Profound Medical Shares Rise on 3Q Revenue Forecast Above Wall Street Estimates
Dow Jones
Yesterday
Shares of Profound Medical gained after the company forecast third-quarter revenue above Wall Street's estimates, citing commercial strength.
The stock rose 23% to $6.97 in premarket trading on Thursday. At Wednesday's market close, shares were down 28% year to date.
The medical device company said it expects third-quarter revenue between $9.8 million and $10 million, or up about 85% to 89% year over year. Analysts polled by FactSet expect $7.5 million.
The forecast is based on strong commercial momentum for Profound's technology across its existing base of customers as well as new clients, Chief Executive Arun Menawat said.
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