<SEC-DOCUMENT>0001171843-22-005359.txt : 20220804
<SEC-HEADER>0001171843-22-005359.hdr.sgml : 20220804
<ACCEPTANCE-DATETIME>20220804161034
ACCESSION NUMBER:		0001171843-22-005359
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20220804
FILED AS OF DATE:		20220804
DATE AS OF CHANGE:		20220804

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Profound Medical Corp.
		CENTRAL INDEX KEY:			0001628808
		STANDARD INDUSTRIAL CLASSIFICATION:	SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-39032
		FILM NUMBER:		221136637

	BUSINESS ADDRESS:	
		STREET 1:		2400 SKYMARK AVENUE, UNIT 6
		CITY:			MISSISSAUGA
		STATE:			A6
		ZIP:			L4W 5K5
		BUSINESS PHONE:		647-476-1350

	MAIL ADDRESS:	
		STREET 1:		2400 SKYMARK AVENUE, UNIT 6
		CITY:			MISSISSAUGA
		STATE:			A6
		ZIP:			L4W 5K5

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Profound Medical Inc.
		DATE OF NAME CHANGE:	20141222
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>f6k_080422.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<html><head><title></title></head><body style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><div align="center"><div style="margin-top: 3pt; margin-bottom: 12pt;"><div style="font-size: 1pt; border-top: Black 2.5pt solid; border-bottom: Black 1.1pt solid; width: 100%;">&#160;</div></div><p style="font-size: 14pt;" align="center"><strong>UNITED STATES</strong><br /><strong>SECURITIES AND EXCHANGE COMMISSION</strong><br /><strong>Washington, D.C. 20549</strong></p><p style="font-size: 14pt; text-transform: uppercase;" align="center"><strong>Form 6-K</strong></p><p style="text-align: center;"><strong></strong></p><p style="text-align: center;"><strong>REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934</strong></p><p style="text-align: center;"><strong></strong><strong>For the month of August 2022</strong></p><p style="text-align: center;">Commission File Number: <strong>001-39032</strong></p><p style="text-align: center;"><font style="font-size: 12pt;"><strong>PROFOUND MEDICAL CORP. </strong></font><br />(Translation of registrant's name into English)</p><p style="text-align: center;"><strong>2400 Skymark Avenue, Unit 6, Mississauga, Ontario L4W 5K5 </strong><br />(Address of principal executive office)</p></div><p>Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.<br />Form 20-F [&#160;&#160; ] &#160;&#160;&#160;&#160;&#160;Form 40-F [&#160;X ]</p><p>Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): </p><p>Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): </p><hr style="page-break-after: always;" noshade="noshade" /><p> <p style="text-align: center;"><font style="font-size: 10pt;"><strong>EXHIBIT INDEX</strong></font></p><p>The following document is attached as an exhibit hereto and is incorporated by reference herein: &#160;</p><table style="font-size: 10pt;" border="0" cellspacing="0" cellpadding="0"><tr><td style="text-decoration: underline;" valign="bottom"><font style="font-size: 10pt;"><strong>Exhibit</strong></font></td><td width="20"><font style="font-size: 10pt;">&#160;</font></td><td style="text-decoration: underline; text-align: center;" valign="bottom"><font style="font-size: 10pt;"><strong>Title</strong></font></td></tr><tr><td>&#160;</td><td width="20"><font style="font-size: 10pt;">&#160;</font></td><td><font style="font-size: 10pt;">&#160;</font></td></tr><tr><td><font style="font-size: 10pt;"><a href="exh_991.htm">99.1</a></font></td><td width="20"><font style="font-size: 10pt;">&#160;</font></td><td><font style="font-size: 10pt;"><a href="exh_991.htm">Press Release dated August 4, 2022</a> </font></td></tr><tr>
<td><a href="exh_992.htm">99.2</a></td><td>&nbsp;</td><td><a href="exh_992.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interim Condensed Consolidated Financial Statements</FONT></a></td></tr>
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              <tr>
<td><a href="exh_993.htm">99.3</a></td><td>&nbsp;</td><td><a href="exh_993.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management&rsquo;s Discussion and Analysis</FONT></a></td></tr>
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              <tr>
<td><a href="exh_994.htm">99.4</a></td><td>&nbsp;</td><td><a href="exh_994.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form 52 &ndash; 109F2 &ndash; Certification of Interim
    Filings &ndash; CEO</FONT></a></td></tr>
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              <tr>
<td><a href="exh_995.htm">99.5</a></td><td>&nbsp;</td><td><a href="exh_995.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form 52 &ndash; 109F2 &ndash; Certification of Interim
    Filings &ndash; CFO</FONT></a></td></tr>
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              </table></p><p /><hr style="page-break-after: always;" noshade="noshade" /><p style="text-align: center;"><strong>SIGNATURES</strong></p><p>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</p><table style="font-family: Times New Roman; font-size: 10pt;" border="0" width="100%" cellspacing="0" cellpadding="0"><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td style="text-decoration: underline;" align="center" width="47%"><strong>&#160;&#160;&#160;&#160;PROFOUND MEDICAL CORP. &#160;&#160;&#160;&#160;</strong></td></tr><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td align="center" width="47%">(Registrant)</td></tr><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td align="center" width="47%">&#160;</td></tr><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td align="center" width="47%"></td></tr><tr valign="top"><td width="47%">Date: August 4, 2022</td><td width="6%">&#160;</td><td style="text-decoration: underline;" align="center" width="47%">&#160;&#160;&#160;&#160;/s/ Rashed Dewan&#160;&#160;&#160;&#160;</td></tr><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td align="center" width="47%">Rashed Dewan</td></tr><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td align="center" width="47%">Chief Financial Officer</td></tr><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td align="center" width="47%"></td></tr></table></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exh_991.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"><html lang="en-US"><head><title>EdgarFiling</title><meta content="text/html; charset=windows-1252" /><meta name="GENERATOR" content="MSHTML 8.00.7601.18094" /></head><body bgcolor="#ffffff"><p style="text-align: right;"><strong>EXHIBIT 99.1</strong></p><p style="text-align: center;"><font style="font-size: 14pt;"><strong>Profound Medical Announces Second Quarter 2022 Financial Results</strong></font></p><p style="text-align: center;"><strong></strong></p><p>
 <p align="justify">TORONTO, Aug.  04, 2022  (GLOBE NEWSWIRE) -- Profound Medical Corp. (NASDAQ:PROF; TSX:PRN) (&#8220;Profound&#8221; or the &#8220;Company&#8221;), a commercial-stage medical device company that develops and markets customizable, incision-free therapies for the ablation of diseased tissue, today reported financial results for the second quarter ended June 30, 2022. Unless specified otherwise, all amounts in this press release are expressed in U.S. dollars and are presented in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board.<br /></p>  <p align="justify"><strong>Second Quarter 2022 and Recent Corporate Highlights</strong></p>  <ul><li style="text-align:justify;">Multiple clinical presentations and product demonstrations performed at the American Urological Association's (&#8220;AUA&#8221;) 2022 Annual Meeting, which took place from May 13 &#8211; 16 in New Orleans, highlighted the ability of TULSA-PRO<sup>&#174;</sup> to effectively and safely ablate physician-prescribed prostate tissue in an unrivaled variety of patients with localized prostate cancer and large volume benign prostatic hyperplasia (&#8220;BPH&#8221;). Of particular note, Kenneth A. Goldberg, M.D., an Assistant Professor in the Department of Urology at UT Southwestern Medical Center, performed a semi-live TULSA procedure during the afternoon Plenary Session on May 13, 2022. The AUA designated this activity for AMA PRA Category 1 Credits&#153;.<br /><br /></li><li style="text-align:justify;">Profound held its 2022 Annual General Meeting of Shareholders, at which the Company's shareholders elected all seven nominees to its board of directors.<br /><br /></li><li style="text-align:justify;">The Company confirmed that Brian Ellacott, its Independent Lead Director, and Arun Menawat, its CEO and Chairman, had purchased additional Profound stock on Nasdaq at a combined cost of approximately $763,000.<br /><br /></li><li style="text-align:justify;">On July 15, 2022, Transurethral Ultrasound Ablation (&#8220;TULSA&#8221;), performed with Profound&#8217;s TULSA-PRO<sup>&#174; </sup>system, was included in the Proposed Agenda for the American Medical Association&#8217;s September 2022 CPT<sup>&#174;</sup> Editorial Panel Meeting.</li></ul>  <p align="justify">&#8220;We continue to be encouraged by the growing interest shown in our unique ablative technologies, which has culminated in increased adoption of TULSA-PRO<sup>&#174;</sup> and the first-ever North American sales of Sonalleve<sup>&#174; </sup>systems, which were placed at two prestigious, globally recognized institutions <em>&#8211;</em> Washington&#8217;s National Children&#8217;s Hospital and Toronto&#8217;s Hospital for Sick Children,&#8221; said Dr. Menawat. </p>  <p align="justify"><strong>Summary Second Quarter 2022 Results</strong></p>  <p align="justify">For the quarter ended June 30, 2022, the Company recorded revenue of approximately $2.0 million, with $1.16 million from recurring revenue, which consists of the sale of TULSA-PRO<sup>&#174; </sup>consumables, lease of medical devices, procedures and services associated with extended warranties, and $864,000 from the one-time sale of capital equipment. This represented revenue growth of 48% sequentially over the 2022 first quarter, driven primarily by the first-time sales of Sonalleve<sup>&#174;</sup> systems in the United States and Canada, and a revenue decrease from $2.6 million in the same three-month period a year ago, due primarily to lower one-time sales of capital equipment in international markets.</p>  <p align="justify">Total operating expenses, which consist of research and development (&#8220;R&amp;D&#8221;), general and administrative (&#8220;G&amp;A&#8221;), and selling and distribution expenses, were approximately $8.7 million in the second quarter of 2022, an increase of 15% compared with approximately $7.6 million in the second quarter of 2021.</p>  <p align="justify">Expenditures for R&amp;D for the three months ended June 30, 2022 were approximately $3.7 million, an increase of 8% compared with approximately $3.4 million in the three months ended June 30, 2021, primarily driven by CAPTAIN trial enrolment and treatment of patients, an increase in consultants hired for regulatory and engineering projects, traveling for off-site MRI testing and site installation, and additional headcount. These were offset partially by a decrease to material expenses due to verification and validation testing and completion of the GE Healthcare MRI scanner compatibility project and a decrease in share-based compensation.</p>  <p align="justify">G&amp;A expenses for the 2022 second quarter increased by 7% to approximately $2.6 million, compared with approximately $2.5 million in the same period in 2021, due to additional headcount and new license costs for enterprise resource planning (ERP) and customer relationship management (CRM) software. Partially offsetting these amounts was a decrease in share-based compensation.</p>  <p align="justify">Second quarter 2022 selling and distribution expenses increased by 39% to approximately $2.4 million, compared with $1.7 million in the second quarter of 2021. While selling and distribution expenses have historically been lower than R&amp;D expenses, Profound continues to expect that, in the future, selling and distribution expenses will exceed R&amp;D expenses as the Company continues to commercialize the TULSA-PRO<sup>&#174;</sup> system in the United States.</p>  <p align="justify">Primarily due to a higher foreign exchange gain, net finance income for the three months ended June 30, 2022 was approximately $1.9 million, compared with net finance costs of approximately $602,000 in the three months ended June 30, 2021.</p>  <p align="justify">Second quarter 2022 net loss was approximately $5.9 million, or $0.28 per common share, compared to approximately $7.0 million, or $0.35 per common share, in the three months ended June 30, 2021.</p>  <p align="justify"><strong>Liquidity and Outstanding Share Capital</strong></p>  <p align="justify">As at June 30, 2021, Profound had cash of approximately $53.2 million.</p>  <p align="justify">As at August 4, 2022, Profound had 20,851,327 common shares issued and outstanding.</p>  <p align="justify">For complete financial results, please see Profound&#8217;s filings at www.sedar.com, www.sec.gov and on the Company&#8217;s website at www.profoundmedical.com under &#8220;Financial&#8221; in the Investors section.</p>  <p align="justify"><strong>Conference Call Details</strong></p>  <p align="justify">Profound Medical is pleased to invite all interested parties to participate in a conference call today, August 4, 2022, at 4:30 pm ET during which time the results will be discussed.</p> <table style="width:100%; border-collapse:collapse !important;;border-collapse: collapse; "><tr><td class="hugin" style="max-width:20%; width:20%; min-width:20%;">Live Call Toll-Free:</td><td class="hugin" style="max-width:80%; width:80%; min-width:80%;">1-866-374-5140 (PIN: 23122874#)</td></tr><tr><td class="hugin">Live Call International:</td><td class="hugin">1-404-400-0571 (PIN: 23122874#)</td></tr></table> <p align="justify">The call will also be broadcast live and archived on the Company's website at www.profoundmedical.com under "Webcasts" in the Investors section.<br /></p>  <p align="justify"><strong>About Profound Medical Corp.</strong></p>  <p align="justify">Profound is a commercial-stage medical device company that develops and markets customizable, incision-free therapies for the ablation of diseased tissue.</p>  <p align="justify">Profound is commercializing TULSA-PRO<sup>&#174;</sup>, a technology that combines real-time MRI, robotically-driven transurethral ultrasound and closed-loop temperature feedback control. TULSA-PRO<sup>&#174;</sup>&#160;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&#8217;s natural functional abilities. TULSA-PRO<sup>&#174;</sup>&#160;has the potential to be a flexible technology in customizable prostate ablation, including intermediate stage cancer, localized radio-recurrent cancer, retention and hematuria palliation in locally advanced prostate cancer, and the transition zone in large volume benign prostatic hyperplasia (&#8220;BPH&#8221;). TULSA-PRO<sup>&#174;</sup> is CE marked, Health Canada approved, and 510(k) cleared by the U.S. Food and Drug Administration (&#8220;FDA&#8221;).</p>  <p align="justify">Profound is also commercializing Sonalleve<sup>&#174;</sup>, an innovative therapeutic platform that is CE marked for the treatment of uterine fibroids and palliative pain treatment of bone metastases. Sonalleve<sup>&#174;</sup>&#160;has also been approved by the China National Medical Products Administration for the non-invasive treatment of uterine fibroids and has FDA approval under a Humanitarian Device Exemption for the treatment of osteoid osteoma. The Company is in the early stages of exploring additional potential treatment markets for Sonalleve<sup>&#174;</sup>&#160;where the technology has been shown to have clinical application, such as non-invasive ablation of abdominal cancers and hyperthermia for cancer therapy.</p>  <p align="justify"><em>Forward-Looking Statements</em></p>  <p align="justify"><em>This release includes forward-looking statements regarding Profound and its business which may include, but is not limited to, the expectations regarding the efficacy of Profound&#8217;s technology in the treatment of prostate cancer, BPH, uterine fibroids, palliative pain treatment and osteoid osteoma. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "is expected", "expects", "scheduled", "intends", "contemplates", "anticipates", "believes", "proposes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Such statements are based on the current expectations of the management of Profound. The forward-looking events and circumstances discussed in this release, may not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting the Company, including risks regarding the medical device industry, regulatory approvals, reimbursement, economic factors, the equity markets generally and risks associated with growth and competition. Although Profound has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking statement can be guaranteed. In addition, there is uncertainty about the spread of the COVID-19 virus and the impact it will have on Profound&#8217;s operations, the demand for its products, global supply chains and economic activity in general. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Profound undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, other than as required by law.</em></p>  <p align="justify"><strong>For further information, please contact:</strong></p>  <p align="justify">Stephen Kilmer<br />Investor Relations<br />skilmer@profoundmedical.com <br />T: 647.872.4849</p>  <p align="justify"><br /></p> <table style="width:100%; border-collapse:collapse !important;;border-top: solid black 1pt ; border-right: solid black 1pt ; border-bottom: solid black 1pt ; border-left: solid black 1pt ; border-collapse: collapse; "><tr><td style="max-width:75%; width:75%; min-width:75%;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="max-width:11%; 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">)</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">(149</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">)</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 20.0px; vertical-align: top ; ">Interest income on trade and other receivables</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">(212</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">)</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">-</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">&#160;</td></tr><tr><td style="vertical-align: top ; ">Changes in non-cash working capital balances</td><td colspan="2" style="text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td colspan="2" style="text-align: right ; 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text-align: left ;  vertical-align: middle; vertical-align: top ; ">)</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">(1,168</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">)</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 20.0px; vertical-align: top ; ">Provisions</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">(15</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">)</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">(12</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">)</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 20.0px; vertical-align: top ; ">Income taxes payable</td><td style="padding-right: 0 ; 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text-align: right ;  vertical-align: middle; vertical-align: top ; ">-</td><td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">(313</td><td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">)</td></tr><tr><td style="border-bottom: solid black 1pt ; vertical-align: top ; "><strong>Total cash used in investing activities</strong></td><td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">-</td><td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">(345</td><td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">)</td></tr><tr><td style="vertical-align: top ; ">&#160;</td><td colspan="2" style="text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td colspan="2" style="text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td></tr><tr><td style="vertical-align: top ; "><strong>Financing activities</strong></td><td colspan="2" style="text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td colspan="2" style="text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td></tr><tr><td style="vertical-align: top ; ">Payment of other liabilities</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">-</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">(99</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">)</td></tr><tr><td style="vertical-align: top ; ">Proceeds from share options exercised</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">95</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">342</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">&#160;</td></tr><tr><td style="vertical-align: top ; ">Proceeds from warrants exercised</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">-</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">1,511</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">&#160;</td></tr><tr><td style="border-bottom: solid black 1pt ; vertical-align: top ; ">Payment of lease liabilities</td><td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">(161</td><td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">)</td><td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">(197</td><td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">)</td></tr><tr><td style="border-bottom: solid black 1pt ; vertical-align: top ; "><strong>Total cash from financing activities</strong></td><td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">(66</td><td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">)</td><td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">1,557</td><td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">&#160;</td></tr><tr><td style="vertical-align: top ; ">&#160;</td><td colspan="2" style="text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td colspan="2" style="text-align: right ;  vertical-align: middle; vertical-align: top ; ">&#160;</td></tr><tr><td style="vertical-align: top ; ">Net change in cash during the period</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">(13,493</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">)</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">(11,076</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">)</td></tr><tr><td style="vertical-align: top ; ">Foreign exchange on cash</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">(424</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">)</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">934</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">&#160;</td></tr><tr><td style="border-bottom: solid black 1pt ; vertical-align: top ; ">Cash &#8211; Beginning of period</td><td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">67,152</td><td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">83,913</td><td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">&#160;</td></tr><tr><td style="border-bottom: solid black 1pt ; vertical-align: top ; "><strong>Cash &#8211; End of period</strong></td><td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">53,235</td><td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="padding-right: 0 ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">73,771</td><td style="padding-left: 0 ; border-bottom: solid black 1pt ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">&#160;</td></tr></table></p><p /></body></html>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exh_992.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.2</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="logo.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROFOUND MEDICAL CORP.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>JUNE 30, 2022</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PRESENTED IN US DOLLARS (000s)</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Profound Medical Corp.</P>

<DIV STYLE="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Interim Condensed Consolidated Balance Sheets</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>In USD (000s)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(Unaudited)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="width: 67%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 2%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 15%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><B>June 30,</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><B>2022</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><B>$</B></P></TD>
    <TD STYLE="width: 2%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 14%; border-top: Black 1.5pt solid; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><B>December 31,</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><B>2021</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><B>$</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Assets</B></FONT></TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Current assets</B></FONT></TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid">Cash </TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #8EAADB 1pt solid">53,235</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid">67,152</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #D9E2F3">
    <TD STYLE="padding-left: 10pt; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid">Trade and other receivables (note 3)</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #8EAADB 1pt solid">3,463</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid">1,412</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid">Inventory (note 4)</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #8EAADB 1pt solid">7,992</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid">7,413</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #D9E2F3">
    <TD STYLE="padding-left: 10pt; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid">Prepaid expenses and deposits</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">504</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid">1,148</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Total current assets</B></FONT></TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #8EAADB 1pt solid">65,194</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid">77,125</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #D9E2F3">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid">Trade and other receivables (note 3)</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #8EAADB 1pt solid">2,531</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid">3,622</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #D9E2F3">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid">Property and equipment (note 5)</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #8EAADB 1pt solid">787</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid">788</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid">Intangible assets (note 6)</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #8EAADB 1pt solid">889</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid">1,435</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #D9E2F3">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid">Right-of-use assets (note 7)</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #8EAADB 1pt solid">978</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid">1,116</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid">Goodwill </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">2,646</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid">2,689</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #D9E2F3">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Total assets</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">73,025</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid">86,775</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Liabilities</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Current liabilities</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="padding-left: 10pt; vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid">Accounts payable and accrued liabilities</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-bottom: #8EAADB 1pt solid">2,423</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid">3,180</TD></TR>
  <TR>
    <TD STYLE="padding-left: 10pt; vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid">Deferred revenue </TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-bottom: #8EAADB 1pt solid">505</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid">477</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="padding-left: 10pt; vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid">Provisions </TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-bottom: #8EAADB 1pt solid">72</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid">87</TD></TR>
  <TR>
    <TD STYLE="padding-left: 10pt; vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid">Derivative financial instrument </TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-bottom: #8EAADB 1pt solid">72</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid">161</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid; padding-left: 10pt">Lease liabilities (note 8)</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right; vertical-align: bottom">247</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; text-align: right; vertical-align: bottom; border-bottom: Black 1.5pt solid">250</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Total current liabilities</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-bottom: #8EAADB 1pt solid">3,319</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid">4,155</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid">Deferred revenue </TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-bottom: #8EAADB 1pt solid">840</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid">875</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid">Lease liabilities (note 8)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-bottom: Black 1.5pt solid">985</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid">1,127</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Total liabilities</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-bottom: Black 1.5pt solid">5,144</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid">6,157</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Shareholders&rsquo; Equity</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">Share capital</FONT> (note 9)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-bottom: #8EAADB 1pt solid">216,045</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid">219,579</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">Contributed surplus</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-bottom: #8EAADB 1pt solid">18,040</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid">16,986</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">Accumulated other comprehensive income</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-bottom: #8EAADB 1pt solid">8,634</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid">4,746</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">Deficit</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-bottom: Black 1.5pt solid">(174,838)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid">(160,693)</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Total Shareholders&rsquo; Equity</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-bottom: Black 1.5pt solid">67,881</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid">80,618</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Total Liabilities and Shareholders&rsquo; Equity</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">73,025</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">86,775</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The accompanying notes are an integral part of these interim condensed
consolidated financial statements.</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Profound Medical Corp.</P>

