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01/11 07:33
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Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
The earnings call highlights strong financial performance with improved gross margins and revenue growth. The CAPTAIN trial data and positive feedback from physicians enhance confidence in TULSA's efficacy. Although there are increased operating expenses and net losses, management's optimistic guidance, strategic partnerships, and successful marketing initiatives signal potential for growth. The Q&A session confirms positive sentiment, with plans for reduced cash burn and strategic expansions. The absence of negative guidance, coupled with favorable reimbursement scenarios, supports a positive outlook for the stock price over the next two weeks.
Total Orders Over $3 million for Q2 2025.
Revenue $2.2 million in Q2 2025, with $1.6 million from recurring revenue and $650,000 from one-time capital equipment sales. Revenue was essentially unchanged year-over-year from Q2 2024.
Gross Margin 73% in Q2 2025, up from 64% in Q2 2024. The increase is attributed to operational efficiencies or changes in revenue mix.
Operating Expenses $15.4 million in Q2 2025, up from $9.3 million in Q2 2024. The increase is due to higher R&D and SG&A expenses.
Net Loss $15.7 million or $0.52 per share in Q2 2025, compared to $6.9 million or $0.28 per share in Q2 2024. The larger loss is due to increased operating expenses.
Cash Position $35.2 million as of June 30, 2025.
TULSA-AI volume reduction software: Pilot release of the new software designed for BPH procedures was achieved. It offers fast intelligent workflows with an estimated total procedure time of 60 to 90 minutes. The first commercial BPH procedure using this software was performed in June, with a full commercial launch expected in the second half of 2025.
CAPTAIN trial: The trial is fully recruited with 212 patients treated, surpassing the initial target of 201. Initial perioperative outcomes show TULSA provides superior patient experience compared to robotic surgery. Final results are expected to be announced in December 2025.
TULSA adoption and utilization: The CAPTAIN trial and TULSA-AI software are expected to drive adoption and utilization of the TULSA procedure in the U.S. and globally. Inclusion in professional society guidelines is anticipated to increase awareness and adoption.
Sales team restructuring: The U.S. sales team was streamlined, eliminating the director sales level and honing the regional business director and capital sales executive teams. This restructuring aims to improve efficiency and focus on building a larger sales funnel.
Transition to capital model: The company transitioned from a placement model to a capital model in 2025, which is expected to result in back-end loaded operations and significant growth in the second half of the year.
Revenue Shortfall: The company reported Q2 revenues below expectations due to delays in completing TULSA-PRO capital sales. This could impact financial performance if delays persist.
Increased Operating Expenses: Operating expenses rose significantly to $15.4 million in Q2 2025 from $9.3 million in Q2 2024, contributing to a higher net loss. This could strain financial resources if not managed effectively.
Transition to Capital Model: The shift from a placement model to a capital model has created a back-end loaded operation, which may lead to uneven revenue recognition and operational challenges.
Sales Team Restructuring: The U.S. sales team was streamlined, eliminating director-level positions. While intended to improve efficiency, this restructuring could disrupt sales operations in the short term.
Dependence on CAPTAIN Trial Outcomes: The company's future success heavily relies on the CAPTAIN trial results to gain favorable treatment guidelines and reimbursement coverage. Any unfavorable outcomes could hinder adoption and financial performance.
Regulatory and Reimbursement Risks: The company is awaiting inclusion in professional society guidelines and positive reimbursement coverage. Delays or denials could limit market adoption of TULSA.
Competitive Pressures: The company faces competition from established treatments like robotic surgery and radiation therapy. Failure to demonstrate clear advantages could impact market share.
Economic and Bureaucratic Challenges: Targeting corporatized bureaucratic hospitals in the U.S. presents challenges in navigating complex organizational sales processes, potentially delaying adoption.
Revenue Growth: The company expects to deliver 70% to 75% revenue growth in 2025 compared to 2024, driven by a large and growing TULSA-PRO pipeline and stabilized sales team.
TULSA-PRO Sales Pipeline: The sales pipeline includes close to 500 prospects in the targeting stage, with 100+ leads engaged and 80 qualified leads. The company anticipates significant and material improvement in the second half of 2025.
CAPTAIN Trial Outcomes: Initial clinical outcomes data from the CAPTAIN trial will be presented in December 2025, with expectations that the data will lead to new guidelines from relevant cancer societies, requiring patients to be informed about TULSA as a treatment option.
TULSA-AI Volume Reduction Software: The new software module for BPH procedures is expected to launch commercially in the second half of 2025, reducing procedure time to 60-90 minutes and making TULSA more competitive in the BPH treatment market.
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The earnings call reveals strong financial performance with an 87% revenue increase and improved gross margins. Positive guidance with 70%-75% growth expectations, supported by a robust pipeline, indicates optimism. The Q&A highlights significant commercial payer rates and Medicare reimbursement progress, enhancing profitability potential. While there are competitive and operational risks, the company's strategic focus on reimbursement and market access, along with promising clinical outcomes, supports a positive outlook. Despite some management vagueness, the overall sentiment is positive, likely resulting in a 2%-8% stock price increase.
The earnings call highlights strong financial performance with improved gross margins and revenue growth. The CAPTAIN trial data and positive feedback from physicians enhance confidence in TULSA's efficacy. Although there are increased operating expenses and net losses, management's optimistic guidance, strategic partnerships, and successful marketing initiatives signal potential for growth. The Q&A session confirms positive sentiment, with plans for reduced cash burn and strategic expansions. The absence of negative guidance, coupled with favorable reimbursement scenarios, supports a positive outlook for the stock price over the next two weeks.
The earnings call presents a mixed picture: strong revenue growth and promising product development (TULSA AI and CAPTAIN trial) are offset by increased net losses and operating expenses. The Q&A section reveals positive feedback on CAPTAIN data and insurer engagement, but management's vague responses on deal closures and financial guidance introduce uncertainty. The lack of shareholder return initiatives further tempers optimism. Despite potential for future growth, current financial instability and competitive pressures suggest a neutral stock price movement in the short term.
The earnings call reveals a significant revenue increase, improved margins, and strategic product launches, suggesting strong growth potential. Despite some regulatory and competitive risks, the introduction of new products and market expansion plans are promising. The Q&A section shows confidence in growth, albeit with some vagueness on specifics. Overall, the positive financial performance and future growth expectations outweigh the uncertainties, indicating a positive stock movement.
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