growth due to factors like the increasing prevalence of prostate cancer, the adoption of novel screening and diagnostic technologies, and government support for new therapies to cure prostate cancer. The adoption of novel screening and diagnostic technologies is projected to promote the adoption of therapeutics.
With the given market potential for treating prostate cancer, Profound Medical’s collaboration with Siemens is likely to boost its business and generate additional revenues.
Some better-ranked stocks in the broader medical space that have announced quarterly results are Cencora, Inc. (COR - Free Report) , Elevance Health, Inc. (ELV - Free Report) and Cardinal Health, Inc. (CAH - Free Report) .
Cencora, carrying a Zacks Rank of 2 (Buy), reported first-quarter fiscal 2024 adjusted EPS of $3.28, beating the Zacks Consensus Estimate by 14.7%. Revenues of $72.25 billion outpaced the consensus mark by 5%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Cencora has a long-term estimated growth rate of 8.6%. COR’s earnings surpassed estimates in the trailing four quarters, the average surprise being 6.7%.
Elevance Health reported the fourth-quarter 2023 adjusted EPS of $5.62, beating the Zacks Consensus Estimate by 1.3%. Revenues of $42.45 billion outpaced the consensus mark by 1.5%. The company currently carries a Zacks Rank #2.
Elevance Health has a long-term estimated growth rate of 12%. ELV’s earnings surpassed estimates in the trailing four quarters, the average surprise being 3.1%.
Cardinal Health reported the second-quarter fiscal 2024 adjusted EPS of $1.82, beating the Zacks Consensus Estimate by 16.7%. Revenues of $57.45 billion surpassed the Zacks Consensus Estimate by 1.1%. The company currently carries a Zacks Rank #2.
Cardinal Health has a long-term estimated growth rate of 15.9%. CAH’s earnings surpassed estimates in all the trailing four quarters, the average surprise being 15.6%.
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Profound Medical (PROF), Siemens Unite to Treat Prostate Cancer
Profound Medical (PROF - Free Report) announced its non-exclusive collaboration with Siemens Healthineers to set the stage for PROF to start marketing a full therapeutic solution.
The partnership is intended to combine Profound Medical’s TULSA-PRO system with the Siemens Magnetom Free.Max magnetic resonance (MR) scanner. PROF's sales force is responsible for this combination. The business also intends to sell TULSA-PRO as a stand-alone offering. Customers can now employ the technology with the MR hardware of their choice.
Price Performance
For the past six months, PROF shares have gained 1.8% compared with the industry’s growth of 2.6%. The S&P 500 rose 11.6% in the same time frame.
Image Source: Zacks Investment Research
More on the News
The transurethral ultrasound ablation procedure is carried out by TULSA-PRO. It uses sound absorption technology to kill targeted prostate tissue, while utilizing real-time magnetic resonance guidance for accuracy.
Surgeons can use this technique to ablate prostate tissue, either whole or partial, in patients with low, intermediate, or high-risk prostate cancer. Benign prostatic hyperplasia (BPH) is also treated with it. Patients with prostate cancer, who are under active surveillance, and looking for cancer treatment and BPH symptom relief, can be treated with it.
Magnetom Free.Max offers the built-in advantages of a mid-field MR scanner, while expanding the scope of MR clinical applications. To improve the patient experience, it makes MR scanning easier for larger or more claustrophobic individuals.
The companies expect to bring their integrated offering to the market in 2025.
Industry Prospects
Per a report by Grand View Research, the global prostate cancer therapeutics market size was valued at $12.1 billion in 2022, and is expected to grow 8.4% from 2023 to 2030.
The market is witnessing growth due to factors like the increasing prevalence of prostate cancer, the adoption of novel screening and diagnostic technologies, and government support for new therapies to cure prostate cancer. The adoption of novel screening and diagnostic technologies is projected to promote the adoption of therapeutics.
With the given market potential for treating prostate cancer, Profound Medical’s collaboration with Siemens is likely to boost its business and generate additional revenues.
Profound Medical Price
Profound Medical price | Profound Medical Quote
Zacks Rank & Stocks to Consider
PROF carries a Zacks Rank #3 (Hold) at present.
Some better-ranked stocks in the broader medical space that have announced quarterly results are Cencora, Inc. (COR - Free Report) , Elevance Health, Inc. (ELV - Free Report) and Cardinal Health, Inc. (CAH - Free Report) .
Cencora, carrying a Zacks Rank of 2 (Buy), reported first-quarter fiscal 2024 adjusted EPS of $3.28, beating the Zacks Consensus Estimate by 14.7%. Revenues of $72.25 billion outpaced the consensus mark by 5%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Cencora has a long-term estimated growth rate of 8.6%. COR’s earnings surpassed estimates in the trailing four quarters, the average surprise being 6.7%.
Elevance Health reported the fourth-quarter 2023 adjusted EPS of $5.62, beating the Zacks Consensus Estimate by 1.3%. Revenues of $42.45 billion outpaced the consensus mark by 1.5%. The company currently carries a Zacks Rank #2.
Elevance Health has a long-term estimated growth rate of 12%. ELV’s earnings surpassed estimates in the trailing four quarters, the average surprise being 3.1%.
Cardinal Health reported the second-quarter fiscal 2024 adjusted EPS of $1.82, beating the Zacks Consensus Estimate by 16.7%. Revenues of $57.45 billion surpassed the Zacks Consensus Estimate by 1.1%. The company currently carries a Zacks Rank #2.
Cardinal Health has a long-term estimated growth rate of 15.9%. CAH’s earnings surpassed estimates in all the trailing four quarters, the average surprise being 15.6%.