<DIV STYLE="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Interim Condensed Consolidated Statements of Loss and Comprehensive
Loss (Income)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>In USD (000s)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(Unaudited)</P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="width: 45%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 2%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 12%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">Three</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">months</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">ended</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">June 30,</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">2022</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">$</P></TD>
    <TD STYLE="width: 2%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 11%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">Three</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">months</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">ended</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">June 30,</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">2021</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">$</P></TD>
    <TD STYLE="width: 2%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 12%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">Six</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">months</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">ended</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">June 30,</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">2022</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">$</P></TD>
    <TD STYLE="width: 2%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 12%; border-top: Black 1.5pt solid; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">Six</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">months</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">ended</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">June 30,</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">2021</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">$</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Revenue </B><FONT STYLE="font-weight: normal">(note 11)</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 10pt; vertical-align: bottom; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid">Capital equipment</TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">864</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">1,459</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">1,204</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">1,693</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="padding-left: 10pt; vertical-align: bottom; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid">Recurring - non-capital</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">1,161</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">1,168</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">2,185</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right">1,645</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">2,025</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">2,627</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">3,389</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">3,338</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Cost of sales </B><FONT STYLE="font-weight: normal">(note 12)</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">1,089</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">1,411</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">2,017</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right">1,870</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Gross profit</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">936</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">1,216</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">1,372</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right">1,468</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Operating expenses</B></FONT> (note 12)</TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 39.35pt; text-indent: -27pt">Research and development </TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">3,688</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">3,419</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">6,868</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">6,524</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 39.35pt; text-indent: -27pt">General and administrative </TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">2,632</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">2,453</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">4,978</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">4,585</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid; padding-left: 39.35pt; text-indent: -27pt">Selling and distribution </TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">2,394</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">1,728</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">4,596</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right">3,315</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Total operating expenses</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">8,714</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">7,600</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">16,442</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right">14,424</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid"><B>Operating Loss</B></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">7,778</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">6,384</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">15,070</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right">12,956</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid">Net finance costs/(income) (note 13)</TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">(1,864)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">602</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">(972)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">1,502</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; border-left: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Loss before taxes</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">5,914</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">6,986</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">14,098</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right">14,458</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid">Income taxes &#9;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">16</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">57</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">47</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">84</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Net loss attributed to shareholders for the period</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">5,930</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">7,043</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">14,145</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right">14,542</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Other comprehensive loss</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid">Item that may be reclassified to loss</TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 0.6in; text-indent: -30.6pt">Foreign currency translation adjustment<FONT STYLE="font-family: Symbol">-</FONT> net of tax </TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">(6,181)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">1,929</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">(3,888)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">2,914</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Net loss and comprehensive loss/(income) for the period</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">(251)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">8,972</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">10,257</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right">17,456</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Loss per share</B></FONT> (note&nbsp;14)</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 12.35pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">Basic and diluted loss per common share</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">0.28</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">0.35</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">0.68</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">0.72</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The accompanying notes are an integral part of these interim condensed
consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 4pt solid">&nbsp;</DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Profound Medical Corp.</P>

<DIV STYLE="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Interim Condensed Consolidated Statements of Changes in Shareholders&rsquo;
Equity</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>In USD (000s)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(Unaudited)</P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: top; width: 32%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">Number</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">of shares</P></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">Share</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">capital</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">$</P></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">Contributed</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">surplus</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">$</P></TD>
    <TD STYLE="vertical-align: bottom; width: 13%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">Accumulated</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">other</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">comprehensive</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">income (loss)</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">$</P></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">Deficit</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">$</P></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-top: Black 1.5pt solid; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">Total</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">$</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-left: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid"><B>Balance &ndash; January 1, 2021</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; padding-left: 0.45pt; text-align: right; text-indent: -0.45pt">20,208,948</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">211,527</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">11,250</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">4,567</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right; text-indent: 0in">(129,994)</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">97,350</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; padding-left: 0.45pt; text-align: right; text-indent: -0.45pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid">Net loss for the period</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; padding-left: 0.45pt; text-align: right; text-indent: -0.45pt">-</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right; text-indent: 0in">(14,542)</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">(14,542)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid">Cumulative translation adjustment &ndash; net of tax of $nil</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; padding-left: 0.45pt; text-align: right; text-indent: -0.45pt">-</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">5,056</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">280</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">(2,914)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right; text-indent: 0in">-</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">2,422</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid">Exercise of share options</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; padding-left: 0.45pt; text-align: right; text-indent: -0.45pt">40,084</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">565</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">(223)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right; text-indent: 0in">-</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">342</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid">Exercise of warrants</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; padding-left: 0.45pt; text-align: right; text-indent: -0.45pt">130,036</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">1,890</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">(379)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right; text-indent: 0in">-</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">1,511</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid">Vesting of RSUs</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; padding-left: 0.45pt; text-align: right; text-indent: -0.45pt">1,234</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">18</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">(18)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right; text-indent: 0in">-</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: top">Share-based compensation (note 10)</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; padding-left: 0.45pt; text-align: right; text-indent: -0.45pt">-</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: right">2,798</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: right; text-indent: 0in">-</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">2,798</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid; text-indent: 0in"><B>Balance &ndash; June 30, 2021</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">20,380,302</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">219,056</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">13,708</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">1,653</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right; text-indent: 0in">144,536</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right">89,881</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: top">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; padding-left: 0.45pt; text-align: right; text-indent: -0.45pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: top"><B>Balance &ndash; January 1, 2022</B></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; padding-left: 0.45pt; text-align: right; text-indent: -0.45pt">20,776,217</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: right">219,579</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: right">16,986</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: right">4,746</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: right; text-indent: 0in">(160,693)</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">80,618</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; padding-left: 0.45pt; text-align: right; text-indent: -0.45pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid">Net loss for the period</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; padding-left: 0.45pt; text-indent: -0.45pt; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right; text-indent: 0in">(14,145)</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">(14,145)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid">Cumulative translation adjustment &ndash; net of tax of $nil</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; padding-left: 0.45pt; text-align: right; text-indent: -0.45pt">-</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">(4,726)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">(315)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">3,888</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right; text-indent: 0in">-</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">(1,153)</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid">Exercise of share options</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; padding-left: 0.45pt; text-align: right; text-indent: -0.45pt">15,705</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">160</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">(65)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right; text-indent: 0in">-</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">95</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid">Vesting of RSUs</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; padding-left: 0.45pt; text-align: right; text-indent: -0.45pt">59,405</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">1,032</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">(1,032)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: top">Share-based compensation (note 10)</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; padding-left: 0.45pt; text-align: right; text-indent: -0.45pt">-</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: right">2,466</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: right; text-indent: 0in">-</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">2,466</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid"><B>Balance &ndash; June 30, 2022</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; padding-left: 0.45pt; text-align: right; text-indent: -0.45pt">20,851,327</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">216,045</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">18,040</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">8,634</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right; text-indent: 0in">(174,838)</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right">67,881</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The accompanying notes are an integral part of these interim condensed
consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 4 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Profound Medical Corp.</P>

<DIV STYLE="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Interim Condensed Consolidated Statements of Cash Flows</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>In USD (000s)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(Unaudited)</P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="width: 62%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 19%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">Six months ended</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">June 30,</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">2022</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">$</P></TD>
    <TD STYLE="width: 19%; border-top: Black 1.5pt solid; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">Six months ended</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">June 30,</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">2021</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">$</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Operating activities</B></FONT></TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid">Net loss for the period</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">(14,145)</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">(14,542)</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid">Adjustments to reconcile net loss to net cash flows from operating activities:</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid">Depreciation of property and equipment (note 5)</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">327</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">229</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="padding-left: 10pt; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid">Amortization of intangible assets (note 6)</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">531</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">502</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid">Depreciation of right-of-use assets (note 7)</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">118</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">165</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="padding-left: 10pt; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid">Share-based compensation (note 10)</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">2,466</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">2,798</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid">Interest and accretion expense (note 13)</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">32</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">46</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="padding-left: 10pt; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid">Deferred revenue</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">11</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">107</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid">Change in fair value of derivative financial instrument </TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">(89)</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">(149)</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="padding-left: 10pt; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid">Interest income on trade and other receivables (note 13)</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">(212)</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid">Changes in non-cash working capital balances</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 10pt">Trade and other receivables</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">(823)</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">56</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 10pt">Prepaid expenses and deposits</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">636</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">640</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 10pt">Inventory</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">(1,012)</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">(2,135)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 10pt">Accounts payable and accrued liabilities</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">(724)</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">(1,168)</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 10pt">Provisions</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">(15)</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">(12)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 10pt">Income taxes payable</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">-</TD>
    <TD STYLE="padding-left: -10pt; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">(13)</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="padding-left: 10pt; border-bottom: Black 1.5pt solid; text-align: left">Foreign exchange on cash</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(528)</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right">1,188</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Net cash flow used in operating activities</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(13,427)</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right">(12,288)</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Investing activities</B></FONT></TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid">Purchase of property and equipment</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">-</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">(32)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid">Purchase of intangible assets</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right">(313)</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Total cash used in investing activities</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right">(345)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Financing activities</B></FONT></TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid">Payment of other liabilities</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">-</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">(99)</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid">Proceeds from share options exercised</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">95</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">342</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid">Proceeds from warrants exercised</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">-</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">1,511</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid">Payment of lease liabilities</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(161)</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right">(197)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Total cash from financing activities</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(66)</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right">1,557</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid">Net change in cash during the period</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">(13,493)</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">(11,076)</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid">Foreign exchange on cash</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">(424)</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">934</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid">Cash &ndash; Beginning of period</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">67,152</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right">83,913</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Cash &ndash; End of period</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">53,235</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right">73,771</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The accompanying notes are an integral part of these interim condensed
consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Profound Medical Corp.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notes to Interim Condensed Consolidated Financial Statements</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>June 30, 2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>In USD (000s)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid">(Unaudited)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in">1</TD><TD>Description of business</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify">Profound Medical Corp. (Profound) and
its subsidiaries (together, the Company) were incorporated under the Ontario Business Corporations Act on July 16, 2014. The Company is
a medical technology Company developing treatments to ablate the prostate gland, uterine fibroids, osteoid osteoma and nerves for palliative
pain relief for patients with metastatic bone disease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify">The Company&rsquo;s registered address
is 2400 Skymark Avenue, Unit 6, Mississauga, Ontario, L4W 5K5, Canada.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in">2</TD><TD>Summary of significant accounting policies and basis of preparation</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in"><B>Basis of preparation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify">The Company prepares its consolidated
financial statements in accordance with International Financial Reporting Standards as issued by the International Accounting Standards
Board (IFRS), applicable to the preparation of interim condensed consolidated financial statements, including International Accounting
Standards (IAS) 34, Interim Financial Reporting. These interim condensed consolidated financial statements are presented in US dollars
and should be read in conjunction with the Company&rsquo;s annual financial statements for the year ended December 31, 2021, which were
prepared in accordance with IFRS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify">The Board of Directors approved these
consolidated financial statements on August 4, 2022. These consolidated financial statements comply with IFRS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify">The interim condensed consolidated financial
statements were prepared on a going concern basis under the historical cost convention, except for the derivative financial instrument
which is measured at fair value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify"><B>COVID-19</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify">The COVID-19 outbreak has been declared
a pandemic by the World Health Organization. COVID-19 is altering business and consumer activity in affected areas and beyond. The global
response to the COVID-19 pandemic has resulted in, among other things, border closures, severe travel restrictions, the temporary shut-down
of non-essential services and extreme fluctuations in financial and commodity markets. Additional measures may be implemented by one or
more governments in jurisdictions where the Company operates. These measures have caused material disruption to businesses globally, resulting
in an economic slowdown. The extent to which COVID-19 and any other pandemic or public health crisis impacts the Company&rsquo;s business,
affairs, operations, financial condition, liquidity, availability of credit and results of operations will depend on future developments
that are highly uncertain and cannot be predicted with any meaningful precision, including new information which may emerge concerning
the severity of the COVID-19 virus and the actions required to contain the COVID-19 virus or remedy its impact, among others.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Profound Medical Corp.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notes to Interim Condensed Consolidated Financial Statements</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>June 30, 2022</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>In USD (000s)</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid">(Unaudited)</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify">Further, from an operational perspective,
the Company&rsquo;s employees, direct sales and marketing teams and distribution partners, as well as the workforce of vendors, services
providers and counterparties with which the Company does business, may also be adversely affected by the COVID-19 pandemic or efforts
to mitigate the pandemic, including government-mandated shutdowns, requests or orders for employees to work remotely, and other physical
distancing measures, which could result in an adverse impact on the Company&rsquo; ability to conduct its businesses, including its ability
to cultivate adoption of the TULSA-PRO<SUP>&reg;</SUP> technology, support clinical trials, support clinical customers with the TULSA-PRO<SUP>&reg;</SUP>
procedures and increase the utilization of the systems and one-time-use devices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify">To date, the economic downturn and uncertainty
caused by the COVID-19 pandemic and global measures undertaken to contain its spread have affected all of the Company&rsquo;s operations
to some extent and, in particular, have caused volatility in demand for the TULSA-PRO<SUP>&reg;</SUP> and SONALLEVE<SUP>&reg;</SUP> systems
and the one-time-use devices related thereto. This has resulted in a reduction in anticipated sales and led to delays in the Company&rsquo;s
expectations regarding the rate at which agreements for new system user sites will be entered into and when user sites will become operational
for the initiation of patient treatments. Despite the COVID-19 pandemic, patient treatments are continuing and Profound continues to identify
potential new system user sites. The Company continues to evaluate the current and potential impact of the COVID-19 pandemic on its business,
affairs, operations, financial condition, liquidity, availability of credit and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify">The financial impacts from COVID-19
during the period has affected Profound&rsquo;s ability to collect payments due to continuous lockdowns and hospital restrictions, which
have impeded our efforts to install our systems and has delayed corresponding collections. Profound continues to work with local authorities
and team members located within these countries to help expedite the process.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in">3</TD><TD>Trade and other receivables</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">The trade and other receivables balance comprises the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="width: 60%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 4%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 16%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0.75pt 0pt 0; text-align: right">June 30, 2022</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0.75pt 0pt 0; text-align: right">$</P></TD>
    <TD STYLE="width: 2%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 18%; border-top: Black 1.5pt solid; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0.75pt 0pt 0; text-align: right">December 31, 2021</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0.75pt 0pt 0; text-align: right">$</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 0.9in; text-indent: -47.95pt">Trade receivables </TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">5,825</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">4,592</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 0.9in; text-indent: -47.95pt">Tax receivables</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">160</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">407</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 0.9in; text-indent: -47.95pt">Other receivables</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">9</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right">35</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 0.9in; text-indent: -47.95pt"><B>Total trade and other receivables</B></TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">5,994</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">5,034</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid; padding-left: 0.9in; text-indent: -47.95pt">Less: Current portion</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">3,463</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right">1,412</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid; padding-left: 0.9in; text-indent: -47.95pt">Long-term portion</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">2,531</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right">3,622</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify">Trade receivables past due represents
amounts not collected beyond the customer&rsquo;s contractual terms. The Company applies the simplified approach to provide for expected
credit losses prescribed by IFRS 9, which permits the use of the lifetime expected loss provision for all trade receivables. At June 30,
2022 and December 31, 2021 there were no trade receivables that were past due.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Profound Medical Corp.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notes to Interim Condensed Consolidated Financial Statements</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>June 30, 2022</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>In USD (000s)</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid">(Unaudited)</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify">Management continually reviews the future
cash flows used in the calculation of the amortized cost of its trade and other receivables. Due to the ongoing COVID-19 pandemic and
access to customer locations, certain trade and other receivables are expected to have a longer repayment term due to the payment term
being based on installation of the device. The Company recognized $168 and $212 of interest income for the three and six months ended
June 30, 2022, respectively ($nil and $nil for the three and six months ended June 30, 2021, respectively). During the three months ended
June 30, 2022 and subsequent to June 30, 2022, certain trade and other receivables where the amortized cost had been previously revised
were collected. As a result, all remaining interest income accretion was recognized on an accelerated basis. Those trade and other receivables
that are anticipated to be collected after one year are classified as non-current.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in">4</TD><TD>Inventory</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="width: 60%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 20%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0.75pt 0pt 0; text-align: right">June 30,</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0.75pt 0pt 0; text-align: right">2022</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 3.75pt 0pt 0; text-align: right">$</P></TD>
    <TD STYLE="width: 3%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 17%; border-top: Black 1.5pt solid; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0.75pt 0pt 0; text-align: right">December 31,</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0.75pt 0pt 0; text-align: right">2021</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-align: right">$</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Finished goods</FONT></TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">5,829</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid">5,114</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Raw materials</FONT></TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">2,191</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid">2,306</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Inventory provision</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(28)</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; text-align: right; border-bottom: Black 1.5pt solid">(7)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid; padding-left: 0.6in; text-indent: -0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total inventory</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">7,992</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid">7,413</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify">During the three and six months ended
June 30, 2022, $552 and $1,179 (three and six month periods ended June 30, 2021, $1,564 and $2,004, respectively) of inventory was recognized
in cost of sales. The Company increased its inventory provision by $15 and $21 during the three and six months ended June 30, 2021 (decreased
the three and six month periods ended June 30, 2021 - $6 and $9). There were no other inventory writedowns charged to cost of sales during
the period ended June 30, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in">5</TD><TD>Property and equipment</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">Property and equipment consists of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: top; width: 34%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid; padding-left: 0.6in; text-indent: -39.85pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 22%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Leasehold</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">improvements</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>$</B></P></TD>
    <TD STYLE="vertical-align: bottom; width: 22%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0.45pt 0pt 0; text-align: right">Equipment under lease</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0.45pt 0pt 0; text-align: right">$</P></TD>
    <TD STYLE="vertical-align: bottom; width: 22%; border-top: Black 1.5pt solid; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0.45pt 0pt 0; text-align: right">Total</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>$</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: #8EAADB 1pt solid; padding-left: 0.6in; text-indent: -39.85pt">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="border-top: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 0.6in; text-indent: -39.85pt"><FONT STYLE="font-size: 10pt"><B>At January 1, 2022</B></FONT></TD>
    <TD STYLE="border-top: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #8EAADB 1pt solid; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 0.6in; text-indent: -21.7pt"><FONT STYLE="font-size: 10pt">Cost</FONT></TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">578</FONT></TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">1,077</FONT></TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">1,655</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid; padding-left: 0.6in; text-indent: -21.7pt"><FONT STYLE="font-size: 10pt">Accumulated depreciation</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(292)</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(575)</FONT></TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(867)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid; padding-left: 0.6in; text-indent: -21.7pt"><FONT STYLE="font-size: 10pt">Net book value</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">286</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">502</FONT></TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">788</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 0.6in; text-indent: -39.85pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34.85pt; text-indent: -34.85pt"><B>Six months ended </B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34.85pt; text-indent: -34.85pt"><B>June 30, 2022</B></P></TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 1.2in; text-indent: -0.9in"><FONT STYLE="font-size: 10pt">Opening net book value</FONT></TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">286</FONT></TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">502</FONT></TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">788</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 1.2in; text-indent: -0.9in"><FONT STYLE="font-size: 10pt">Additions</FONT></TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">331</FONT></TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">331</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 1.2in; text-indent: -0.9in"><FONT STYLE="font-size: 10pt">Foreign exchange</FONT></TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(5)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 1.2in; text-indent: -0.9in"><FONT STYLE="font-size: 10pt">Depreciation</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(30)</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(297)</FONT></TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(327)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid; padding-left: 1.2in; text-indent: -0.9in"><FONT STYLE="font-size: 10pt">Closing net book value</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">252</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">535</FONT></TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">787</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="width: 34%; border-top: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 0.6in; text-indent: -39.85pt"><FONT STYLE="font-size: 10pt"><B>At June 30, 2022</B></FONT></TD>
    <TD STYLE="width: 22%; border-top: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 22%; border-top: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 22%; border-top: #8EAADB 1pt solid; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 1.2in; text-indent: -0.9in"><FONT STYLE="font-size: 10pt">Cost</FONT></TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">569</FONT></TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">1,397</FONT></TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">1,966</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid; padding-left: 1.2in; text-indent: -0.9in"><FONT STYLE="font-size: 10pt">Accumulated depreciation</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(317)</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(862)</FONT></TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(1,179)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid; padding-left: 1.2in; text-indent: -0.9in"><FONT STYLE="font-size: 10pt">Net book value</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">252</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">535</FONT></TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">787</FONT></TD></TR>
  </TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0in">&nbsp;</P>

