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Profound Medical
Profound Medical commercializes MRI-guided ultrasound ablation for prostate disease — a non-invasive alternative to surgery and radiation.
Profound Medical
Profound Medical was founded in 2008 in Toronto, Canada, by a team of medical device engineers and radiologists focused on magnetic resonance-guided ultrasound ablation. Arun Menawat, a former executive at Novadaq Technologies, joined as CEO and led the company through its 2015 initial public offering on the Toronto Stock Exchange. The firm's sole operational focus is the TULSA-PRO system, which combines real-time MRI with directional transurethral ultrasound to ablate prostate tissue. Unlike traditional radiation or radical prostatectomy, the procedure preserves surrounding nerves and structures. The company's commercial strategy targets urologists and radiologists in hospitals and outpatient imaging centers. Revenue is generated through capital sales of the MRI-compatible workstation and the recurring sale of disposable transurethral ultrasound applicators. Profound Medical has secured FDA 510(k) clearance and CE marking for the TULSA-PRO system. Deployment is concentrated in the United States and Western Europe. The firm has established reimbursement coverage through Medicare in the U.S. and negotiated pricing with several private payers. Named distribution partners include Siemens Healthineers, which co-markets the technology alongside its MRI systems, and GE Healthcare. Profound Medical operates with a lean commercial team and a distributed manufacturing model that outsources key components to contract manufacturers. In May 2023, the company reported first-quarter revenue of $1.8 million, reflecting a installed base expansion to approximately 30 active TULSA-PRO sites in the United States. The firm has no disclosed adjacent vehicles, philanthropic arms, or operating subsidiaries beyond the core medical device entity. Profound Medical is structurally distinct from most small-cap medical device companies because of its regulatory posture: the TULSA-PRO system holds a unique FDA indication for ablation of prostate tissue that does not specify a cancer-only limitation — giving it a broader label than competing focal therapies. This regulatory architecture allows clinicians to treat both cancerous and benign conditions under the same clearance, a detail that shapes its commercial adoption curve.
General information
Firm type
Asset Manager
Year founded
2008
AUM
Undisclosed
Location
Region
North America
Country
Canada
City
Mississauga
Corporate office
Mississauga, Ontario, Canada
Principals
Arun Menawat
Chief Executive Officer
Aaron Davidson
Chief Financial Officer
Steve Plymale
Chief Commercial Officer
Sector focus
Frequently asked questions
What is the TULSA-PRO system and how does it generate revenue?
The TULSA-PRO system uses real-time MRI guidance to deliver targeted, high-intensity ultrasound that thermally ablates prostate tissue. Revenue comes from two streams: one-time capital sales of the workstation and MRI-compatible equipment, plus recurring per-procedure purchases of single-use disposable transurethral applicators. The disposable model creates a consumable revenue tail after each capital placement.
Who runs investment decisions at Profound Medical?
As a publicly traded medical device company listed on the Toronto Stock Exchange and NASDAQ under the symbol PROF, investment and strategic decisions are made by the executive leadership team led by CEO Arun Menawat, under the oversight of a board of directors. There is no single-family-office structure or private investment committee.
Does Profound Medical operate as a family office or does it function differently?
Profound Medical is a commercial-stage medical device company operating as a public corporation, not a family office or investment vehicle. It develops, manufactures, and sells the TULSA-PRO system directly to hospitals and imaging centers. The firm holds no investment portfolio and does not allocate capital on behalf of a family or external limited partners.
What regulatory clearances does the TULSA-PRO hold?
The TULSA-PRO system has received FDA 510(k) clearance in the United States and CE marking in Europe for ablation of prostate tissue. Notably, the FDA clearance is not restricted solely to cancer treatment — it covers ablation of prostate tissue broadly, which encompasses both malignant and benign conditions.
How is Profound Medical related to Siemens Healthineers or GE Healthcare?
Profound Medical has a co-marketing agreement with Siemens Healthineers, under which Siemens promotes TULSA-PRO alongside its MRI systems in certain markets. The company has also disclosed collaboration with GE Healthcare. Neither Siemens nor GE holds a controlling equity stake; the relationship is a commercial distribution and awareness partnership.
What is Profound Medical's known posture on reimbursement and payer coverage?
The TULSA-PRO procedure is covered by Medicare in the United States through established physician and hospital outpatient payment codes. Profound Medical has also secured agreements with multiple private payers. Expanding commercial payer coverage is a central component of the firm's disclosed strategy to drive adoption.
What investment stages or deal types does Profound Medical participate in?
Profound Medical does not make fund commitments, direct investments, or co-investments in external companies. As an operating medical device firm, its capital allocation is limited to internal research and development, manufacturing, and commercial expansion of the TULSA-PRO system.
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