The Mayo Clinic has just been listed as a new TULSA-PRO site, representing the first sale of the system to a teaching hospital by the technology’s developer, Profound Medical Profound Medical (TSX:PRN; NASDAQ:PROF).
TULSA-PRO is a technology that combines real-time MRI, robotically-driven transurethral ultrasound and closed-loop temperature feedback control. It is designed to provide customizable and predictable radiation-free ablation of a surgeon-defined prostate volume while actively protecting the urethra and rectum to help preserve the patient’s natural functional abilities.
The new site listing didn’t go unnoticed. Raymond James reiterated its “strong buy” recommendation for the company and its designation as a “analyst current favorite.”
“After a four-month COVID-19-related hiatus, this deal with the Mayo Clinic indicates to us that Profound’s commercial development machine is back up and running, and firing on all cylinders,” writes analyst Rahul Sarugaser.
Dr. Sarugaser said that with rates of U.S. elective urology procedures returning more quickly than expected, and with Europe working toward re-opening its markets, he anticipates more commercial deals in the coming months, both with teaching hospitals and radiology centres.
“Profound could, potentially, realize reimbursement – under a C-code that would provide approximately $11,000 per procedure – as soon as the fourth quarter of 2020, or by the first or second quarter of 2021: a massive accelerator of adoption, in our view,” he added.
Profound’s TULSA-PRO medical device is a proprietary platform that offers an efficacious, incision-free alternative treatment option for prostate cancer and benign prostatic hyperplasia, a non-cancerous enlargement of the prostate gland.