<!-- Field: Page; Sequence: 8 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Profound Medical Corp.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notes to Interim Condensed Consolidated Financial Statements</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>June 30, 2022</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>In USD (000s)</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid">(Unaudited)</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.55pt">6</TD><TD>Intangible assets</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.55pt">Intangible assets consist of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.55pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: top; width: 38%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">Exclusive</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">licence</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">agreement</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">$</P></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">Software</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">$</P></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">Proprietary</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">technology</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">$</P></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">Brand</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">$</P></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-top: Black 1.5pt solid; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">Total</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">$</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 1.2in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 0.9in; text-indent: -56.95pt"><FONT STYLE="font-size: 10pt"><B>As at January 1, 2022</B></FONT></TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 1.2in; text-indent: -56.95pt"><FONT STYLE="font-size: 10pt">Cost</FONT></TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">231</FONT></TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">978</FONT></TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">3,456</FONT></TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">681</FONT></TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">5,346</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid; padding-left: 1.2in; text-indent: -56.95pt"><FONT STYLE="font-size: 10pt">Accumulated amortization</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(66)</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(208)</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(3,039)</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(598)</FONT></TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(3,911)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid; padding-left: 1.2in; text-indent: -56.95pt"><FONT STYLE="font-size: 10pt">Net book value</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">165</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">770</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">417</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">83</FONT></TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">1,435</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 1.2in; text-indent: -56.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34.85pt; text-indent: -34.85pt"><B>Six months ended </B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: -56.95pt"><B>June 30, 2022</B></P></TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 1.2in; text-indent: -56.95pt"><FONT STYLE="font-size: 10pt">Opening net book value</FONT></TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">165</FONT></TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">770</FONT></TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">417</FONT></TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">83</FONT></TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">1,435</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 1.2in; text-indent: -56.95pt"><FONT STYLE="font-size: 10pt">Foreign exchange</FONT></TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(6)</FONT></TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(5)</FONT></TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(15)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid; padding-left: 1.2in; text-indent: -56.95pt"><FONT STYLE="font-size: 10pt">Amortization</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(11)</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(97)</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(354)</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(69)</FONT></TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(531)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid; padding-left: 1.2in; text-indent: -56.95pt"><FONT STYLE="font-size: 10pt">Closing net book value</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">153</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">667</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">58</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">11</FONT></TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">889</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 1.2in; text-indent: -56.95pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 1.2in; text-indent: -78.2pt"><FONT STYLE="font-size: 10pt"><B>As at June 30, 2022</B></FONT></TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 1.2in; text-indent: -56.95pt"><FONT STYLE="font-size: 10pt">Cost</FONT></TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">231</FONT></TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">978</FONT></TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">3,456</FONT></TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">681</FONT></TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">5,346</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid; padding-left: 1.2in; text-indent: -56.95pt"><FONT STYLE="font-size: 10pt">Accumulated amortization</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(78)</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(311)</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(3,398)</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(670)</FONT></TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(4,457)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid; padding-left: 1.2in; text-indent: -56.95pt"><FONT STYLE="font-size: 10pt">Net book value</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">153</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">667</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">58</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">11</FONT></TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">889</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in">7</TD><TD>Right-of-use assets</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="width: 55%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 5%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 18%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 2%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 20%; border-top: Black 1.5pt solid; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">Leased premises</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">$</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #D9E2F3">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 0.6in; text-indent: -29.95pt"><B>As at January 1, 2022</B></TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 0.9in; text-indent: -29.95pt">Cost</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">1,918</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #D9E2F3">
    <TD STYLE="border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid; padding-left: 0.9in; text-indent: -29.95pt">Accumulated depreciation</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right">(802)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid; padding-left: 0.9in; text-indent: -29.95pt">Net book value</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right">1,116</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 0.6in; text-indent: -29.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 0.6in; text-indent: -29.95pt"><B>Six months ended June 30, 2022</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 0.9in; text-indent: -29.95pt">Opening net book value</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">1,116</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 0.9in; text-indent: -29.95pt">Foreign exchange</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">(20)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #D9E2F3">
    <TD STYLE="border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid; padding-left: 0.9in; text-indent: -29.95pt">Depreciation</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right">(118)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid; padding-left: 0.6in; text-indent: -8.35pt">Closing net book value</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right">978</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #D9E2F3">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 0.6in; text-indent: -29.95pt"><B>As at June 30, 2022</B></TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #D9E2F3">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 0.9in; text-indent: -29.95pt">Cost</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">1,782</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid; padding-left: 0.9in; text-indent: -29.95pt">Accumulated depreciation</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right">(804)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #D9E2F3">
    <TD STYLE="border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid; padding-left: 0.9in; text-indent: -29.95pt">Net book value</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right">978</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify">The Company leases office premises in
Mississauga, Canada and Beijing, China. These lease agreements are typically entered into for three to ten-year periods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Profound Medical Corp.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notes to Interim Condensed Consolidated Financial Statements</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>June 30, 2022</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>In USD (000s)</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid">(Unaudited)</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in">8</TD><TD>Lease liabilities</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="width: 61%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 4%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 15%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0.75pt 0pt 0; text-align: right">June 30,</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0.75pt 0pt 0; text-align: right">2022</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">$</P></TD>
    <TD STYLE="width: 2%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 18%; border-top: Black 1.5pt solid; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0.75pt 0pt 0; text-align: right">December 31,</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0.75pt 0pt 0; text-align: right">2021</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">$</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 0.6in; text-indent: -0.3in">Balance &ndash; Beginning of period</TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top; border-bottom: #8EAADB 1pt solid">1,377</TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">1,676</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 0.6in; text-indent: -0.3in">Repayments</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #8EAADB 1pt solid">(161)</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">(386)</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 0.6in; text-indent: -0.3in">Foreign exchange</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #8EAADB 1pt solid">(16)</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">2</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 0.6in; text-indent: -0.3in">Addition</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #8EAADB 1pt solid">-</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">18</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid; padding-left: 0.6in; text-indent: -0.3in">Interest and accretion expense</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">32</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right">67</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 0.6in; text-indent: -0.3in">Balance &ndash; End of Period</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: #8EAADB 1pt solid">1,232</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">1,377</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid; padding-left: 0.6in; text-indent: -0.3in">Less: Current portion</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">247</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right">250</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid; padding-left: 0.6in; text-indent: -0.3in">Long-term portion</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1.5pt solid">985</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right">1,127</TD></TR>
  </TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in">9</TD><TD>Share capital</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in"><B>Common shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">The Company is authorized to issue an unlimited number of
common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">Issued and outstanding (with no par value)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="width: 64%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 18%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0.75pt 0pt 0; text-align: right">June 30,</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0.75pt 0pt 0; text-align: right">2022</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 3.1pt 0pt 0; text-align: right">$</P></TD>
    <TD STYLE="width: 18%; border-top: Black 1.5pt solid; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0.75pt 0pt 0; text-align: right">December 31,</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0.75pt 0pt 0; text-align: right">2021</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 2.85pt 0pt 0; text-align: right">$</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #D9E2F3">
    <TD STYLE="border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.9in; text-indent: -47.95pt">20,851,327 (December 31, 2021
&ndash; 20,776,217) common shares</P></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">216,045</FONT></TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">219,579</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify"><B>Warrants</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify">A summary of warrants outstanding is
shown below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: top; width: 52%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 16%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">Number of</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">warrants</P></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; width: 16%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">Weighted</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">average</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">exercise</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">price</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">C$</P></TD>
    <TD STYLE="vertical-align: bottom; width: 16%; border-top: Black 1.5pt solid; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><B>Weighted</B></P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><B>average</B></P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><B>remaining</B></P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><B>contractual</B></P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><B>life</B></P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><B>(years)</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 0.9in; text-indent: -47.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Balance </B></FONT><B><FONT STYLE="font-family: Symbol">-</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">January 1, 2022 &amp; June 30, 2022</FONT></B></TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">724,983</FONT></TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">13.81</FONT></TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.74</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in">10</TD><TD>Share-based payments</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in"><B>Share options</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify">Compensation expense related to share
options for the three and six months ended June 30, 2022 was $1,203 and $1,700, respectively (three and six month periods ended June 30,
2021 was $1,552 and $2,632, respectively).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Profound Medical Corp.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notes to Interim Condensed Consolidated Financial Statements</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>June 30, 2022</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>In USD (000s)</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid">(Unaudited)</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify">A summary of the share option changes
during the period presented and the total number of share options outstanding as at those dates are set forth below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: #D9E2F3">
    <TD STYLE="width: 62%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 4%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 15%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><B>Number</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><B>of options</B></P></TD>
    <TD STYLE="width: 4%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 15%; border-top: Black 1.5pt solid; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><B>Weighted</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><B>average</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><B>exercise</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><B>price</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><B>C$</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 0.9in; text-indent: -47.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Balance </B></FONT><B><FONT STYLE="font-family: Symbol">-</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">January 1, 2022</FONT></B></TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,092,596</FONT></TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">16.90</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 0.9in; text-indent: -47.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Exercised</FONT></TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(15,705)</FONT></TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.76</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid; padding-left: 0.9in; text-indent: -47.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Forfeited/expired</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(228,555)</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">17.69</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid; padding-left: 0.9in; text-indent: -47.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Balance </B></FONT><B><FONT STYLE="font-family: Symbol">-</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">June 30, 2022</FONT></B></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,848,336</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">16.28</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.55pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify">The following table summarizes information
about the share options outstanding as at June 30, 2022:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 39%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><B>Exercise price</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><B>C$</B></P></TD>
    <TD STYLE="width: 2%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 18%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><B>Number of</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><B>options</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><B>outstanding</B></P></TD>
    <TD STYLE="width: 4%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 16%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><B>Weighted</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><B>average</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><B>remaining</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><B>contractual life (years)</B></P></TD>
    <TD STYLE="width: 4%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 17%; border-top: Black 1.5pt solid; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><B>Number of</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><B>options</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><B>exercisable</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.01 &ndash; 4.00</FONT></TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;3,000 </FONT></TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; padding-left: 0.3in; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;0.92 </FONT></TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; padding-left: 0.3in; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;3,000 </FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.01 &ndash; 10.00</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;388,847 </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; padding-left: 0.3in; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;5.98 </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; padding-left: 0.3in; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;312,154 </FONT></TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.01 &ndash; 12.00</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;135,801 </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; padding-left: 0.3in; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;5.93 </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; padding-left: 0.3in; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;116,864 </FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.01 &ndash; 14.00</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;8,300 </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; padding-left: 0.3in; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;4.12 </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; padding-left: 0.3in; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;8,300 </FONT></TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">14.01 &ndash; 16.00</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;285,277 </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; padding-left: 0.3in; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;6.78 </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; padding-left: 0.3in; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;153,443 </FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">16.01 &ndash; 18.00</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;467,575 </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; padding-left: 0.3in; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;7.92 </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; padding-left: 0.3in; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;254,477 </FONT></TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">20.01 &ndash; 22.00</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;1,400 </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; padding-left: 0.3in; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;8.14 </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; padding-left: 0.3in; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;635 </FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">22.01 &ndash; 24.00</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;460,921 </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; padding-left: 0.3in; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;8.78 </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; padding-left: 0.3in; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;125,873 </FONT></TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">24.01 &ndash; 26.00</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;86,215 </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; padding-left: 0.3in; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;8.43 </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; padding-left: 0.3in; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;34,731 </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; border-left: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">28.01 &ndash; 30.00</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: top; padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: top; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;11,000 </FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: top; padding-left: 0.3in; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: top; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;8.70 </FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: top; padding-left: 0.3in; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; vertical-align: top; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;3,438 </FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid; padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;1,848,336 </FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 0.3in; text-align: right; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;7.40 </FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;1,012,915 </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify"><B>Long-term incentive plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0in"><FONT STYLE="font-weight: normal">Share-based
compensation expense related to long-term incentive plan (LTIP) for the three and six months ended June 30, 2022 was $388 and $766 (three
and six month periods ended June 30, 2021 was $149 and $166, respectively).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.55pt; text-align: justify">A summary of the RSUs changes during
the period are set forth below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.55pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: #D9E2F3">
    <TD STYLE="width: 62%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 4%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 4%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 15%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Number of RSUs</B></FONT></TD>
    <TD STYLE="width: 15%; border-top: Black 1.5pt solid; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><B>Weighted</B></P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><B>average</B></P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><B>remaining contractual life (years)</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 0.9in; text-indent: -47.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Balance </B></FONT><B><FONT STYLE="font-family: Symbol">-</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">January 1, 2022</FONT></B></TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">232,317</FONT></TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.45</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 0.9in; text-indent: -47.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Vested</FONT></TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(59,405)</FONT></TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid; padding-left: 0.9in; text-indent: -47.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Forfeited</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(29,001)</FONT></TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.07</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid; padding-left: 0.9in; text-indent: -47.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Balance </B></FONT><B><FONT STYLE="font-family: Symbol">-</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">June 30, 2022</FONT></B></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-left: 0.3in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">143,911</FONT></TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.13</FONT></TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Profound Medical Corp.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notes to Interim Condensed Consolidated Financial Statements</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>June 30, 2022</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>In USD (000s)</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid">(Unaudited)</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in">11</TD><TD>Revenue</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-top: Black 1.5pt solid; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Three months ended June 30, </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0.75pt 0pt 0; text-align: center">2022</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0.75pt 0pt 0; text-align: center">$</P></TD>
    <TD COLSPAN="3" STYLE="border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0.75pt 0pt 0; text-align: center">2021</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0.75pt 0pt 0; text-align: center">$</P></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #D9E2F3">
    <TD STYLE="width: 27%; border-left: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: Black 1.5pt solid; text-align: right; font-weight: bold">Contracts with customers</TD>
    <TD STYLE="width: 12%; border-bottom: Black 1.5pt solid; text-align: right; font-weight: bold">Leasing</TD>
    <TD STYLE="width: 11%; border-bottom: Black 1.5pt solid; text-align: right; font-weight: bold">Total</TD>
    <TD STYLE="width: 15%; border-bottom: Black 1.5pt solid; text-align: right; font-weight: bold">Contracts with customers</TD>
    <TD STYLE="width: 12%; border-bottom: Black 1.5pt solid; text-align: right; font-weight: bold">Leasing</TD>
    <TD STYLE="width: 9%; border-bottom: Black 1.5pt solid; border-right: #8EAADB 1pt solid; text-align: right; font-weight: bold">Total</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 25.5pt; text-indent: -22.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Capital equipment</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">864</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">864</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,459</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,459</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid; padding-left: 25.5pt; text-indent: -22.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Recurring - non-capital</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">981</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">180</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,161</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,095</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">73</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,168</FONT></TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid; padding-left: 0.6in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,845</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">180</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,025</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,554</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">73</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,627</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-top: Black 1.5pt solid; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Six months ended June 30, </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0.75pt 0pt 0; text-align: center">2022</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0.75pt 0pt 0; text-align: center">$</P></TD>
    <TD COLSPAN="3" STYLE="border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0.75pt 0pt 0; text-align: center">2021</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0.75pt 0pt 0; text-align: center">$</P></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #D9E2F3">
    <TD STYLE="width: 27%; border-left: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: Black 1.5pt solid; text-align: right; font-weight: bold">Contracts with customers</TD>
    <TD STYLE="width: 12%; border-bottom: Black 1.5pt solid; text-align: right; font-weight: bold">Leasing</TD>
    <TD STYLE="width: 11%; border-bottom: Black 1.5pt solid; text-align: right; font-weight: bold">Total</TD>
    <TD STYLE="width: 15%; border-bottom: Black 1.5pt solid; text-align: right; font-weight: bold">Contracts with customers</TD>
    <TD STYLE="width: 12%; border-bottom: Black 1.5pt solid; text-align: right; font-weight: bold">Leasing</TD>
    <TD STYLE="width: 9%; border-bottom: Black 1.5pt solid; border-right: #8EAADB 1pt solid; text-align: right; font-weight: bold">Total</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 25.5pt; text-indent: -22.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Capital equipment</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,204</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,204</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,693</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,693</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid; padding-left: 25.5pt; text-indent: -22.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Recurring - non-capital</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,875</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">310</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,185</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,488</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">157</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,645</FONT></TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid; padding-left: 0.6in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3,079</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">310</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3,389</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3,181</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">157</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3,338</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in">12</TD><TD>Nature of expenses</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: top; width: 36%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 16%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">Three months</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">ended</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">June 30,</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">2022</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">$</P></TD>
    <TD STYLE="vertical-align: bottom; width: 16%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">Three months</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">ended</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">June 30,</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">2021</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">$</P></TD>
    <TD STYLE="vertical-align: bottom; width: 16%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-align: right">&nbsp;</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">Six months</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">ended</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">June 30,</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">2022</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">$</P></TD>
    <TD STYLE="vertical-align: bottom; width: 16%; border-top: Black 1.5pt solid; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-align: right">&nbsp;</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">Six months</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">ended</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">June 30,</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">2021</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">$</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 0.6in; text-indent: -0.3in">Production and manufacturing costs</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">759</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;1,131 </TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">1,358</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;1,309 </TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 0.6in; text-indent: -0.3in">Salaries and benefits </TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">3,680</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;3,041 </TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">7,648</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;5,759 </TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 0.6in; text-indent: -0.3in">Consulting fees</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">1,096</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;949 </TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">2,219</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;2,014 </TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 0.6in; text-indent: -0.3in">Research and development expense</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">523</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;684 </TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">767</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;1,392 </TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 0.6in; text-indent: -0.3in">Sales and marketing expenses</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">469</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;172 </TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">727</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;334 </TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 0.6in; text-indent: -0.3in">Amortization and depreciation</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">497</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">471 </TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">976</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">896 </TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 0.6in; text-indent: -0.3in">Share-based compensation</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">1,591</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;1,701 </TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">2,466</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;2,798 </TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 0.6in; text-indent: -0.3in">Rent </TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">151</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;65 </TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">248</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;133 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #D9E2F3">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 0.6in; text-indent: -0.3in">Software/Hardware</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">351</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;123 </TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">582</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;275 </TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 0.6in; text-indent: -0.3in">Insurance</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">308</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;326 </TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">618</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;641 </TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid; padding-left: 0.6in; text-indent: -0.3in">Other expenses</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">378</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;348 </TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">850</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;743 </TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid; padding-left: 0.6in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">9,803</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">9,011</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">18,459</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right">16,294</TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Profound Medical Corp.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notes to Interim Condensed Consolidated Financial Statements</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>June 30, 2022</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>In USD (000s)</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid">(Unaudited)</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in">13</TD><TD>Net finance costs</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: top; width: 40%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 15%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">Three months</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">ended</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">June 30,</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">2022</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">$</P></TD>
    <TD STYLE="vertical-align: bottom; width: 15%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">Three months</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">ended</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">June 30,</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">2021</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">$</P></TD>
    <TD STYLE="vertical-align: bottom; width: 15%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">Six months</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">ended</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">June 30,</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">2022</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">$</P></TD>
    <TD STYLE="vertical-align: bottom; width: 15%; border-top: Black 1.5pt solid; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">Six months</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">ended</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">June 30,</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">2021</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">$</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 39.35pt; text-indent: -22.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 39.35pt; text-indent: -22.5pt">Change in fair value of derivative financial instrument</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">(12)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">(128)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">(89)</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">(149)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 39.35pt; text-indent: -22.5pt">Lease liability interest expense (note 8)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">16</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">23</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">32</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">45</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 39.35pt; text-indent: -22.5pt">Interest income</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">(75)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">(46)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">(109)</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">(94)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 39.35pt; text-indent: -22.5pt">Interest income on trade and other receivables (note 3)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">(168)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">(212)</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">-</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: top; border-left: #8EAADB 1pt solid; padding-left: 39.35pt; text-indent: -22.5pt">Foreign exchange (gain) loss</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: right">(1,625)</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: right">753</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: right">(594)</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">1,700</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid; padding-left: 0.6in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">(1,864)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">602</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">(972)</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right">1,502</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.55pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify">Foreign currency risk occurs as a result
of foreign exchange rate fluctuations between the time a transaction is recorded and the time it is settled.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify">The Company purchases goods and services
denominated in foreign currencies and, accordingly, is subject to foreign currency risk. The Company&rsquo;s financial instruments denominated
in foreign currencies are shown below in US dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1.5pt solid; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right; font-weight: bold">June 30, 2022</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 39%; border-left: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">US</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">dollars</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">$</P></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-align: right">&nbsp;</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">Euro</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">$</P></TD>
    <TD STYLE="width: 13%; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">Canadian</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">dollars</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">$</P></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">Renminbi</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">$</P></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1.5pt solid; border-right: #8EAADB 1pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-align: right">&nbsp;</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">Total</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">$</P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 39.35pt; text-indent: -22.5pt">Cash</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">577</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">386</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">52,179</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">93</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">53,235</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 39.35pt; text-indent: -22.5pt">Trade and other receivables</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">998</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">365</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">4,631</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">5,994</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 39.35pt; text-indent: -22.5pt">Accounts payable and accrued liabilities</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">(191)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">(510)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">(1,703)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">(19)</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">(2,423)</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 39.35pt; text-indent: -22.5pt">Lease liabilities</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">(1,229)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">(3)</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">(1,232)</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.55pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify">As at June 30, 2022, if foreign exchange
rates had been 5% higher, with all other variables held constant, comprehensive loss would have been $2,710 higher, mainly as a result
of the translation of foreign currency denominated cash, trade and other receivables, accounts payable and accrued liabilities, other
liabilities and lease liabilities. The Company does not use derivatives to reduce exposure to foreign currency risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify"></P>

<!-- Field: Page; Sequence: 13 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Profound Medical Corp.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notes to Interim Condensed Consolidated Financial Statements</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>June 30, 2022</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>In USD (000s)</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid">(Unaudited)</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in">14</TD><TD>Loss per share</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">The following table shows the calculation of basic and diluted
loss per share:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: #D9E2F3">
    <TD STYLE="width: 40%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 15%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">Three months</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">ended</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">June 30,</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">2022</P></TD>
    <TD STYLE="width: 15%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">Three months</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">ended</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">June 30,</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">2021</P></TD>
    <TD STYLE="width: 15%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">Six months</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">ended</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">June 30,</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">2022</P></TD>
    <TD STYLE="width: 15%; border-top: Black 1.5pt solid; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">Six months</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">ended</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">June 30,</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">2021</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 39.35pt; text-indent: -22.5pt">Net loss for the period</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">$5,930</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">$7,043</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">$14,145</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">$14,542</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 39.35pt; text-indent: -22.5pt">Weighted average number of common shares </TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">20,789,726</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">20,350,149</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">20,788,195</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">20,318,601</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 39.35pt; text-indent: -22.5pt">Basic and diluted loss per share</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">$0.28</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">$0.35</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">$0.68</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">$0.72</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify">Of the 1,848,336 (June 30, 2021 &ndash;
2,021,933) share options, 143,911 (June 30, 2021 &ndash; 218,983) RSUs and 724,983 (June 30, 2021 &ndash; 1,093,708) warrants not included
in the calculation of diluted loss per share for the period ended June 30, 2022, 1,737,898 (June 30, 2021 &ndash; 1,743,892) were exercisable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in">15</TD><TD STYLE="text-align: justify">Related party transactions</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify">Key management includes the Company&rsquo;s
directors and senior management team. The remuneration of directors and the senior management team was as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="width: 36%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 16%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">Three months</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">ended</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">June 30,</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">2022</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">$</P></TD>
    <TD STYLE="width: 16%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">Three months</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">ended</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">June 30,</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">2021</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">$</P></TD>
    <TD STYLE="width: 16%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">Six months</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">ended</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">June 30,</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">2022</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">$</P></TD>
    <TD STYLE="width: 16%; border-top: Black 1.5pt solid; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">Six months</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">ended</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">June 30,</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">2021</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">$</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 39.35pt; text-indent: -22.5pt">Salaries and employee benefits</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">251</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">315</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">1,010</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">1,136</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-left: #8EAADB 1pt solid; padding-left: 39.35pt; text-indent: -22.5pt">Directors&rsquo; fees</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">71</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">53</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">134</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; text-align: right">108</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid; padding-left: 0.9in; text-indent: -47.95pt">Share-based compensation</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">723</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">892</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">879</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right">1,434</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid; padding-left: 0.6in; text-indent: -0.3in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">1,045</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">1,260</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">2,023</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right">2,678</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify">Executive employment agreements allow
for additional payments in the event of a liquidity event, or if the executive is terminated without cause.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in">16</TD><TD>Segment reporting</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.55pt; text-align: justify">The Company&rsquo;s operations are
categorized into one industry segment, which is medical technology focused on magnetic resonance guided ablation procedures for the treatments
to ablate the prostate gland, uterine fibroids, osteoid osteoma and nerves for palliative pain relief for patients with metastatic bone
disease. The Company is managed geographically in Canada, Germany, USA, China and Finland.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.55pt; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Profound Medical Corp.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notes to Interim Condensed Consolidated Financial Statements</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>June 30, 2022</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>In USD (000s)</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid">(Unaudited)</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.55pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">For the three months ended June 30, 2022:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="width: 44%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 14%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">Canada</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">$</P></TD>
    <TD STYLE="width: 14%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">USA</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">$</P></TD>
    <TD STYLE="width: 14%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">Germany</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">$</P></TD>
    <TD STYLE="width: 14%; border-top: Black 1.5pt solid; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">Total</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">$</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 85.5pt; text-indent: -78pt"><B>Revenue</B></TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 107.1pt; text-indent: -90.6pt">Capital equipment</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">646</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">218</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">-</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">864</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid; padding-left: 106.5pt; text-indent: -90.6pt">Recurring - non-capital</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">156</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">827</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">178</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right">1,161</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid; padding-left: 107.1pt; text-indent: -68.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">802</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1,045</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">178</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right">2,025</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">For the six months ended June 30, 2022:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="width: 44%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 14%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">Canada</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">$</P></TD>
    <TD STYLE="width: 14%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">USA</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">$</P></TD>
    <TD STYLE="width: 14%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">Germany</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">$</P></TD>
    <TD STYLE="width: 14%; border-top: Black 1.5pt solid; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">Total</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">$</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 85.5pt; text-indent: -78pt"><B>Revenue</B></TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 107.1pt; text-indent: -90.6pt">Capital equipment</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">986</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">218</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">-</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">1,204</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid; padding-left: 106.5pt; text-indent: -90.6pt">Recurring - non-capital</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">286</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1,440</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">459</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right">2,185</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid; padding-left: 107.1pt; text-indent: -68.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1,272</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1,658</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">459</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right">3,389</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">For the three months ended June 30, 2021:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="width: 44%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 14%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">Canada</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">$</P></TD>
    <TD STYLE="width: 14%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">USA</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">$</P></TD>
    <TD STYLE="width: 14%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">Germany</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">$</P></TD>
    <TD STYLE="width: 14%; border-top: Black 1.5pt solid; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">Total</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">$</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 85.5pt; text-indent: -78pt"><B>Revenue</B></TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 107.1pt; text-indent: -90.6pt">Capital equipment</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">1,021</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">-</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">438</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">1,459</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid; padding-left: 106.5pt; text-indent: -90.6pt">Recurring - non-capital</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">156</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">601</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">411</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right">1,168</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid; padding-left: 107.1pt; text-indent: -68.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1,177</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">601</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">849</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right">2,627</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">For the six months ended June 30, 2021:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="width: 44%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 14%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">Canada</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">$</P></TD>
    <TD STYLE="width: 14%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">USA</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">$</P></TD>
    <TD STYLE="width: 14%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">Germany</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">$</P></TD>
    <TD STYLE="width: 14%; border-top: Black 1.5pt solid; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">Total</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">$</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 85.5pt; text-indent: -78pt"><B>Revenue</B></TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 107.1pt; text-indent: -90.6pt">Capital equipment</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">1,255</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">-</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">438</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">1,693</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid; padding-left: 106.5pt; text-indent: -90.6pt">Recurring - non-capital</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">205</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">828</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">612</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right">1,645</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid; padding-left: 107.1pt; text-indent: -68.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1,460</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">828</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1,050</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right">3,338</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in"></P>

<!-- Field: Page; Sequence: 15 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: right; width: 100%">(<!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence -->)</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Profound Medical Corp.</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notes to Interim Condensed Consolidated Financial Statements</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>June 30, 2022</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>In USD (000s)</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid">(Unaudited)</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">Other financial information by segment as at June 30, 2022:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="width: 27%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 12%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">Canada</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">$</P></TD>
    <TD STYLE="width: 12%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">USA</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">$</P></TD>
    <TD STYLE="width: 13%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">Germany</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">$</P></TD>
    <TD STYLE="width: 12%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">China</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">$</P></TD>
    <TD STYLE="width: 12%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">Finland</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">$</P></TD>
    <TD STYLE="width: 12%; border-top: Black 1.5pt solid; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">Total</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">$</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 34.7pt; text-indent: -0.25in">Total assets</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">67,004</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">3,043</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">393</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">113</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">2,472</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">73,025</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 34.7pt; text-indent: -0.25in">Goodwill and intangible assets</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">3,535</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">3,535</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 34.7pt; text-indent: -0.25in">Property and equipment</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">315</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">472</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">787</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 34.7pt; text-indent: -0.25in">Right-of-use assets</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">974</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">4</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">978</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 34.7pt; text-indent: -0.25in">Amortization of intangible assets</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">531</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">531</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 34.7pt; text-indent: -0.25in">Depreciation of property and equipment</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">170</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">157</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">327</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 34.7pt; text-indent: -0.25in">Depreciation of right-of-use assets</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">114</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">4</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">118</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">Other financial information by segment as at December 31,
2021:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="width: 28%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 12%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">Canada</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">$</P></TD>
    <TD STYLE="width: 12%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">USA</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">$</P></TD>
    <TD STYLE="width: 12%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">Germany</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">$</P></TD>
    <TD STYLE="width: 12%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">China</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">$</P></TD>
    <TD STYLE="width: 12%; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">Finland</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">$</P></TD>
    <TD STYLE="width: 12%; border-top: Black 1.5pt solid; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">Total</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">$</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 34.7pt; text-indent: -0.25in">Total assets</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">81,529</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">2,068</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">1,445</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">81</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">1,652</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">86,775</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 34.7pt; text-indent: -0.25in">Goodwill and intangible assets</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">4,124</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">4,124</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 34.7pt; text-indent: -0.25in">Property and equipment</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">490</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">298</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">788</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 34.7pt; text-indent: -0.25in">Right-of-use assets</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">1,106</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">10</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">1,116</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 34.7pt; text-indent: -0.25in">Amortization of intangible assets</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">1,029</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">1,029</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 34.7pt; text-indent: -0.25in">Depreciation of property and equipment</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">408</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">110</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">518</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 34.7pt; text-indent: -0.25in">Depreciation of right-of-use assets</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">234</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">8</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">90</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">332</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">(11)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>exh_993.htm
<DESCRIPTION>EXHIBIT 99.3
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 99.3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red"><IMG SRC="logo.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROFOUND MEDICAL CORP.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>MANAGEMENT&rsquo;S DISCUSSION AND ANALYSIS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>JUNE 30, 2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PRESENTED IN US DOLLARS (000s)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: Black 1pt solid; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 14pt"><B>Profound Medical Corp.</B></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Management&rsquo;s Discussion and Analysis</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the three and six months ended June 30, 2022 and 2021</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In USD$ (000s)</P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following Management&rsquo;s Discussion and
Analysis (&ldquo;<B>MD&amp;A</B>&rdquo;) prepared as of August 4, 2022, should be read in conjunction with the June 30, 2022, unaudited
interim condensed consolidated financial statements and related notes of Profound Medical Corp. (&ldquo;<B>Profound</B>&rdquo; or the
&ldquo;<B>Company</B>&rdquo;). The unaudited interim condensed consolidated financial statements of Profound and related notes were prepared
in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (&ldquo;<B>IFRS</B>&rdquo;)
applicable to the preparation of interim financial statements, including International Accounting Standard 34, Interim Financial Reporting.
Unless stated otherwise, all references to &ldquo;$&rdquo; are to United States dollars and all references to &ldquo;C$&rdquo; are to
Canadian dollars. In this MD&amp;A, unless the context requires otherwise, references to &ldquo;Profound&rdquo;, &ldquo;the Company&rdquo;,
&ldquo;we&rdquo;, &ldquo;us&rdquo; or &ldquo;our&rdquo; are references to Profound Medical Corp. and its subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">FORWARD-LOOKING STATEMENTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This MD&amp;A contains &ldquo;forward-looking
statements&rdquo; within the meaning of Section 27A of the US Securities Act and Section 21E of the Exchange Act pursuant to the &ldquo;safe
harbor&rdquo; provisions of the United States Private Securities Litigation Reform Act of 1995, and &ldquo;forward-looking information&rdquo;
within the meaning of applicable Canadian securities laws, which include all statements other than statements of historical fact contained
in this MD&amp;A, such as statements that relate to the Company&rsquo;s current expectations and views of future events. Often, but not
always, forward-looking statements can be identified by the use of words such as &ldquo;may&rdquo;, &ldquo;will&rdquo;, &ldquo;expect&rdquo;,
&ldquo;anticipate&rdquo;, &ldquo;predict&rdquo;, &ldquo;aim&rdquo;, &ldquo;estimate&rdquo;, &ldquo;intend&rdquo;, &ldquo;plan&rdquo;,
&ldquo;seek&rdquo;, &ldquo;believe&rdquo;, &ldquo;potential&rdquo;, &ldquo;continue&rdquo;, &ldquo;is/are likely to&rdquo;, &ldquo;is/are
projected to&rdquo; or the negative of these terms, or other similar expressions intended to identify forward-looking statements. These
forward-looking statements include, among other things, statements relating to:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our expectations regarding commercializing our
approved products (particularly the TULSA-PRO<SUP>&reg;</SUP> system following US Food and Drug Administration (&ldquo;<B>FDA</B>&rdquo;)
clearance) and our ability to generate revenues and achieve profitability;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our expectations regarding the safety, efficacy
and advantages of our products over our competitors and alternative treatment options; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our expectations regarding our products fulfilling
unmet clinical needs and achieving market acceptance among patients, physicians and clinicians;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our expectations regarding reimbursement for
our approved products from third-party payors;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our expectations regarding an out-of-pocket market
for the Company&rsquo;s products;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our expectations regarding our relationships
with Koninklijke Philips N.V. (&ldquo;<B>Philips</B>&rdquo;), Siemens Healthcare GmBH (&ldquo;<B>Siemens</B>&rdquo;) and GE Healthcare
(&ldquo;<B>GE</B>&rdquo;), and our ability to achieve compatibility of our systems with magnetic resonance imaging (&ldquo;<B>MRI</B>&rdquo;)
scanners produced by other manufacturers;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our expectations regarding our ability to expand
the installation of TULSA-PRO&reg; systems in Akumin Centres outside of the State of Florida pursuant to our multi-site imaging agreement
(the &ldquo;<B>Akumin Agreement</B>&rdquo;) with Akumin Inc. (&ldquo;<B>Akumin</B>&rdquo;);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our ability to attract, develop and maintain
relationships with other suppliers, manufacturers, distributors and strategic partners;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our expectations regarding our pipeline of product
development, including expanding the clinical application of our products to cover additional indications; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our expectations regarding current and future
clinical trials, including the timing, enrollment and results thereof;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our expectations regarding maintenance of the
current regulatory approvals we have received, including our compliance with the conditions under such approvals, and the receipt of additional
regulatory approvals for our products and future product candidates;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our mission and future growth plans;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our ability to attract and retain personnel;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our expectations regarding our competitive position
for each of our products in the jurisdictions where they are approved;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our expectations regarding the impact of COVID-19
on the Company&rsquo;s business, affairs, operations, financial condition, liquidity, availability of credit and results of operations;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our ability to manage our working capital and
our ongoing ability to satisfy our cash requirements and any future commitments and contingencies;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our ability to raise debt and equity capital
to fund future product development, pursue regulatory approvals and commercialize our approved products; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our remediation plan with respect to our internal
controls over financial reporting; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">anticipated trends and challenges in our business
and the markets in which we operate.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Forward-looking statements involve known and unknown
risks, uncertainties and other factors which may cause the actual results, performance or achievements of Profound to be materially different
from any future results, performance or achievements expressed or implied by the forward-looking statements, including those factors discussed
in the section entitled &ldquo;Risk Factors&rdquo; in the Company&rsquo;s Annual Information Form prepared as of March 3, 2022, for the
year ended December 31, 2021 (the &ldquo;<B>AIF</B>&rdquo;), available on SEDAR at www.sedar.com and filed as an exhibit to the Company&rsquo;s
annual report on Form 40-F, filed on March 3, 2022 (the &ldquo;<B>40-F</B>&rdquo;), available on EDGAR at www.sec.gov, such as:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">risks related to our limited operating history
and history of net losses;</FONT></TD></TR></TABLE>
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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: Black 1pt solid; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 14pt"><B>Profound Medical Corp.</B></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Management&rsquo;s Discussion and Analysis</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the three and six months ended June 30, 2022 and 2021</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In USD$ (000s)</P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">risks related to our liquidity and financing
needs;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">risks related to our ability to commercialize
our approved products, including realizing the anticipated benefits of our commercial agreement with RadNet Inc. (&ldquo;<B>RadNet</B>&rdquo;),
the Akumin Agreement and our co-development agreement with GE (the &ldquo;<B>GE Agreement</B>&rdquo;), expanding our sales and marketing
capabilities, increasing our manufacturing and distribution capacity, increasing reimbursement coverage for our approved products and
achieving and maintaining market acceptance for our products;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">risks related to the regulation of our products,
including in connection with obtaining regulatory approvals as well as post-marketing regulation;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">risks related to our successful completion of
clinical trials with respect to our products and future product candidates;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">risks related to managing growth, including in
respect of obtaining additional funding and establishing and maintaining collaborative partnerships, to achieve our goals;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">risks related to competition that may impact
market acceptance of our products and limit our growth;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">risks relating to fluctuating input prices and
currency exchange rates;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">risks related to the reimbursement models in
relevant jurisdictions that may not be advantageous;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">risks related to reliance on third parties, including
our collaborative partners, manufacturers, distributors and suppliers, and increasing the compatibility of our systems with MRI scanners;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">risks related to intellectual property, including
license rights that are key to our business; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">risks related to product liability;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the extent and impact of COVID-19 and the related
response from the Company, government (federal, provincial, municipal and state) and regulatory authorities; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">risks related to the loss of key personnel.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Forward-looking statements contained herein are
made as of the date of this MD&amp;A and Profound disclaims any obligation to update any forward-looking statements, whether as a result
of new information, future events or results or otherwise, unless required by applicable laws. There can be no assurance that forward-looking
statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on forward-looking statements due to the inherent uncertainty in them. Readers are
cautioned that while Profound believes it has accurately summarized all clinical studies cited in this MD&amp;A, readers should review
the full publications of the studies prior to making an investment decision in the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<DIV STYLE="padding: 1pt 4pt; border: Black 1.5pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>COVID-19 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The global economy has significantly changed since
the beginning of the COVID-19 pandemic. The spread of the COVID-19 virus, declared on March 11, 2020, as a pandemic by the World Health
Organization (WHO), has led many governments to adopt exceptional measures to slow the advancement of COVID-19, such measures which remain
in place and continue to have significant impact in Asia. These events cause significant uncertainties and material disruptions to businesses
globally, resulting in an economic slowdown that could damage the Company&rsquo;s activities. At the current time, it is not possible
to reliably estimate the duration and impact of these events on the Company&rsquo;s future financial results because of the uncertainties
about future developments. Thus far, the Company has experienced volatility in demand for systems and one-time-use devices, which has
resulted in a reduction in anticipated sales and Profound&rsquo;s ability to collect certain payments, particularly in Asia. For more
information on COVID-19 and its impact on Profound&rsquo;s business, please refer to the section &ldquo;Business Update and Sales Strategy&rdquo;.</P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">BUSINESS OVERVIEW</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Profound (NASDAQ: PROF; TSX: PRN) is a commercial-stage
medical device company focused on the development and marketing of customizable, incision-free therapeutic systems for the image guided
ablation of diseased tissue utilizing its platform technologies and leveraging the healthcare system&rsquo;s existing imaging infrastructure.
Profound&rsquo;s lead product (the &ldquo;<B>TULSA-PRO</B><SUP>&reg;</SUP> <B>system</B>&rdquo;) combines real-time MRI, robotically driven
transurethral sweeping-action thermal ultrasound with closed-loop temperature feedback control for the ablation of prostate tissue. The
product is comprised of one-time-use devices and durable equipment that are used in conjunction with a customer&rsquo;s existing MRI scanner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In August 2019, the TULSA-PRO<SUP>&reg;</SUP>
system received FDA clearance as a Class II device in the United States of America (&ldquo;<B>United States</B>&rdquo; or &ldquo;<B>US</B>&rdquo;)
for thermal ablation of prescribed prostate tissue, using transurethral ultrasound ablation (&ldquo;<B>TULSA</B><SUP>&reg;</SUP>&rdquo;)
based on the Company sponsored (&ldquo;<B>TACT</B>&rdquo;) whole gland ablation pivotal clinical study. It is also CE marked in the European
Union (&ldquo;<B>EU</B>&rdquo;) for ablation of targeted prostate tissue (benign or malignant). The TULSA-PRO<SUP>&reg;</SUP> system was
approved by Health Canada in November 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Profound believes that, based on the Company&rsquo;s
TACT clinical data and additional studies conducted in the EU, physicians may elect to use TULSA-PRO<SUP>&reg;</SUP> to ablate benign
or malignant prostate tissue in patients with a variety of prostate diseases. Prostate diseases include prostate cancer and benign prostatic
hyperplasia (&ldquo;<B>BPH</B>&rdquo;). Prostate cancer is one of the most common types of cancer affecting men. The annual incidence
of newly diagnosed cases in 2022 is estimated to reach 268,490 in the United States according to the American Cancer Society and in 2020
there were approximately 475,000 newly diagnosed cases of prostate cancer in Europe, according to the International Agency for Research
on Cancer. The American Cancer Society further estimates that there are currently 5.8 million men living with prostate cancer in these
two geographic regions. Although ten-year survival outcomes for prostate cancer remain favorable, it is still one of most common causes
of cancer deaths among men. BPH is a histologic diagnosis that refers to the proliferation of smooth muscle and epithelial cells within
the prostatic transition zone. According to the American Urological Association, BPH is nearly ubiquitous in the aging male population
with worldwide autopsy proven histological prevalence increases starting at ages 40 to 45 years, reaching 60% at age 60 and 80% at age
80.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Profound initiated the commercial launch of its
lead product, the TULSA-PRO<SUP>&reg;</SUP> system in the United States in Q4 2019, treating the first patient in a non-trial setting
in January 2020. In addition, Profound continues to support additional clinical trials in the United States and abroad to further increase
the body of clinical evidence that may be needed particularly for reimbursement and coverage of its technologies by private and government
healthcare providers. The Company continues to expand the compatibility of its TULSA-PRO<SUP>&reg;</SUP> system with additional MRI brands
to broaden its ability to utilize the global MRI installed base and seek regulatory approvals of its products in additional international
jurisdictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Profound&rsquo;s second product, the Sonalleve<SUP>&reg;</SUP>
system, is CE marked in the EU for the treatment of uterine fibroids and palliative pain relief associated with metastases in bone and
has also been approved by the National Medical Products Association, the regulatory body in China, for non-invasive treatment of uterine
fibroids. In late 2020, Sonalleve<SUP>&reg;</SUP> received Humanitarian Device Exemption (HDE) approval from the FDA for the treatment
of Osteoid Osteoma in the United States. The Sonalleve<SUP>&reg;</SUP> system is only compatible with certain Philips MRI&rsquo;s.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Profound deploys a recurring revenue business
model in the United States to market TULSA-PRO<SUP>&reg;</SUP>, charging a one-time payment that includes the supply of its one-time-use
devices, use of the system, as well as the Company&rsquo;s customer and technological support (&ldquo;<B>Genius</B>&rdquo;) services that
support each TULSA center with clinical and patient recruitment. The Sonalleve<SUP>&reg;</SUP> product is marketed primarily outside North
America in European and Asian countries, deploying a capital sales model. Outside of North America, Profound generates most of its revenues
from its system sales in Europe and Asia, where the Company deploys a more traditional hybrid business model, charging for the system
separately as a capital sale and an additional per patient charge for the one-time-use devices and associated Genius services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Profound&rsquo;s Technology</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">TULSA-PRO<SUP>&reg;</SUP> and Sonalleve<SUP>&reg;</SUP>
share the common technological concept of using MRI to enable visualization by the surgeon of desired tissue in real time. Both products
also use thermal ultrasound technology to gently heat and ablate tissue using the real-time thermometry capability of the MRI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">TULSA-PRO<SUP>&reg;</SUP> delivers its ultrasound
energy through a transurethral catheter, a one-time-use device that is placed in the patient&rsquo;s prostate through a natural orifice.
Focused ultrasound energy is then delivered by the catheter in the shape of a blade. Externally the catheter is connected to a software
controlled robotic manipulator that rotates up to 360-degree in a sweeping action to impart thermal energy and thus ablation of tissue.
The real time temperature measurement of the prostate is coupled with closed loop process control that meters the appropriate amount of
ultrasound energy to gently heat the physician-prescribed region of prostate tissue to the target temperature to achieve cell kill without
boiling or charring the tissue. As a measure to keep the urethra within the prostate viable, the temperature of the transurethral catheter
is maintained at an appropriate level by circulating water inside the catheter. Similarly, a water-cooled specially designed catheter
is placed in the patient&rsquo;s rectum during the ablation process to keep it protected from thermal damage during the procedure. Profound
believes that TULSA-PRO<SUP>&reg;</SUP>&rsquo;s controlled and relatively gentle heating process may result in lower post procedural pain,
reduced potential of life affecting side effects and in significantly desirable shrinkage of the prostate via resorption of the dead tissue
over time, which may provide a longer-term durable benefit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sonalleve<SUP>&reg;</SUP> delivers its ultrasound
energy via a disc located outside the patient. Its ultrasound energy is focused to create small cylindrical hot spots a certain distance
into the patient. Overlapping cylinders create ablation of the physician-prescribed desired tissue. Similar to TULSA-PRO, Sonalleve<SUP>&reg;</SUP>
also provides for controlled temperature increases to achieve cell kill.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The physician is in charge of using the Profound
devices and decides which tissue needs to be ablated to impart therapeutic effect. Profound believes that in the hands of trained physicians,
its systems have the ability to provide customizable, incision-free ablative therapies with the precision of real-time MRI visualization
and thermometry, focused ultrasound and closed-loop temperature feedback control. Profound believes that its technology offers clinicians
and appropriate patients a better alternative to traditional surgical or radiation therapies, with respect to clinical outcomes, side
effects and recovery time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>TULSA-PRO<SUP>&reg;</SUP></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The&nbsp;TULSA-PRO<SUP>&reg;</SUP>&nbsp;system
is designed to provide customizable and predictable ablation of a surgeon defined region of prostate while actively protecting the urethra
and rectum to help preserve the patient&rsquo;s natural functional abilities. To date, over 2,000 global TULSA-PRO<SUP>&reg;</SUP>&nbsp;procedures
have been performed by more than 100 physicians at over 30 commercial and 20 clinical research sites.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Clinical Studies</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In March 2014, Profound completed enrollment and
treatment of 30 patients in the Phase I TULSA multi-jurisdictional safety and precision study. Based on the Phase I clinical trial results,
in April 2016, Profound received a CE Certificate of Conformity for the TULSA-PRO<SUP>&reg;</SUP> system from our notified body in the
EU, and in the fourth quarter of 2016, Profound initiated a pilot commercial launch of TULSA-PRO<SUP>&reg;</SUP> in key European markets
where the CE mark is accepted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Profound received FDA clearance for the TULSA-PRO<SUP>&reg;</SUP>
system in August 2019 for transurethral ultrasound ablation of prostate tissue, based on the Company&rsquo;s TACT Pivotal Clinical Trial.
The TACT Pivotal Clinical Trial is a prospective, open-label, single-arm pivotal clinical study, of 115 treatment-na&iuml;ve localized
prostate cancer patients across 13 research sites in the United States, Canada and Europe, which enrolled patients between August 2016
and February 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Localized Prostate Cancer, Ablation Safety
and Efficacy: TACT Pivotal Study</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The TACT Pivotal Clinical Trial demonstrates that
MRI-guided TULSA is a minimally invasive procedure for effective prostate cancer ablation with a favorable side effect profile, minimal
impact on quality of life and low rates of residual disease<SUP>1</SUP>. In the large, multi-center prospective study in men with predominately
intermediate-risk prostate cancer, whole gland ablation sparing the urethra and apical sphincter with the TULSA-PRO<SUP>&reg;</SUP> met
its primary regulatory endpoint of prostate-specific antigen (&ldquo;<B>PSA</B>&rdquo;) reduction in 96% of men to a median nadir of 0.34
ng/ml and 0.5 ng/ml at 12 months. Median decrease in perfused prostate volume as assessed by a central radiologist using 12-month MRI
was 91%, from a median 37 cc to 2.8 cc. At 12 months, extensive biopsy sampling of the markedly reduced prostate volume demonstrated a
benefit for nearly 80% of men. There was no evidence of cancer in 65% of men and 14% had low-volume clinically-insignificant disease.
The authors, however, noted that thermally-fixed non-viable cells can retain their apparently-malignant tissue morphology, confounding
Gleason grading and potentially introducing false positives<SUP>2</SUP>. By two years, 7% of men sought additional treatment for their
prostate cancer (prostatectomy, radiation). The study patient population, with two-thirds of those with Gleason Grade Group (GGG) &#8805;
2 having either bilateral disease or at least five positive cores, allowed for evaluation of oncologically relevant secondary outcomes
including PSA stability, post-treatment biopsy, and salvage treatment. Notwithstanding the limitations of comparisons between ablative
and extirpative therapies, the 7% rate of salvage treatment and 20% rate of residual clinically significant prostate cancer in intermediate-risk
patients are in line with accepted rates of early failure or additional intervention after standard treatments and goals for retreatment
after ablative therapies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">TULSA was associated with a high degree of safety
and maintenance of quality-of-life, comparing favorably to radical prostatectomy and other whole-gland ablation techniques. At 12 months,
96% of men returned to baseline urinary continence, and 75% of potent men maintained or returned to erections sufficient for penetration.
A total of 12 grade 3 adverse events occurred in 8% of men, including genitourinary infection (4%), urethral stricture (2%), urinary retention
(1.7%), urethral calculus and pain (1%), and urinoma (1%), all resolved by 12 months. There were no grade 4 events, rectal injuries, severe
incontinence requiring surgical intervention, or severe erectile dysfunction unresponsive to medication.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Localized Prostate Cancer, Durability of Outcomes:
Phase I Safety and Precision Study </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Phase I Clinical Trial demonstrates that MRI-guided
TULSA is safe and precise for ablation in patients with localized prostate cancer, providing spatial ablation precision of &plusmn; 1.3
mm with a well-tolerated side-effect profile and minor or no impact on urinary, erectile and bowel function at 12 months<SUP>3</SUP>.
There were no grade 4 or higher adverse events, one transient attributable grade 3 event (epididymitis), and notably no injury to rectal
or periprostatic structures. Functional outcomes, International Prostate Symptom Score (&ldquo;<B>IPSS</B>&rdquo;) and IIEF-15, both showed
a favorable anticipated trend of initial deterioration with subsequent gradual improvement toward baseline levels. Consistent with the
conservative whole-gland treatment plan which included a 3 mm circumferential margin expected to spare 10% viable prostate at the gland
periphery, intra-operative MRI thermometry measured 90% thermal ablation of the prostate gland, median PSA decreased 90% from 5.8 ng/ml
to nadir of 0.6 ng/ml, and median prostate volume reduced by 88% on 1-year MRI. Prostate biopsy at one year identified decreased cancer
burden with 61% reduction in cancer length; however, attributable to the circumferential safety margin, clinically significant cancer
in 9 of 29 men (31%), and any cancer in 16 of 29 (55%).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">_______________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>1
</SUP></FONT><FONT STYLE="font-size: 8pt">Klotz et al, &ldquo;MRI-guided transurethral ultrasound ablation of prostate cancer,&rdquo;
The Journal of Urology, 2020</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>2
</SUP></FONT><FONT STYLE="font-size: 8pt">Anttinen et al, &ldquo;Histopathological evaluation of prostate specimens after thermal ablation
may be confounded by the presence of thermally-fixed cells,&rdquo; International Journal of Hyperthermia, 2019</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>3
</SUP></FONT><FONT STYLE="font-size: 8pt">Chin et al, &ldquo;Magnetic Resonance Imaging-Guided Transurethral Ultrasound Ablation of Prostate
Tissue in Patients with Localized Prostate Cancer: A Prospective Phase 1 Clinical Trial,&rdquo; European Urology, 2016; Bonekamp et al,
&ldquo;Twelve-month prostate volume reduction after MRI-guided transurethral ultrasound ablation of the prostate,&rdquo; European Radiology,
2018</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Follow-up data to three and five years demonstrate
durability of the outcomes, with continued treatment safety and stable quality of life, as well as predictable PSA and biopsy oncological
outcomes based on treatment-day imaging and early PSA follow-up, without precluding any potential salvage therapy options<SUP>4</SUP>.
Repeat prostate biopsy at three years demonstrated durable histological outcomes, with only one subject upgrading to GGG 1 from negative
at 12 months, and one subject upgrading to GGG 2 from GGG 1 at 12 months. Between one and five years, there were no new serious adverse
events. By five years, 16 men completed protocol follow-up, three withdrew with PSA &lt;0.4 ng/ml, 10 had salvage therapy without complications
(six prostatectomy, three radiation and one laser ablation), and one died of an unrelated cause. Of 16 men with complete follow-up data,
five-year median PSA remained at 0.55 ng/ml. Median IPSS of 6 at baseline returned to 5 by three months, and 6.5 at five years. At baseline,
9 of 16 had erections sufficient for penetration, 11 of 16 at one year, and 7 of 16 at five years. All 16 subjects had leak-free, pad-free
continence at one and five years. Predictors of salvage therapy included lower ablation coverage and higher PSA nadir. At five years after
TULSA, cancer specific survival is 100%, and overall survival 97%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Benign Prostatic Hyperplasia (BPH), Relief
of Lower Urinary Tract Symptoms (LUTS): Phase I Studies </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Promising safety and feasibility of the TULSA-PRO<SUP>&reg;</SUP>
to relieve Lower Urinary Tract Symptoms (&ldquo;<B>LUTS</B>&rdquo;) associated with BPH has been demonstrated in two Phase I studies showing
improvements in IPSS comparable to modern minimally invasive surgical therapies<SUP>5</SUP>. A retrospective analysis of a sub-group
of nine men from a localized prostate cancer study who also had LUTS (baseline IPSS &#8805; 12) demonstrated significant IPSS improvement
of 58% from 16.1 to 6.3 at 12 months (p=0.003), with at least a moderate (&#8805; 6 points) symptom reduction in eight of nine patients.
IPSS Quality of Life (&ldquo;<B>QoL</B>&rdquo;) improved in eight of nine patients. Erectile function (IIEF-EF) remained stable from 14.6
at baseline to 15.7 at 12 months. The proportion of patients with erections sufficient for penetration was unchanged. Full urinary continence
(pad-free, leak-free) was achieved at 12 months in all patients. In five men who suffered from more severe symptoms (baseline IPSS &#8805;
12 and Qmax &lt; 15 ml/s), peak urine flow rate (&ldquo;<B>Qmax</B>&rdquo;) increased from 11.6 ml/s to 22.5 ml/s at 12 months. All adverse
events were mild to moderate with no serious events reported.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A prospective study of TULSA-PRO<SUP>&reg;</SUP>
for BPH has been conducted with early outcomes presented at the 2020 European Association of Urology Annual Conference. Urinary function
improved during the initial three-month follow up among the first seven patients treated, while no adverse effects were seen on sexual
and bowel functions: average IPSS decreased from 17.7 to 4.6, IPSS QoL decreased from 4.3 to 1.0, and Qmax increased from 11.5 ml/s to
26.8 ml/s, among several other improved urinary measures. A single adverse event had occurred, abscess of the epididymis requiring drainage
at two weeks post therapy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Radio-recurrent localized prostate cancer,
Salvage TULSA (sTULSA): Phase I Study </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Salvage ablation of radio-recurrent localized
prostate cancer has been evaluated in a prospective study of TULSA-PRO<SUP>&reg;</SUP> with early outcomes presented at the 2020 EAU Annual
Conference<SUP>6</SUP>. Ten patients were successfully treated, with a median hospitalization time of 24 hours and catheterization time
of four days. Four subjects have completed 12-month follow-up, with average PSA decreased from 4.6 ng/ml to 0.6 ng/ml, and all with no
evidence of recurrence on biopsy and imaging (MRI and PSMA-PET). Four patients had prolonged catheterization and subsequent urinary tract
infection, and one of these patients had upper urinary tract dilation treated with double-J-stents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Palliation of symptomatic locally advanced
prostate cancer, Palliative TULSA (pTULSA): Phase I Study </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Patients with symptomatic locally advanced prostate
cancer can suffer from severe urinary retention due to bladder outlet obstruction, intractable hematuria and frequent hospitalization.
While these complications are commonly treated by palliative transurethral resection of the prostate (&ldquo;<B>TURP</B>&rdquo;), the
improvement is often insufficient and may exclude patients who cannot discontinue anticoagulants. The safety and feasibility of MRI-guided
TULSA was evaluated as an alternative palliative treatment option for men suffering from symptomatic locally advanced prostate cancer<SUP>7</SUP>.
Ten patients with locally advanced prostate cancer were enrolled, half with clinical stage T4 disease and half with clinical T3. Prior
to TULSA, all patients had continuous indwelling catheterization due to urinary retention, and 90% had history of recurrent and/or ongoing
gross hematuria. Three patients had palliative TURP performed six months prior to receiving palliative TULSA, all of which were unsuccessful.
One week after palliative TULSA, 50% of men were catheter-free. At last follow-up, 100% of men were free of gross hematuria, and 80% had
an improvement in catheterization, with 70% completely catheter-free. Notably, the average hospitalization time from local complications
reduced from 7.3 to 1.4 days in the six-month period before and after palliative TULSA. All adverse events were related to urinary tract
infections, with two patients requiring intravenous administration of antibiotics and three patients resolved with oral antibiotics alone.
No other treatment related adverse events were recorded, with no rectal injury or fistula. Further, there was no need for blood transfusions
and there was no perioperative mortality.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">_______________________________</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>4
</SUP></FONT><FONT STYLE="font-size: 8pt">Nair et al, &ldquo;MRI-Guided Transurethral Ultrasound Ablation in Patients with Localized
Prostate Cancer: Three Year Outcomes of a Prospective Phase I Study&rdquo;, BJU International, 2020; Nair et al, &ldquo;PD17-03 Five-Year
Outcomes from a Prospective Phase I Study of MRI-Guided Transurethral Ultrasound Ablation in Men with Localized Prostate Cancer&rdquo;,
AUA 2020 Virtual Experience, Abstract in The Journal of Urology, 2020</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>5
</SUP></FONT><FONT STYLE="font-size: 8pt">Elterman et al, &ldquo;Relief of Lower Urinary Tract Symptoms after MRI-Guided Transurethral
Ultrasound Ablation (TULSA) for localized prostate cancer: Subgroup Analyses in Patients with concurrent cancer and Benign Prostatic
Hyperplasia,&rdquo; Journal of Endourology, 2020; Anttinen et al, &ldquo;Transurethral ultrasound therapy for benign prostatic obstruction
in humans,&rdquo; EAU 2020 Conference Presentation</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>6
</SUP></FONT><FONT STYLE="font-size: 8pt">Anttinen et al, &ldquo;Early experience of salvage MRI-guided transurethral ultrasound ablation
(TULSA) for local prostate cancer recurrence after radiotherapy,&rdquo; EAU 2020 Conference Presentation</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>7
</SUP></FONT><FONT STYLE="font-size: 8pt">Anttinen et al, &ldquo;Palliative MRI-guided transurethral ultrasound ablation for symptomatic
locally advanced prostate cancer,&rdquo; Scandinavian Journal of Urology, 2020</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>CAPTAIN Trial</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">CAPTAIN (A Comparison of TULSA Procedure vs. Radical
Prostatectomy in Participants with Localized Prostate Cancer) is a prospective, multi-centre randomized controlled trial of 201 patients
aimed at comparing the safety and efficacy of the TULSA procedure (performed with the TULSA-PRO<SUP>&reg;</SUP> system) with radical prostatectomy
(&ldquo;<B>RP</B>&rdquo;) in men with organ-confined, intermediate-risk, Gleason Score 7 (Grade Group 2 and 3) prostate cancer. In the
CAPTAIN trial, 134 patients will be randomized to receive one or two TULSA procedures and 67 patients will be randomized to receive RP.
The trial is expected to take place at eight or more sites in the United States and two in Canada. Of those, six sites have been activated
to date and are currently recruiting patients.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">RP is currently the gold-standard surgical treatment
for intermediate-risk prostate cancer. RP effectively controls disease but carries risk of significant side effects such as long-term
erectile dysfunction and urinary incontinence. The TULSA procedure combines transurethral, robotically-driven therapeutic ultrasound with
real-time visualization of temperature and automated control of heating from magnetic resonance thermometry. The high spatial, thermal,
and anatomic resolution of the target volume enables precise ablation of prostate tissue while sparing functionally important structures,
potentially reducing the risk of side effects relative to RP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The goal of the CAPTAIN trial is to demonstrate
that the efficacy of the TULSA procedure is not inferior to RP, while demonstrating superior quality of life outcomes in patients receiving
the TULSA procedure as compared to those patients receiving RP. The primary safety endpoint is the proportion of patients who preserve
both erectile potency and urinary continence at one year after treatment. The primary efficacy endpoint is the proportion of patients
who are free from any additional treatment for prostate cancer by three years after treatment. Secondary endpoints include comparison
of rates of complications, cost effectiveness, and timing of the return to baseline activity. Long-term follow-up will be gathered for
up to 10 years after treatment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Sonalleve<SUP>&reg;</SUP></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Profound&rsquo;s Sonalleve<SUP>&reg;</SUP> system
combines real-time MRI and thermometry with focused ultrasound delivered from the outside of the patient to enable customized incision-free
ablation of diseased tissue. Profound acquired the Sonalleve<SUP>&reg;</SUP> technology from Philips in 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Sonalleve<SUP>&reg;</SUP> system is CE marked
in the EU for the treatment of uterine fibroids and palliative pain treatment of bone metastases. The uterine fibroids application is
also available for sale in Canada. In 2018, the Sonalleve<SUP>&reg;</SUP> system was also approved in China by the National Medical Products
Administration for the non-invasive treatment of uterine fibroids. Philips Oy registered Sonalleve<SUP>&reg;</SUP> in several Middle East,
North African, and South Asian countries. In 2020, Sonalleve&reg; also received HDE from the US FDA for treatment of Osteoid Osteoma.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Sonalleve<SUP>&reg;</SUP> Clinical Applications</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Uterine Fibroids and Adenomyosis</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Uterine fibroids are the most common non-cancerous
tumors in women of childbearing age. Both surgical and medical treatments are available, and the choice depends on number, size, and location
of uterine fibroids, patient&rsquo;s age and preferences, and pregnancy expectations. To date, symptomatic uterine fibroids have been
mostly treated with radical surgery (hysterectomy) in women who have completed childbearing, or conservative surgery (myomectomy and endometrial
ablation) in women who wish to preserve fertility. Today, the radiologist also has interventional options available. Minimally or non-invasive
interventional radiology procedures include uterine artery embolization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There is currently no ideal treatment for adenomyosis,
and new options are needed. Drawing on experience of treatment of uterine fibroids, MR-High Intensity Focused Ultrasound (&ldquo;<B>MR-HIFU</B>&rdquo;)
has been explored as a potential new conservative treatment and MR-HIFU is an early-stage, non-invasive, therapeutic technology with the
potential to improve the QoL and decrease the cost of care for patients with adenomyosis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To achieve its current regulatory clearances,
the Sonalleve<SUP>&reg;</SUP> MR-HIFU System has undergone several studies and clinical trials for uterine applications at Sunnybrook
Health Sciences Center (Toronto, Ontario), University Medical Center Utrecht (Utrecht, the Netherlands), University Hospital St. Andr&eacute;
(Bordeaux, France), Samsung Medical Center (Seoul, Korea), Peking University First Hospital Beijing (Beijing, China), First Affiliated
Hospital of Medical College of Xi&rsquo;an Jiaotong University (Xi&rsquo;an, China), Turku University Hospital (Turku, Finland), National
Institutes of Health (Bethesda, MD, USA), St. Luke&rsquo;s Episcopal Hospital (Houston, TX, USA), amongst others.</P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, a comprehensive literature review
provides supportive evidence showcasing the beneficial action of MR-HIFU in uterine fibroid and adenomyosis therapy. These studies include
the Verpalen et al. 2020, Nguyen 2020, Yeo et al. 2017, Kim et al. 2017, and Hocquelet et al. 2017 that utilized the Sonalleve<SUP>&reg;</SUP>
MR-HIFU System. Specifically, the studies show impressive performance in terms of ablation efficiency, therapeutic efficacy, symptom reduction,
and/or QoL improvement. There were no treatment-related serious adverse events in any of these studies, although Browne et al. 2020 describes
a procedure-related major complication in the form of deep vein thrombosis that was noted in one patient (0.8%) and subsequently and successfully
treated with anticoagulation therapy. Minor adverse events, when present, typically include 1st and 2nd degree skin burns, local swelling,
cramps, leg pain, abdominal pain, buttock pain, and back pain, which are all known and anticipated adverse events of MR-HIFU therapy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Palliative Bone Pain Treatment</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pain caused by bone metastases is common in the
event of malignancy and is inevitably associated with serious complications that may deteriorate the QoL of patients and become life threatening.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For patients with bone metastases, clinical evaluation
reports were completed in October 2020, showing significant decrease in pain score, dosage of medication, or QoL are to be expected with
MR-HIFU bone therapy. The randomized controlled Phase III study by Hurwitz et al. represents some of the most important clinical data
that has been reported. In 112 subjects receiving MR-HIFU compared against 35 subjects receiving sham treatment, significant pain reduction
at three months (decrease in worst NRS pain &#8805; 2 without increase in pain medication) was 64.3% vs. 20.0% (p&lt;0.001), with mean
Numeric Pain Scale (&ldquo;<B>NRS</B>&rdquo;) reduction of 3.6 &plusmn; 3.1 vs. 0.7 &plusmn; 2.4 from an initial median NRS score of 7.0
in both groups. Improvement in average Brief Pain Inventory-Quality of Life at three months was 2.4 points superior in the MR-HIFU group
(p&lt;0.001), representing a clinically important reduction in impairment caused by bone metastasis pain.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The clinical data above shows that patients with
bone metastases can expect a statistically significant decrease in pain scores and/or in medication dosage and increase in quality of
life with MR-HIFU bone metastasis therapy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Osteoid Osteoma Treatment</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Osteoid osteoma is a relatively rare, painful
bone tumor that typically occurs in the cortex of long bones, especially in children and adolescents, and accounts for approximately 10%
of all benign bone tumors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Current osteoid osteoma treatment options include
surgery and radiofrequency ablation (&ldquo;<B>RFA</B>&rdquo;), which is a less invasive option than surgical resection. Although RFA
can have a high success rate, the treatment is invasive and can potentially cause minor and major complications. It also exposes patients
and operators to ionizing radiation associated with the CT imaging guidance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sonalleve<SUP>&reg;</SUP> MR-HIFU provides an
optimal therapy choice for osteoid osteoma which is a precise, completely non-invasive, and free from ionizing radiation treatment. The
recent studies have assessed the use of Sonalleve<SUP>&reg;</SUP> MR-HIFU in treatment of osteoid osteoma, showing a high clinical success
rate and complete symptom resolution without any serious adverse effects and only few minor adverse effects that promptly resolve. The
Sonalleve<SUP>&reg; </SUP>MR-HIFU device offers a novel, minimally invasive, MRI-guided method to treat osteoid osteoma safely and effectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Business Update and Sales Strategy</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">COVID-19 is altering our business through impacts
in healthcare facilities&rsquo; ability to make commitments and patients deciding to undergo procedures. The global response to the COVID-19
pandemic has resulted in, among other things, border closures, severe travel restrictions, the temporary shut-down of non-essential services
and extreme fluctuations in financial and commodity markets. Although these restrictions have eased in the United States, Canada and elsewhere,
such measures continue to be implemented by one or more governments in jurisdictions where the Company operates, particularly in Asia.
These measures have caused material disruption to businesses globally, including for Profound which has significant operations in Asia.
The extent to which COVID-19 and any other pandemic or public health crisis impacts the Company&rsquo;s business, affairs, operations,
financial condition, liquidity, availability of credit and results of operations will depend on future developments that are highly uncertain
and cannot be predicted with any meaningful precision, including new information which may emerge concerning the severity of the COVID-19
virus and the actions in the countries where we operate that are required to contain the COVID-19 virus or remedy its impact, among others.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Further, from an operational perspective, the
Company&rsquo;s employees, direct sales and marketing teams and distribution partners, as well as the workforce of vendors, services providers
and counterparties with which the Company does business, may also be adversely affected by the COVID-19 pandemic or efforts to mitigate
the pandemic, including government-mandated shutdowns, requests or orders for employees to work remotely, and other physical distancing
measures, which could result in an adverse impact on the Company&rsquo;s ability to conduct its businesses, particularly in Asia, including
its ability to cultivate adoption of the TULSA-PRO<SUP>&reg;</SUP> technology, support clinical customers with TULSA-PRO<SUP>&reg;</SUP>
procedures and increase the utilization of the systems and one-time use devices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To date, the economic downturn and uncertainty
caused by the COVID-19 pandemic and global measures undertaken to contain its spread have affected all of the Company&rsquo;s operations
to some extent and, in particular, have caused volatility in demand for TULSA-PRO<SUP>&reg;</SUP> systems and the one-time-use devices
related thereto. Profound continues to experience the effects of these measures as they continue to be significant in Asia. This has resulted
in a reduction in anticipated sales and led to delays in the Company&rsquo;s expectations regarding the rate at which agreements for new
TULSA-PRO<SUP>&reg;</SUP> user sites will be entered into and when user sites will become operational for the initiation of patient treatments.
Despite the COVID-19 pandemic, patient treatments are continuing, and Profound continues to identify potential new TULSA-PRO<SUP>&reg;</SUP>
user sites. The Company continues to evaluate the current and potential impact of the COVID-19 pandemic on its business, affairs, operations,
financial condition, liquidity, availability of credit and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, the actual and threatened spread
of COVID-19 globally could also have a material adverse effect on the regional economies in which Profound operates, could continue to
negatively impact stock markets, including the trading price of the common shares in the capital of the Company (&ldquo;<B>Common Shares</B>&rdquo;),
could adversely impact the Company&rsquo;s ability to raise capital and could cause continued interest rate volatility and movements that
may make obtaining financing more challenging or more expensive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the six months ended June 30, 2022, the
key impact experienced by the Company related to COVID-19 was the delay of customer payments due to Profound&rsquo;s inability to install
systems because of hospital restrictions, particularly in Asia.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">While the adverse impacts of COVID-19 regulations
on the Company have lessened in both Canada and the US alongside the loosening of restrictions, the Company has still seen a negative
financial impact from COVID-19 during the six months ended June 30, 2022, due to lockdowns and hospital restrictions in Asia. The lockdowns
and restrictions have impacted Profound&rsquo;s ability to collect certain payments in these countries, which have impeded our efforts
to install our systems and has delayed our collections. Profound continues to work with local authorities and team members located within
these countries to help expedite the process. The COVID-19 pandemic remains uncertain in terms of its magnitude, outcome and duration,
as well as further social distancing restrictions. Despite the challenging and uncertain economic environment created by the ongoing impact
of the COVID-19 pandemic, our business continues to operate normally, and we believe our business demonstrates resilience because of our
preparation and strong relationships. Through the implementation of our detailed business continuity plan, we transitioned a significant
portion of the Company&rsquo;s employee base to work from home. Throughout these challenging circumstances, the Company has continued
to serve its customers, quickly adapting to the current environment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Profound initiated its launch of the TULSA-PRO&reg;
system in the United States in Q4 2019 and the first patient was treated in the United States in a non-clinical trial setting in January
2020. Since then, Profound&rsquo;s business model has evolved to a recurring revenue model that includes durable hardware usage, one-time-use
devices and Profound&rsquo;s Genius services, which includes necessary support for a productive start-up of the practice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Profound has generated revenues from capital sales,
one-time-use devices and related services, in the EU (principally in Germany) and Asia. For the six months ended June 30, 2022, approximately
49%, 38% and 13% of revenues were generated in the United States, Asia and EU, respectively, compared to approximately 24%, 30% and 46%
of revenues which were generated in the United States, EU and Asia, respectively for the six months ended June 30, 2021. Revenue on a
quarter over quarter basis is expected to fluctuate given the Company maintaining a limited European commercial effort and remains primarily
focused on the US market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January 10, 2020, Profound announced the signing
of its first-ever US multi-site imaging center agreement for TULSA-PRO<SUP>&reg;</SUP> with RadNet, an owner and operator of outpatient
imaging centers, pursuant to which Profound will install TULSA-PRO<SUP>&reg; </SUP>systems at three RadNet imaging centers in the greater
Los Angeles area. To date, two site is currently treating patients, while the installation of the remaining systems and initiation of
patient treatments have been delayed as a result of the COVID-19 pandemic.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Profound&rsquo;s TULSA-PRO system is primarily
marketed to early adopter physicians who specialize in treatment of prostate disease including urologists and radiologists at opinion
leading hospitals. TULSA-PRO services are available at either independent imaging centers or at hospital-based imaging centers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Historically, treatment of conditions such as
localized prostate disease and uterine fibroids have included surgical intervention. Over time, surgery has evolved from an &lsquo;open&rsquo;
technique, to laparoscopic, to robotic surgery. The motivation of surgeons behind this evolution has been to perform procedures that reduce
invasiveness, improve clinical outcomes and reduce recovery times. Profound is now taking this concept to the next level by enabling customizable,
incision-free therapies for the MRI-guided ablation of diseased tissue with the TULSA-PRO<SUP>&reg;</SUP> and Sonalleve<SUP>&reg;</SUP>
systems. These incision-free and radiation-free procedures offer surgeons the option of providing predictable and customizable procedures
that eliminate invasiveness, offer the potential to improve clinical outcomes and further reduce hospital stays and patient recovery times.</P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Profound is establishing its own direct sales
and marketing teams for sales of TULSA-PRO<SUP>&reg;</SUP> systems and the one-time-use devices related thereto, as well as for Sonalleve<SUP>&reg;</SUP>
systems in the jurisdictions where it is approved. The primary focus of Profound&rsquo;s direct sales team is to cultivate adoption of
the TULSA-PRO<SUP>&reg;</SUP> technology, support clinical customers with the TULSA-PRO<SUP>&reg;</SUP> procedures and increase the utilization
of the systems and one-time-use devices. Profound expects to generate recurring revenues from the use of the system, one-time-use devices,
clinical support and service maintenance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Profound also collaborates with its strategic
partners Philips and Siemens for lead generation and distribution of durable equipment, which are currently available through the Philips
and Siemens sales catalogs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January 21, 2021, the Company entered into
a new agreement with Siemens (the &ldquo;<B>Siemens Agreement</B>&rdquo;). Under the Siemens Agreement, there is a one-time fixed license
fee and per annum payments calculated based on annual volume of Profound&rsquo;s systems that are interfaced to a Siemens MRI scanner.
The initial term of the Siemens Agreement is five years and will be automatically extended for successive one-year terms thereafter unless
terminated earlier. The Company also obtained a non-exclusive license to Siemens Access I interface software and reasonable support for
the term of the Siemens Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 21, 2020, Profound signed the GE Agreement
to expand provider access to TULSA-PRO<SUP>&reg;</SUP>. Pursuant to the terms of the GE Agreement, Profound will be supplied with additional
information to utilize the ExSI interface, which will allow Profound to interface with GE MRI scanners and GE will help support the development
efforts of Profound to achieve compatibility with its GE MRI scanners.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 6, 2021, Profound signed the Akumin Agreement.
Pursuant to the Akumin Agreement, Profound expects to install TULSA-PRO<SUP>&reg;</SUP> systems at up to 10 Akumin centers to be outfitted
with diagnostic and therapeutic imaging services specifically dedicated towards men&rsquo;s health. The initial geographic focus of the
relationship will be in the State of Florida, with Texas and Pennsylvania expected to follow.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Competition</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I><U>TULSA-PRO<SUP>&reg;</SUP></U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The TULSA-PRO<SUP>&reg;</SUP> system is intended
to ablate benign and malignant prostate tissue, however there are other treatment options for prostate disease. There are currently no
marketed devices indicated for the treatment of prostate diseases or prostate cancer and our FDA indication and CE mark in the EU also
do not include treatment of any particular disease or condition. However, there are a number of devices indicated for the destruction
or removal of prostate tissue and devices indicated for use in performing surgical procedures that physicians and surgeons currently utilize
when treating patients with prostate disease, including prostate cancer. Approaches that physicians and surgeons currently use to address
prostate disease include: (1) watchful waiting/active surveillance; (2) simple prostectomy; (3) radical prostatectomy (includes open,
laparoscopic and robotic procedures); (4) radiation therapies including, external beam radiation therapy, brachytherapy and high dose
radiation; (5) cryoablation; and (6) trans-rectal high intensity focused ultrasound (&ldquo;<B>HIFU</B>&rdquo;). In addition, certain
adjunct or less common procedures are used or are under development to address prostate disease, such as androgen deprivation therapy
and proton beam therapy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each of the foregoing competing options have their
own limitations and benefits and may only be appropriate for limited patient populations. For example, active surveillance is generally
recommended for patients who have been diagnosed with earlier stage, lower risk, disease where the possibility of side effects from intervention
may outweigh the expected benefit of the chosen procedure. For clinicians and patients, the gap between active surveillance and the most
commonly utilized options of surgery or radiation therapy imposes the possibility of substantial side effects, creating a need for a less
invasive methodology to remove diseased prostate tissue that is both radiation and incision-free and provides a more favorable side-effect
profile.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Profound believes that the flexibility of the
TULSA-PRO&reg; system may allow the Company to demonstrate its use as a tool for ablating benign and malignant diseased prostate tissue
with greater speed and precision than current options while minimizing potential side effects. Profound believes that the TULSA-PRO&reg;
system may overcome certain limitations of other devices and methodologies for removing or addressing diseased prostate tissue including
HIFU, such as complications associated with trans-rectal delivery and limitations relating to prostate size. Profound believes that a
transurethral (inside out) ablation approach with millimeter accuracy has advantages over HIFU in ablating the whole gland safely.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I>&nbsp;</I></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I><U>Sonalleve<SUP>&reg;</SUP></U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The treatment choices for uterine
fibroids usually depend on the symptoms of the patient, size of the fibroid, desire for future pregnancy and preference of the treating
gynecologist.&nbsp;The most common treatment options for uterine fibroids include: (1) hormonal medications including gonadotrophin releasing
hormone agonists; (2)&nbsp;progesterone releasing intra-uterine devices; (3) surgical procedures such as hysterectomy and myomectomy;
and (4) uterine artery embolization. Profound believes that the Sonalleve<SUP>&reg;</SUP> system may provide a treatment option that is
more convenient and comfortable with fewer side effects than hormonal medications or surgical procedures, such as hysterectomy or myomectomy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Reimbursement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Profound&rsquo;s ability to
successfully commercialize the Company&rsquo;s products depends in large part on the extent to which coverage and adequate reimbursement
for such products and related treatments or procedures will be available from government health administration authorities, government
and private health insurers, and other organizations or third-party payors. Pricing and reimbursement procedures and decisions vary from
country to country. Many government health authorities and private payors condition payment on the cost-effectiveness of the product.
Even if a device is FDA cleared or CE marked or has received other regulatory clearance or approval, there is no guarantee that third-party
payors will reimburse providers or patients for the cost of the device and related procedures or that the amount of such reimbursement
will be adequate to cover the cost of the device. The availability of coverage and adequate reimbursement to hospitals and clinicians
using our products therefore is important to our ability to generate revenue and Profound plans to pursue coverage and reimbursement for
the Company&rsquo;s products in the key markets where the Company has regulatory approvals. Successful commercialization of the Company&rsquo;s
approved products will also depend on the cost of the system and the availability of coverage and adequate reimbursement from third-party
payors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Although Profound expects there
to be an out-of-pocket market for the Company&rsquo;s approved products, an out-of-pocket market alone is unlikely to be sufficient to
support successful commercialization of the Company&rsquo;s products. To date, the Company&rsquo;s products do not have significant coverage
or reimbursement from government or third-party payers in the jurisdictions where they are approved. A C-Code is a unique temporary product
code established by Centers for Medicare &amp; Medicaid Services for the Hospital Outpatient Prospective Payment System (&ldquo;<B>OPPS</B>&rdquo;)
to promote the adoption of new medical technology that otherwise had no codes to facilitate payment. C-Codes are used on Medicare OPPS
claims but may also be recognized on claims from other providers or by other payment systems.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">HIGHLIGHTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On May 17, 2022, Profound announced multiple
clinical presentations and product demonstrations performed at the American Urological Association's 2022 Annual Meeting highlighted the
ability of TULSA-PRO<SUP>&reg;</SUP> to effectively and safely ablate physician-prescribed prostate tissue in an unrivaled variety of
patients with prostate cancer and BPH.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On May 18, 2022, Profound held its 2022 Annual
General Meeting of Shareholders, at which Profound&rsquo;s shareholders elected all seven nominees to its board of directors. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On July 15, 2022, Transurethral Ultrasound Ablation
(&ldquo;TULSA&rdquo;), performed with Profound&rsquo;s TULSA-PRO<SUP>&reg;</SUP> system, was included in the Proposed Agenda for the American
Medical Association&rsquo;s September 2022 CPT<SUP>&reg;</SUP> Editorial Panel Meeting.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>
<P STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">SELECTED FINANCIAL INFORMATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following selected financial information as
at and for the six months ended June 30, 2022 and 2021, has been derived from the interim unaudited condensed consolidated financial statements
and should be read in conjunction with those interim condensed consolidated financial statements and related notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #4472C4">
    <TD STYLE="border-top: #4472C4 1pt solid; border-bottom: #4472C4 1pt solid; border-left: #4472C4 1pt solid; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: #4472C4 1pt solid; border-right: #4472C4 1pt solid; border-bottom: #4472C4 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; color: white"><B>For the six months ended June
30,</B></P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(68,114,196)">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid"><FONT STYLE="color: White"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="color: White"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="color: White"><B>2022 </B></FONT></TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="color: White"><B>2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="width: 57%; border-left: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black"><B>$</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #8EAADB 1pt solid; border-right: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black"><B>$</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,389</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,338</FONT></TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">Operating expenses</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">16,442</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">14,424</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Finance costs/(income) </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(972)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,502</FONT></TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">Net loss for the period</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">14,145</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">14,542</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic and diluted loss per share</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.68</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.72</FONT></TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total assets </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">73,025</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">95,841</FONT></TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">Total non-current liabilities </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">1,825</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">1,891</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<!-- Field: Page; Sequence: 11; Value: 1 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: Black 1pt solid; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 14pt"><B>Profound Medical Corp.</B></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Management&rsquo;s Discussion and Analysis</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the three and six months ended June 30, 2022 and 2021</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In USD$ (000s)</P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenue has increased slightly due to the increased
recurring revenue from US sales, as new sites are enrolled and patient procedures increase, but has been largely offset by the lack of
available MRI time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Operating expenses increased for the six months
ended June 30, 2022, compared to the six months ended June 30, 2021, because of increased personnel, software costs and travel expenditures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company reported total assets of $73,025 as
at June 30, 2022, as compared to $95,841 as at June 30, 2021. The decrease in 2022 was a result of expenditures throughout the period
ended June 30, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: Black 1pt solid; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 14pt"><B>Profound Medical Corp.</B></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Management&rsquo;s Discussion and Analysis</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the three and six months ended June 30, 2022 and 2021</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In USD$ (000s)</P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">RESULTS OF OPERATIONS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #4472C4">
    <TD STYLE="border-top: #4472C4 1pt solid; border-bottom: #4472C4 1pt solid; border-left: #4472C4 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4472C4 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4472C4 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: #4472C4 1pt solid; border-bottom: #8EAADB 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: white"><B>Three months ended</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: white"><B>June 30</B></P></TD>
    <TD STYLE="border-top: #4472C4 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4472C4 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: #4472C4 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: #4472C4 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: #4472C4 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: #4472C4 1pt solid; border-bottom: #8EAADB 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: white"><B>Six months ended</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: white"><B>June 30</B></P></TD>
    <TD STYLE="border-top: #4472C4 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #4472C4 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: #4472C4 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: #4472C4 1pt solid; border-right: #4472C4 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD COLSPAN="2" STYLE="border-left: rgb(142,169,219) 1pt solid; vertical-align: top"><B>&nbsp;</B></TD>
    <TD STYLE="vertical-align: top; text-align: right"><B>&nbsp;</B></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>2022&nbsp;</B></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>&nbsp;</B></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>2021&nbsp;</B></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>&nbsp;</B></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: center"><B>Change</B></TD>
    <TD STYLE="vertical-align: bottom"><B>&nbsp;</B></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>2022&nbsp;</B></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>&nbsp;</B></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>2021&nbsp;</B></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>&nbsp;</B></TD>
    <TD COLSPAN="3" STYLE="border-right: rgb(142,169,219) 1pt solid; vertical-align: bottom; text-align: center"><B>Change</B></TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD COLSPAN="2" STYLE="border-left: rgb(142,169,219) 1pt solid; vertical-align: top"><B>&nbsp;</B></TD>
    <TD STYLE="vertical-align: top; text-align: right"><B>&nbsp;</B></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>$</B></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>&nbsp;</B></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>$</B></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>&nbsp;</B></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>$</B></TD>
    <TD STYLE="vertical-align: bottom"><B>&nbsp;</B></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>%</B></TD>
    <TD STYLE="vertical-align: bottom"><B>&nbsp;</B></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>$</B></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>&nbsp;</B></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>$</B></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>&nbsp;</B></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><B>$</B></TD>
    <TD STYLE="vertical-align: bottom"><B>&nbsp;</B></TD>
    <TD STYLE="border-right: rgb(142,169,219) 1pt solid; vertical-align: bottom; text-align: right"><B>%</B></TD></TR>
  <TR STYLE="background-color: White">
    <TD COLSPAN="2" STYLE="border-left: rgb(142,169,219) 1pt solid; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-right: rgb(142,169,219) 1pt solid; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD COLSPAN="2" STYLE="border-left: rgb(142,169,219) 1pt solid; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2,025</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,627</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;(602)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-23%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;3,389 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;3,338 </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;51 </FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-right: rgb(142,169,219) 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2%</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost of sales </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1,089</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,411</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;(322)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-23%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;2,017 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;1,870 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;147 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8%</FONT></TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Gross profit </B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>936</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,216</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;(280)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-23%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;1,372 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,468</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;(96)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-7%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 3%; border-left: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 33%; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 1%; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 7%; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 7%; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 5%; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 7%; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 7%; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 7%; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: #8EAADB 1pt solid; border-right: #8EAADB 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Expenses</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Research and development </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3,688</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,419</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;269 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;6,868 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;6,524 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;344 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5%</FONT></TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">General and administrative</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2,632</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,453</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;179 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;4,978 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;4,585 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;393 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selling and distribution </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2,394</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,728</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;666 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">39%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;4,596 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;3,315 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;1,281 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">39%</FONT></TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total operating expenses</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>8,714</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,600</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;1,114 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;16,442 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14,424</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;2,018 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net finance (income)/costs</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(1,864)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">602</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;(2,466)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-410%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;(972)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,502</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;(2,474)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-165%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Loss before income taxes</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5,914</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,986</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;(1,072)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-15%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;14,098 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14,458</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;(360)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-2%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income taxes </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>16</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">57</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;(41)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;47 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">84</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;(37)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-44%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Net loss attributed to shareholders for the period</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5,930</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,043</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,113)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-16%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;14,145 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;14,542 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;(397)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-3%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Other comprehensive loss (income)</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item that may be reclassified to profit or loss</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; padding-left: 30pt; text-indent: -27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustment </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;(6,181)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,929) </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8,110)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-420%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;(3,888)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2,914) </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;(6,802)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-233%</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Net loss/(gain) and comprehensive loss/(gain) for the period</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(251)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,972</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(9,223)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-103%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;10,257 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;17,456 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;(7,199)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-41%</FONT></TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Loss per share</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic and diluted net loss per Common Share</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>0.28</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.35</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(0.07)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>0.68</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.72</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(0.04)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-6%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 13; Value: 1 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: Black 1pt solid; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 14pt"><B>Profound Medical Corp.</B></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Management&rsquo;s Discussion and Analysis</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the three and six months ended June 30, 2022 and 2021</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In USD$ (000s)</P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Revenue </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Profound deploys a recurring revenue business
model in the United States to market TULSA-PRO<SUP>&reg;</SUP>, charging a one-time payment that includes the supply of its one-time-use
device, use of the system as well as Company&rsquo;s Genius services that support each TULSA center with clinical and patient recruitment.
The Sonalleve<SUP>&reg;</SUP> product is marketed primarily outside North America in European and Asian countries deploying a capital
model. Outside of North America, Profound generates most of its revenues from its system sales (both TULSA-PRO<SUP>&reg;</SUP> and Sonalleve<SUP>&reg;</SUP>)
in Europe and Asia where the Company deploys a more traditional hybrid business model, charging for the system separately as capital and
an additional per patient charge for the one-time-use devices and associated Genius services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sales of Sonalleve<SUP>&reg;</SUP> systems are
primarily one-time capital sales with limited recurring service revenue. As the Company expands its commercialization efforts, it anticipates
generating revenues through in-house sales and marketing efforts, as well as from collaborative partnerships. In August 2019, the Company
received FDA clearance for the TULSA-PRO<SUP>&reg;</SUP> system in the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the three months ended June 30, 2022, the
Company recorded revenue totaling $2,025 with $864 from the one-time sale of capital equipment and $1,161 from recurring &ndash; non-capital
revenue, which consists of the sale of one-time-use devices, lease of medical devices, procedures and services associated with extended
warranties. For the three months ended June 30, 2021, the Company recorded revenue totaling $2,627 with $1,459 from the one-time sale
of capital equipment and $1,168 from recurring &ndash; non-capital revenue. The decrease in revenue for the three months ended June 30,
2022, was primarily the result of lower one-time sales of capital equipment, for the reasons discussed in the last paragraph of this section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the six months ended June 30, 2022, the Company
recorded revenue totaling $3,389 with $1,204 from the one-time sale of capital equipment and $2,185 from recurring &ndash; non-capital
revenue, which consists of the sale of one-time-use devices, lease of medical devices, procedures and services associated with extended
warranties. For the six months ended June 30, 2021, the Company recorded revenue totaling $3,338 with $1,693 from the one-time sale of
capital equipment and $1,645 from recurring &ndash; non-capital revenue. The slight increase in revenue for the six months ended June
30, 2022, was the result of higher recurring revenue which was offset by lower one-time sale of capital equipment, for the reasons discussed
in the paragraph below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenue on a quarter over quarter basis is expected
to fluctuate in the near term given the Company is maintaining a limited European commercial effort and remains focused primarily on the
US market. The economic downturn and uncertainty caused by the COVID-19 pandemic and global measures undertaken to contain its spread
have affected all of the Company&rsquo;s operations to some extent and, in particular, have caused volatility in demand for the TULSA-PRO<SUP>&reg;</SUP>
systems and the one-time-use devices related thereto. Profound continues to experience the effects of these measures as they continue
to be significant in Asia. This has resulted in a reduction in anticipated sales and led to delays in the Company&rsquo;s expectations
regarding the rate at which agreements for new TULSA-PRO<SUP>&reg;</SUP> user sites will be entered into and when user sites will become
operational for the initiation of patient treatments. Despite the COVID-19 pandemic, patient treatments are continuing and Profound continues
to identify potential new TULSA-PRO<SUP>&reg;</SUP> user sites. It continues to be very challenging to gauge the magnitude of the impact
expected from the virus&rsquo; outbreak on our future sales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Cost of sales</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cost of sales include cost of finished goods,
inventory provisions, warranty, freight and manufacturing overhead expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the three months ended June 30, 2022, the
Company recorded a cost of sales of $1,089, related to the sale of medical devices, capital and non-capital, which reflects a 46% gross
margin. For the three months ended June 30, 2021, the Company recorded a cost of sales of $1,411, related to the sale of medical devices,
capital and non-capital, which reflects a 46% gross margin.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the six months ended June 30, 2022, the Company
recorded a cost of sales of $2,017, related to the sale of medical devices, capital and non-capital, which reflects a 40% gross margin.
For the six months ended June 30, 2021, the Company recorded a cost of sales of $1,870, related to the sale of medical devices, capital
and non-capital, which reflects a 44% gross margin. The gross margin was lower in 2022 due to the revenue product mix.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Operating Expenses</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Operating expenses consist of three components:
research and development (&ldquo;<B>R&amp;D</B>&rdquo;), general and administrative (&ldquo;<B>G&amp;A</B>&rdquo;) and selling and distribution
expenses. Historically, R&amp;D expenses have exceeded selling and distribution expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: Black 1pt solid; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 14pt"><B>Profound Medical Corp.</B></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Management&rsquo;s Discussion and Analysis</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the three and six months ended June 30, 2022 and 2021</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In USD$ (000s)</P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>R&amp;D Expenses</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">R&amp;D expenses are comprised of costs incurred
in performing R&amp;D activities, including new product development, continuous product improvement, investment in clinical trials and
related clinical manufacturing costs, materials and supplies, salaries and benefits, consulting fees, patent procurement costs, and occupancy
costs related to R&amp;D activity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the three months ended June 30, 2022, R&amp;D
expenses were higher by $269 compared to the three months ended June 30, 2021. Clinical trial costs, consulting fees, travel, salaries
and benefits and other increased by $133, $37, $127, $265 and $35, respectively. The increases were due to CAPTAIN trial enrollment and
treatment of patients, an increase in consultants hired for regulatory and engineering projects, traveling for off-site MRI testing and
site installation and additional headcount. Offsetting these amounts were a decrease to materials by $238 due to verification and validation
testing and completion of the project to confirm the TULSA-PRO&reg; system&rsquo;s compatibility with GE&rsquo;s 3T MRI scanners (the
&ldquo;<B>GE Projec</B>t&rdquo;) and decrease in share-based compensation of $91 due to employee departures and no additional awards granted
this quarter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the six months ended June 30, 2022, R&amp;D
expenses were higher by $344 compared to the six months ended June 30, 2021. Clinical trial costs, travel, rent, salaries and benefits
and other increased by $203, $270, $21, $910 and $69, respectively. The increases were due to CAPTAIN trial enrollment and treatment of
patients, traveling for off-site MRI testing and site installation, increase in rental costs and additional headcount. Offsetting these
amounts were a decrease to materials by $798 due to verification and validation testing and completion of GE Project and decrease in share-based
compensation of $321 due to employee departures and no additional awards granted this year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>G&amp;A expenses</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">G&amp;A expenses are comprised of management costs,
including salaries and benefits, various management and administrative support functions, insurance and other operating and occupancy
costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">G&amp;A expenses for the three months ended June
30, 2022, increased by $179 compared to the three months ended June 30, 2021. Salaries and benefits and software increased by $64 and
$165, respectively, due to additional headcount and new license costs for the enterprise resource planning (&ldquo;<B>ERP</B>&rdquo;)
and customer relationship management software (&ldquo;<B>CRM</B>&rdquo;). Offsetting these amounts were a decrease to share-based compensation
of $47 which was due to retirement of employees and no additional awards being granted this quarter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">G&amp;A expenses for the six months ended June
30, 2022, increased by $393 compared to the six months ended June 30, 2021. Salaries and benefits, consulting fees, travel and software
by $253, $88, $31 and $306, respectively, due to additional headcount, increased legal, recruitment and accounting fees, increased travel
as restrictions continue to be lifted and new license costs for the ERP and customer relationship management software. Offsetting these
amounts were a decrease to shared based compensation of $296 which was due to retirement of employees and no additional awards being granted
this year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Selling and distribution expenses</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Selling and distribution expenses are comprised
of business development costs related to the market development activities and commercialization of the Company&rsquo;s systems, including
salaries and benefits, marketing support functions, occupancy costs related to marketing activity and other miscellaneous marketing costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Selling and distribution expenses for the three
months ended June 30, 2022, were higher by $666 compared to the three months ended June 30, 2021. Salaries and benefits, marketing, travel
and other expenses increased by $295, $104, $187 and $72, respectively, due to increased salesforce hired in the US, new marketing campaign
deployments, increased conference presence, increased traveling for conferences and customer sites and an increase in membership and subscription
fees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Selling and distribution expenses for the six
months ended June 30, 2022, were higher by $1,281 compared to the six months ended June 30, 2021. Salaries and benefits, share based compensation,
marketing, travel and other expenses increased by $669, $273, $106, $253 and $106, respectively, due to increased salesforce hired in
the US and China, vesting of awards to employees, new marketing campaign deployments, increased conference presence, increased traveling
for conferences and customer sites and an increase in membership and subscription fees. Offsetting this amount was a decrease to consulting
fees of $127 due to the hiring of full time staff and lower recruitment fees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<!-- Field: Page; Sequence: 15; Value: 1 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: Black 1pt solid; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 14pt"><B>Profound Medical Corp.</B></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Management&rsquo;s Discussion and Analysis</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the three and six months ended June 30, 2022 and 2021</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In USD$ (000s)</P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Finance costs </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net finance costs are primarily comprised of the
following: (i) the change in the fair value of the derivative liability warrants; (ii) the lease liability interest expense; (iii) foreign
exchange gain or loss; (iv) interest income; and (v) the interest income on trade and other receivables.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net finance costs for the three months ended June
30, 2022, were lower by $2,466 compared to the three months ended June 30, 2021, primarily due to a higher foreign exchange gain. During
the three months ended June 30, 2022, the Company recognized $1,625 of foreign exchange gain, $168 interest income on trade and other
receivables and a $12 gain on the change in fair value of the derivative liability warrants. The Company recognized interest income of
$75 and lease liability interest expense of $16.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net finance costs for the six months ended June
30, 2022, were lower by $2,474 compared to the six months ended June 30, 2021, primarily due to a higher foreign exchange gain. During
the six months ended June 30, 2022, the Company recognized $594 of foreign exchange gain, $212 interest income on trade and other receivables
and a $89 gain on the change in fair value of the derivative liability warrants. The Company recognized interest income of $109 and lease
liability interest expense of $32.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Net loss</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net loss for the three months ended June 30, 2022,
was $5,930 or $0.28 per Common Share, compared to a net loss of $7,043 or $0.35 per Common Share for the three months ended June 30, 2021.
The decrease in net loss was primarily attributed to a decrease in net financing costs of $2,466 and an increase in gross profit of $280.
This was offset by an increase in R&amp;D expense of $269, an increase in G&amp;A expenses of $179 and an increase in selling and distribution
expenses of $666.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net loss for the six months ended June 30, 2022,
was $14,145 or $0.68 per Common Share, compared to a net loss of $14,542 or $0.72 per Common Share for the three months ended June 30,
2021. The decrease in net loss was primarily attributed to a decrease in net financing costs of $2,474 and an increase in gross profit
of $96. This was offset by an increase in R&amp;D expense of $344, an increase in G&amp;A expenses of $393 and an increase in selling
and distribution expenses of $1,281.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">SUMMARY OF QUARTERLY FINANCIAL
RESULTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The summary financial information provided below is derived from the
Company&rsquo;s interim financial statements for each of the last eight quarters that are prepared under IFRS in US dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #4472C4">
    <TD STYLE="border-top: #4472C4 1pt solid; border-bottom: #4472C4 1pt solid; border-left: #4472C4 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: #4472C4 1pt solid; border-bottom: #4472C4 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>2022</B></FONT></TD>
    <TD STYLE="border-top: #4472C4 1pt solid; border-bottom: #4472C4 1pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-top: #4472C4 1pt solid; border-bottom: #4472C4 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>2021</B></FONT></TD>
    <TD STYLE="border-top: #4472C4 1pt solid; border-bottom: #4472C4 1pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: #4472C4 1pt solid; border-right: #4472C4 1pt solid; border-bottom: #4472C4 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>2020</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="width: 25%; border-left: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: Black 1.5pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Q2</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>$</B></P></TD>
    <TD STYLE="width: 9%; border-bottom: Black 1.5pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Q1</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>$</B></P></TD>
    <TD STYLE="width: 2%; border-bottom: Black 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: Black 1.5pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Q4</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>$</B></P></TD>
    <TD STYLE="width: 9%; border-bottom: Black 1.5pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Q3</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>$</B></P></TD>
    <TD STYLE="width: 9%; border-bottom: Black 1.5pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Q2</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>$</B></P></TD>
    <TD STYLE="width: 9%; border-bottom: Black 1.5pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Q1</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>$</B></P></TD>
    <TD STYLE="width: 2%; border-bottom: Black 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: Black 1.5pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Q4</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>$</B></P></TD>
    <TD STYLE="width: 8%; border-bottom: Black 1.5pt solid; border-right: #8EAADB 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Q3</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>$</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Revenue</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,025</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,364</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">998</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,537</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,627</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">711</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,880</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,238</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Cost of sales</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,089</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">928</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">501</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,550</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,411</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">459</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,737</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">765</FONT></TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">936</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">436</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">497</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">987</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,216</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">252</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,143</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,473</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Operating expenses</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,714</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,728</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,225</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,594</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,600</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,824</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,051</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,615</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Net finance costs</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,864)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">892</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">464</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,663)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">602</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">900</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,987</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">784</FONT></TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Loss before income taxes</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,914</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,184</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,192</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,944</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,986</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,472</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,895</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,926</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Income taxes </B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(31)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">57</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(368)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">183</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Net loss for the period</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,930</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,215</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,161</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,996</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,043</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,499</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,527</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,109</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Loss per common share</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic and diluted</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.28</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.40</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.49</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.29</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.35</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.37</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.38</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.33</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The third quarter of 2020 operating expenses increased because of the
personnel hired, share-based compensation awards and increased spending on R&amp;D projects coupled with technology improvements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The fourth quarter of 2020 was impacted by the
decrease in the foreign exchange currency rate, triggering an unrealized foreign exchange loss. Net loss for the period was higher due
to these losses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 16; Value: 1 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: Black 1pt solid; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 14pt"><B>Profound Medical Corp.</B></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Management&rsquo;s Discussion and Analysis</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the three and six months ended June 30, 2022 and 2021</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In USD$ (000s)</P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The first quarter of 2021 was impacted by lower
sales and higher operating costs. These changes were mainly attributed to the impact of COVID-19 and an increase in R&amp;D projects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The second quarter of 2021 operating expenses
were higher due to increased headcount, material expenditures and stock-based compensation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The third quarter of 2021 operating expenses were
higher this quarter compared to prior quarters due to increased headcount, increased travel due to travel restrictions being removed and
increased share-based compensation. In addition, there was also a decrease in finance costs due to the US dollar and Euro foreign currency
rate, triggering an unrealized foreign exchange gain.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The fourth quarter of 2021 revenue was lower compared
to prior quarters due to decreased one-time capital sales. Operating expenses were higher due to the increase in headcount and increased
share-based compensation. In addition, there were minimal financing costs due to the US dollar and Euro foreign currency rate, triggering
an unrealized foreign exchange loss offset by gain on the fair value of the derivative financial instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The first quarter of 2022 revenue increased compared
to the prior quarter as a result of the rise of recurring revenue from US procedures. Operating expenses remained relatively steady with
a slight increase from additional headcount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The second quarter of 2022 revenue continued to
increase compared to the prior quarter as a result of the rise of recurring revenue from US procedures. Operating expenses were higher
due to the increase in headcount and software fees. In addition, there was also a decrease in finance costs due to the US dollar and Euro
foreign currency rate, triggering an unrealized foreign exchange gain.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">LIQUIDITY AND CAPITAL RESOURCES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At June 30, 2022, the Company had cash of $53,235
compared to $67,152 at December 31, 2021. The Company&rsquo;s cash requirements depend on numerous factors, including market acceptance
of the Company&rsquo;s products, the resources devoted to developing and supporting the products and other factors. Profound expects to
continue to devote substantial resources to expand procedure adoption and acceptance of the Company&rsquo;s products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Cash Flow and Financing Sources</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company manages liquidity risk by monitoring
actual and projected cash flows. A cash flow forecast is performed regularly to ensure that the Company has sufficient cash to meet operational
needs while maintaining sufficient liquidity. The Company may require additional capital to fund R&amp;D activities and any significant
expansion of operations. Potential sources of capital could include equity and/or debt financings, development agreements or marketing
agreements, the collection of revenue resulting from future commercialization activities and/or new strategic partnership agreements to
fund some or all costs of development. There can be no assurance that the Company will be able to obtain the capital sufficient to meet
any or all of the Company&rsquo;s needs. The availability of equity or debt financing will be affected by, among other things, the results
of R&amp;D, the Company&rsquo;s ability to obtain regulatory approvals, the market acceptance of the Company&rsquo;s products, the state
of the capital markets generally, strategic alliance agreements and other relevant commercial considerations. In addition, if the Company
raises additional funds by issuing equity securities, existing security holders will likely experience dilution, and any incurring of
indebtedness would result in increased debt service obligations and could require the Company to agree to operating and financial covenants
that would restrict operations. Any failure on the Company&rsquo;s part to raise additional funds on terms favourable to the Company or
at all may require the Company to significantly change or curtail current or planned operations in order to conserve cash until such time,
if ever, that sufficient proceeds from operations are generated, and could result in the Company not being in a position to take advantage
of business opportunities, in the termination or delay of clinical trials for our products, in curtailment of product development programs
designed to identify new products, in the sale or assignment of rights to technologies, product and/or an inability to file market approval
applications at all or in time to competitively market products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #4472C4">
    <TD STYLE="border-top: #4472C4 1pt solid; border-bottom: #8EAADB 1pt solid; border-left: #4472C4 1pt solid; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: #4472C4 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Three months ended June 30,</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: #4472C4 1pt solid; border-right: #4472C4 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Six months ended June 30,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="width: 40%; border-left: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: Black 1.5pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>2022</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>$</B></P></TD>
    <TD STYLE="width: 15%; border-bottom: Black 1.5pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>2021</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>$</B></P></TD>
    <TD STYLE="width: 15%; border-bottom: Black 1.5pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>2022</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>$</B></P></TD>
    <TD STYLE="width: 15%; border-bottom: Black 1.5pt solid; border-right: #8EAADB 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>2021</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>$</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash provided by (used in) operating activities </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">(5,568)</P></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6,017)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(13,427)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(12,288)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash provided by (used in) investing activities </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(164)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(345)</FONT></TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash provided by (used in) financing activities&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">356</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(66)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,557</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreign exchange on cash</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,330)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,083</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(424)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">934</FONT></TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Net increase (decrease) in cash </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6,889)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4,742)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(13,917)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(10,142)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<!-- Field: Page; Sequence: 17; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: Black 1pt solid; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 14pt"><B>Profound Medical Corp.</B></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Management&rsquo;s Discussion and Analysis</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the three and six months ended June 30, 2022 and 2021</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In USD$ (000s)</P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Operating Activities</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net cash provided by (used in) operating activities
for the three months ended June 30, 2022, was $(5,568) versus $(6,017) for the three months ended June 30, 2021. The principal use of
the operating cash flows during this three month period related to employee headcount and software expenditures, which increased year-over-year
but was offset by lower foreign exchange expense on cash expenditures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net cash provided by (used in) operating activities
for the six months ended June 30, 2022, was $(13,427) versus $(12,288) for the six months ended June 30, 2021. Operating cash flows increased
during this six month period compared to the prior year period due to increased employee headcount, customer relationship management software
and increased travel expenditures, partially offset by lower foreign exchange expense on cash expenditures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Investing Activities</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net cash provided by (used in) investing activities
for the three months ended June 30, 2022, were $nil versus $(164) for the three months ended June 30, 2021. The cash flows from 2021 related
to ERP implementation costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net cash provided by (used in) investing activities
for the six months ended June 30, 2022, were $nil versus $(345) for the six months ended June 30, 2021. The cash flows from 2021 related
to ERP implementation costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Financing Activities</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net cash provided by (used in) financing activities
for the three months ended June 30, 2022, were $9 versus $356 for the three months ended June 30, 2021. These cash flows in 2021 related
to the exercise of options and warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net cash provided by (used in) financing activities
for the six months ended June 30, 2022, were $(66) versus $1,557 for the six months ended June 30, 2021. These cash flows in 2021 related
to the exercise of options and warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Foreign Exchange on Cash </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash was impacted by the change in the foreign
exchange rates for our foreign currency denominated cash (non-USD). The value of the Company&rsquo;s currencies decreased, resulting in
an decrease in the Company&rsquo;s cash holdings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Contractual obligations </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table summarizes the Company&rsquo;s significant contractual
obligations:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #4472C4">
    <TD STYLE="border-top: #4472C4 1pt solid; border-bottom: #8EAADB 1pt solid; border-left: #4472C4 1pt solid; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: #4472C4 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-top: #4472C4 1pt solid; border-right: #4472C4 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">June 30, 2022</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; border-left: #8EAADB 1pt solid; background-color: #D9E2F3; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; vertical-align: bottom; border-bottom: Black 1.5pt solid; background-color: #D9E2F3">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Carrying amount</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>$</B></P></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-bottom: Black 1.5pt solid; background-color: #D9E2F3">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Future cash flows</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>$ </B></P></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-bottom: Black 1.5pt solid; background-color: #D9E2F3">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Less than 1 Year</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>$</B></P></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; background-color: #D9E2F3">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Between </B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>1 year and </B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>5 years</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>$</B></P></TD>
    </TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    </TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; background-color: #D9E2F3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts payables and accrued liabilities </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; background-color: #D9E2F3; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,423</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; background-color: #D9E2F3; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,423</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; background-color: #D9E2F3; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,423</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; background-color: #D9E2F3; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>-</B></FONT></TD>
    </TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lease liability<SUP>1</SUP></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,232</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,389</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">308</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,081</FONT></TD>
    </TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid; background-color: #D9E2F3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total&nbsp;&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; background-color: #D9E2F3; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,655</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; background-color: #D9E2F3; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,812</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; background-color: #D9E2F3; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,731</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; background-color: #D9E2F3; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,081</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="width: 45%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt"><SUP>1 </SUP>Present value of the lease
payments that are not paid, discounted using the interest rate implicit in the lease.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Non-IFRS Financial Measures</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Non-IFRS measures are not recognized measures
under IFRS and do not have a standardized meaning prescribed by IFRS. These measures are defined with reference to the nearest comparable
IFRS measure such that a reconciliation to the nearest comparable IFRS measure can be completed. Accordingly, these measures may not be
comparable to similar measures presented by other companies. Profound uses non-IFRS measures in order to provide additional financial
information to complement the closest IFRS measures in order to provide investors with a further understanding of the Company&rsquo;s
operations from management&rsquo;s perspective. Investors should not consider that these non-IFRS measures are a substitute for analyses
of the financial information that Profound reports under IFRS. Profound uses these non-IFRS measures in order to provide investors with
a supplemental measure of our operating performance and thus highlight trends in our business that may not otherwise be apparent when
relying solely on IFRS measures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: Black 1pt solid; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 14pt"><B>Profound Medical Corp.</B></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Management&rsquo;s Discussion and Analysis</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the three and six months ended June 30, 2022 and 2021</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In USD$ (000s)</P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s working capital (defined as
current assets less current liabilities) is a non-IFRS financial measure. Working capital is&nbsp;used to fund operations and meet short-term
obligations. If the Company has enough working capital, it can continue to pay its employees and suppliers and meet other obligations,
such as interest payments and taxes, even if it runs into cash flow challenges. The working capital as at June 30, 2022, as compared to
the Company&rsquo;s working capital as at December 31, 2021 is set forth in the table below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #4472C4">
    <TD STYLE="width: 40%; border-top: #4472C4 1pt solid; border-bottom: Black 1.5pt solid; border-left: #4472C4 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 15%; border-top: #4472C4 1pt solid; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 15%; border-top: #4472C4 1pt solid; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 15%; border-top: #4472C4 1pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; color: white"><B>June 30, </B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; color: white"><B>2022</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; color: white"><B>$</B></P></TD>
    <TD STYLE="width: 15%; border-top: #4472C4 1pt solid; border-right: #4472C4 1pt solid; border-bottom: Black 1.5pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; color: white"><B>December 31, <BR>
2021</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; color: white"><B>$</B></P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current assets</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">65,194</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">77,125</FONT></TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">Less: Current liabilities </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">3,319</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">4,155</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Working capital&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">61,875</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">72,970</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Working capital has decreased by $11,095 with
a surplus of $61,875 at June 30, 2022, compared to the surplus of $72,970 at December 31, 2021. The change in working capital is due to
a decrease in current assets of $11,931, which was primarily the result of the decreased cash balance of $13,917 which was offset by an
increase in current trade and other receivables of $2,051. Current liabilities decreased by $836 due to the timing of accruals and payments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">COMMITMENTS &amp; CONTINGENCIES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All directors and officers of the Company are
indemnified by the Company for various items including, but not limited to, all costs to settle lawsuits or actions due to their association
with the Company, subject to certain restrictions. The Company has purchased directors&rsquo; and officers&rsquo; liability insurance
to mitigate the cost of any potential future lawsuits or actions. The term of the indemnification is not explicitly defined but is limited
to events for the period during which the indemnified party served as a director or officer of the Company. The maximum amount of any
potential future payment cannot be reasonably estimated but could have a material adverse effect on the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has also indemnified certain lenders
and underwriters in relation to certain debt and equity offerings and their respective affiliates and directors, officers, employees,
shareholders, partners, advisers and agents and each other person, if any, controlling any of the underwriters or lenders or their affiliates
against certain liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">FINANCIAL INSTRUMENTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s financial instruments consist
of cash, trade and other receivables, accounts payable and accrued liabilities, lease liabilities and other liabilities. The fair values
of these financial instruments and other liabilities, approximate carrying value because of their short-term nature. For the non-current
trade and other receivables, the fair value is also not significantly different from the carrying amount. Financial assets measured at
amortized cost include cash and trade and other receivables.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The fair value of the Company&rsquo;s derivative
financial instruments is based on the valuation techniques described and is considered level 2 in the fair value hierarchy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial liabilities measured at amortized cost
include accounts payable and accrued liabilities, lease liabilities and other liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s financial instruments are
exposed to certain financial risks including credit risk, liquidity risk, currency risk and interest rate risk. There have been no significant
changes to those risks impacting the Company since December 31, 2021, nor has there been a significant change in the composition of its
financial instruments since December 31, 2021.</P>

<!-- Field: Page; Sequence: 19; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: Black 1pt solid; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 14pt"><B>Profound Medical Corp.</B></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Management&rsquo;s Discussion and Analysis</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the three and six months ended June 30, 2022 and 2021</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In USD$ (000s)</P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">RELATED PARTY TRANSACTIONS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Key management includes the Company&rsquo;s directors
and senior management team. Additional information on the senior management team can be found in the Company&rsquo;s AIF. The remuneration
of directors and the senior management team were as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #4472C4">
    <TD STYLE="border-top: #4472C4 1pt solid; border-bottom: #8EAADB 1pt solid; border-left: #4472C4 1pt solid; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: #4472C4 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Three months ended June 30,</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: #4472C4 1pt solid; border-right: #4472C4 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Six months ended June 30,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="width: 42%; border-left: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: Black 1.5pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>2022</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>$</B></P></TD>
    <TD STYLE="width: 15%; border-bottom: Black 1.5pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>2021</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>$</B></P></TD>
    <TD STYLE="width: 15%; border-bottom: Black 1.5pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>2022</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>$</B></P></TD>
    <TD STYLE="width: 14%; border-bottom: Black 1.5pt solid; border-right: #8EAADB 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">2021</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">$</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Salaries and employee benefits&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">251</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">315</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,010</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,136</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Directors&rsquo; fees&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">71</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">53</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">134</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">108</FONT></TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share-based compensation&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">723</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">892</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">879</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,434</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; border-left: #8EAADB 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,045</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,260</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,023</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: #8EAADB 1pt solid; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,678</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Executive employment agreements allow for additional
payments in the event of a liquidity event, or if the executive is terminated without cause.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">OUTSTANDING SHARES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As at August 4, 2022, the date of this MD&amp;A,
the Company had the following securities outstanding:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #4472C4">
    <TD STYLE="width: 75%; border-top: #4472C4 1pt solid; border-bottom: #4472C4 1pt solid; border-left: #4472C4 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 3%; border-top: #4472C4 1pt solid; border-bottom: #4472C4 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 22%; border-top: #4472C4 1pt solid; border-right: #4472C4 1pt solid; border-bottom: #4472C4 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>Number</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common Shares</FONT></TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20,851,327</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share purchase options</FONT></TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,843,871</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrants</FONT></TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">724,983</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #8EAADB 1pt solid; border-left: #8EAADB 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RSUs</FONT></TD>
    <TD STYLE="border-bottom: #8EAADB 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: #8EAADB 1pt solid; border-bottom: #8EAADB 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">143,911</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">OFF-BALANCE SHEET ARRANGEMENTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has no off-balance sheet arrangements.</P>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">CRITICAL ACCOUNTING POLICIES AND ESTIMATES</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of consolidated financial statements
in conformity with IFRS requires management to make estimates and judgements that affect the reported amounts of assets and liabilities
at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the period. Actual results
could differ from these estimates. As additional information becomes available or actual amounts are determinable, the recorded estimates
are revised and reflected in operating results in the period in which they are determined.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Critical accounting policies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Revenue</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To determine revenue recognition for arrangements
the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations
in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract;
and (v) recognize revenue when (or as) the Company satisfies a performance obligation. The Company only applies the five-step model to
contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services
it transfers to the customer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company derives its revenues primarily from
the lease and sale of medical devices and the sale of certain one-time-use devices. Capital equipment consists of one-time revenue for
the sale of capital equipment including installation fees. Recurring &ndash; non-capital revenue consists of the sale of one-time-use
devices, lease of medical devices, procedures and services associated with extended warranties. Revenue is recognized when a contractual
promise to a customer (performance obligation) has been fulfilled by transferring control over the promised goods or services, generally
at the point in time of shipment to or receipt of the products by the customer or when the services are performed. When contracts contain
customer acceptance provisions, revenue is recognized on the satisfaction of the specific acceptance criteria.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The amount of revenue to be recognized is based
on the consideration the Company expects to receive in exchange for its goods and services. For contracts that contain multiple performance
obligations, the Company allocates the consideration to which it expects to be entitled to each performance obligation based on relative
standalone selling prices and recognizes the related revenue when or as control of each individual performance obligation is transferred
to customers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Service revenue related to installation and training
is recognized over the period in which the services are performed. Service revenue related to extended warranty service is deferred and
recognized on a straight-line basis over the extended warranty period covered by the respective customer contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Critical accounting estimates</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Impairment of non-financial assets</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company reviews amortized non-financial assets
for impairment whenever events or changes in circumstances indicate the carrying amount of the assets may be impaired. It also reviews
goodwill annually for impairment. If the recoverable amount of the respective non-financial asset is less than its carrying amount, it
is considered to be impaired. In the process of measuring the recoverable amount, management makes assumptions about future events and
circumstances. The actual results may vary and may cause significant adjustments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Trade and other receivables</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The key judgments and estimates used in determining
the amortized cost for trade and other receivables are the estimated collection period and the discount rate applied to the cash flow
projections.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">DISCLOSURE CONTROLS AND PROCEDURES
AND INTERNAL CONTROLS OVER FINANCIAL REPORTING</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Disclosure controls and procedures have been designed
to ensure that information required to be disclosed by the Company is accumulated and communicated to the Company&rsquo;s management as
appropriate to allow timely decisions regarding required disclosure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Chief Executive Officer and the Chief Financial
Officer of the Company are responsible for establishing and maintaining disclosure controls and procedures (&ldquo;<B>DC&amp;P</B>&rdquo;)
and internal control over financial reporting (&ldquo;<B>ICFR</B>&rdquo;), as those terms are defined in <I>National Instrument 52-109
Certification of Disclosure in Issuer&rsquo;s Annual and Interim Filings</I>, and in applicable SEC rules and regulations, for the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Because of its inherent limitations, internal
control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluations of effectiveness to future
periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance
with the policies or procedures may deteriorate. These inherent limitations include, but are not limited to, human error and circumvention
of controls and as such, there can be no assurance that the controls will prevent or detect all misstatements due to errors or fraud,
if any.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Management concluded that internal control over
financial reporting was not effective as of June 30, 2022, as a result of a material weakness in internal control over financial reporting
from a prior period. See &ldquo;<I>Control Environment</I>&rdquo; and &ldquo;<I>Status of Remediation Plan</I>&rdquo; below for a description
of the foregoing material weakness and the Company&rsquo;s evaluation and remedial activities taken in respect of such.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A material weakness is a deficiency, or a combination
of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement
of the Company&rsquo;s annual or interim financial statements will not be prevented or detected on a timely basis. In connection with
the assessment of the effectiveness of our internal control over financial reporting, management identified a material weakness that existed
as of June 30, 2022, in the control environment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Control Environment </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company did not design or implement adequate
oversight processes and structures, or an organizational design to support the achievement of the Company&rsquo;s objectives in relation
to internal controls. The Company identified a deficiency in internal controls, primarily due to the control environment not supporting
the increasing complexity of the share-based compensation arrangements for employees and directors and review of third-party calculations.
As a result, an issue existed within the control environment that impacted the ability of the Company to maintain effective internal control
over financial reporting. This material weakness contributed to the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The Company did not design and maintain effective
controls over the review of inputs utilized in the calculation of the share-based compensation expense. Specifically, the Company did
not design appropriate controls over the valuation and review of third-party calculations. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">While there was a material weakness, no restatement
for any previous periods were required as the impact was immaterial in the aggregate and did not have a pervasive impact on ICFR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Status of Remediation Plan </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Management, with the assistance of external consultants,
are reviewing and revising our internal control over financial reporting. Management is committed to implementing changes to our internal
control over financial reporting to ensure that the control deficiencies that contributed to the material weaknesses are remediated. The
following remedial activities are in process:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">We have increased the number of finance and accounting
personnel and have redesigned financial reporting structures within the organization to establish clear responsibility and accountability
for key financial reporting processes and controls. We have hired additional financial reporting personnel with an appropriate level of
internal controls and accounting knowledge, training and experience commensurate with our financial reporting requirements, and are actively
working to identify additional resources. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">We are continuing to establish an internal audit
function and have engaged external consultants to assist management with designing and implementing internal controls. As a result, a
project was commenced to reassess risks related to financial reporting, understand and document significant financial reporting processes,
and to re-assess the design and operation of key controls. This project is expected to continue until management has determined that deficiencies
have been remediated and our internal control over financial reporting are operating effectively. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Management believes these actions will remediate
the material weaknesses; however, to date, we have not completed all the corrective processes, procedures and related evaluation or remediation
that we believe are necessary. There were no share-based compensation transactions present in six month period ended June 30, 2022 to
apply our remediation plan against. As soon as we complete a transaction, we will implement our new procedures. As we continue to evaluate
and work to remediate the material weaknesses, we may need to take additional measures to address the control deficiencies. Until the
remediation steps set forth above, including the efforts to implement any additional control activities identified through our remediation
processes, are fully implemented and concluded to be operating effectively, the material weaknesses described above will not be considered
fully remediated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other than disclosed above, there have been no
significant changes to the Company&rsquo;s ICFR for the three months ended June 30, 2022, which have materially affected, or are reasonably
likely to materially affect the Company&rsquo;s ICFR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">RISK FACTORS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For a detailed description of risk factors associated
with the Company, refer to the &ldquo;Risk Factors&rdquo; section of the AIF, which is available on SEDAR at www.sedar.com and filed as
an exhibit to the 40-F, available on EDGAR at www.sec.gov.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, the Company is exposed to a variety
of financial risks in the normal course of operations, including risks relating to cash flows from operations, liquidity, capital reserves,
market rate fluctuations and internal controls over financial reporting. Our overall risk management program and business practices seek
to minimize any potential adverse effects on our consolidated financial performance. Financial risk management is carried out under practices
approved by our audit committee. This includes reviewing and making recommendations to the board of directors regarding the adequacy of
our risk management policies and procedures with regard to identification of the Company&rsquo;s principal risks, and implementation of
appropriate systems and controls to manage these risks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">ADDITIONAL INFORMATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Additional information relating to the Company,
including the AIF the other exhibits to the 40-F, is available on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. The Common Shares
are listed for trading on the TSX under the symbol &ldquo;PRN&rdquo; and on Nasdaq under the symbol &ldquo;PROF&rdquo;.</P>










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<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>exh_994.htm
<DESCRIPTION>EXHIBIT 99.4
<TEXT>
<HTML>
<HEAD>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.4</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white; color: #2E6378"><B>FORM
52-109F2<BR>
CERTIFICATION OF INTERIM FILINGS<BR>
FULL CERTIFICATE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white; color: #2E6378">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><BR>
I, Arun Menawat, the Chief Executive Officer of Profound Medical Corp., certify the following:<BR>
<BR>
</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify"><B><I>Review:</I></B> I have reviewed the interim financial report and interim MD&amp;A (together, the
&ldquo;interim filings&rdquo;) of Profound Medical Corp. (the &ldquo;issuer&rdquo;) for the interim period ended June 30, 2022.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify"><B><I>No misrepresentations:</I></B> Based on my knowledge, having exercised reasonable diligence, the
interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that
is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered
by the interim filings.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify"><B><I>Fair presentation:</I></B> Based on my knowledge, having exercised reasonable diligence, the interim
financial report together with the other financial information included in the interim filings fairly present in all material respects
the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim
filings.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: justify"><B><I>Responsibility:</I></B> The issuer&rsquo;s other certifying officer(s) and I are responsible for
establishing and maintaining disclosure controls and procedures (DC&amp;P) and internal control over financial reporting (ICFR), as those
terms are defined in National Instrument 52-109 <I>Certification of Disclosure in Issuers&rsquo; Annual and Interim Filings</I>, for the
issuer.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.</TD><TD STYLE="text-align: justify"><B><I>Design:</I></B> Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer&rsquo;s
other certifying officer(s) and I have, as at the end of the period covered by the interim filings</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">designed DC&amp;P, or caused it to be designed under our supervision, to provide reasonable assurance
that</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">material information relating to the issuer is made known to us by others, particularly during the period
in which the interim filings are being prepared; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">information required to be disclosed by the issuer in its annual filings, interim filings or other reports
filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified
in securities legislation; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer&rsquo;s
GAAP.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.1</TD><TD><B><I>Control framework:</I></B> The control framework the issuer&rsquo;s other certifying officer(s) and I used to design the issuer&rsquo;s
ICFR is the Internal Control &ndash; Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission
(COSO).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.2</TD><TD STYLE="text-align: justify"><B><I>ICFR &ndash; material weakness relating to design:</I></B> The issuer has disclosed in its quarterly
MD&amp;A the material weakness relating to design existing at the period end</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">a.</TD><TD STYLE="text-align: justify"><I>A description of the material weakness;</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">b.</TD><TD STYLE="text-align: justify"><I>The impact of the material weakness on the issuer&rsquo;s financial reporting and its ICFR; and</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">c.</TD><TD STYLE="text-align: justify"><I>The issuer&rsquo;s current plan, if any, or any actions already undertaken, for the remediating the
material weakness.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.3</TD><TD STYLE="text-align: justify"><B><I>Limitation on scope of design:</I></B> N/A</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">6.</FONT></TD><TD STYLE="text-align: justify"><B><I>Evaluation: </I></B>The issuer&rsquo;s other certifying officer(s) and I have</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">evaluated, or caused to be evaluated under our supervision, the effectiveness of the issuer&rsquo;s DC&amp;P
at the period end and the issuer has disclosed in its quarterly MD&amp;A our conclusions about the effectiveness of DC&amp;P at the period
end based on that evaluation; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">evaluated, or caused to be evaluated under our supervision, the effectiveness of the issuer&rsquo;s ICFR
at the period end and the issuer has disclosed in its quarterly MD&amp;A</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">our conclusions about the effectiveness of ICFR at the period end based on that evaluation; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">for each material weakness relating to operating existing at the period end</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.25in">5.1</TD><TD STYLE="text-align: justify">a description of the material weakness;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.25in">5.2</TD><TD STYLE="text-align: justify">the impact of the material weakness on the issuer&rsquo;s financial reporting and its ICFR; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.25in">5.3</TD><TD STYLE="text-align: justify">the issuer&rsquo;s current plans, if any, or actions already undertaken, for remediating the material
weakness.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">7.</FONT></TD><TD STYLE="text-align: justify"><B><I>Reporting changes in ICFR: </I></B>The issuer has disclosed in its interim MD&amp;A any change in
the issuer&rsquo;s ICFR that occurred during the period beginning on April 1, 2022 and ended on June 30, 2022 that has materially affected,
or is reasonably likely to materially affect, the issuer&rsquo;s ICFR.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">8.</FONT></TD><TD STYLE="text-align: justify"><B><I>Reporting to the issuer&rsquo;s auditors and board of directors or audit committee:</I></B> The
issuer&rsquo;s other certifying officer(s) and I have disclosed, based on our most recent evaluation of ICFR, to the issuer&rsquo;s auditors,
and the board of directors or the audit committee of the board of directors any fraud that involves management or other employees who
have a significant role in the issuer&rsquo;s ICFR.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><BR>
<FONT STYLE="background-color: white">Date:&nbsp;<B>August 4, 2022</B></FONT><BR>
<BR>
</FONT>_(signed) <I>Arun Menawat</I>_<BR>
Arun Menawat<BR>
Chief Executive Officer</P>

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<TYPE>EX-99.5
<SEQUENCE>6
<FILENAME>exh_995.htm
<DESCRIPTION>EXHIBIT 99.5
<TEXT>
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.5</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white; color: #2E6378"><B>FORM
52-109F2<BR>
CERTIFICATION OF INTERIM FILINGS<BR>
FULL CERTIFICATE</B></P>

<P STYLE="text-align: justify">&nbsp;<BR>
I,&nbsp;Rashed Dewan, the Chief Financial Officer of Profound Medical Corp., certify the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify"><B><I>Review:</I></B> I have reviewed the interim financial report and interim MD&amp;A (together, the
&ldquo;interim filings&rdquo;) of Profound Medical Corp. (the &ldquo;issuer&rdquo;) for the interim period ended June 30, 2022.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify"><B><I>No misrepresentations:</I></B> Based on my knowledge, having exercised reasonable diligence, the
interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that
is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered
by the interim filings.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify"><B><I>Fair presentation:</I></B> Based on my knowledge, having exercised reasonable diligence, the interim
financial report together with the other financial information included in the interim filings fairly present in all material respects
the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim
filings.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: justify"><B><I>Responsibility:</I></B> The issuer&rsquo;s other certifying officer(s) and I are responsible for
establishing and maintaining disclosure controls and procedures (DC&amp;P) and internal control over financial reporting (ICFR), as those
terms are defined in National Instrument 52-109 <I>Certification of Disclosure in Issuers&rsquo; Annual and Interim Filings</I>, for the
issuer.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.</TD><TD STYLE="text-align: justify"><B><I>Design:</I></B> Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer&rsquo;s
other certifying officer(s) and I have, as at the end of the period covered by the interim filings</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">designed DC&amp;P, or caused it to be designed under our supervision, to provide reasonable assurance
that</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">material information relating to the issuer is made known to us by others, particularly during the period
in which the interim filings are being prepared; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">information required to be disclosed by the issuer in its annual filings, interim filings or other reports
filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified
in securities legislation; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer&rsquo;s
GAAP.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.1</TD><TD><B><I>Control framework:</I></B> The control framework the issuer&rsquo;s other certifying officer(s) and I used to design the issuer&rsquo;s
ICFR is the Internal Control &ndash; Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission
(COSO).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.2</TD><TD STYLE="text-align: justify"><B><I>ICFR &ndash; material weakness relating to design:</I></B> The issuer has disclosed in its quarterly
MD&amp;A the material weakness relating to design existing at the period end</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">a.</TD><TD STYLE="text-align: justify"><I>A description of the material weakness;</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">b.</TD><TD STYLE="text-align: justify"><I>The impact of the material weakness on the issuer&rsquo;s financial reporting and its ICFR; and</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">c.</TD><TD STYLE="text-align: justify"><I>The issuer&rsquo;s current plan, if any, or any actions already undertaken, for the remediating the
material weakness.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.3</TD><TD STYLE="text-align: justify"><B><I>Limitation on scope of design:</I></B> N/A</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">6.</FONT></TD><TD STYLE="text-align: justify"><B><I>Evaluation: </I></B>The issuer&rsquo;s other certifying officer(s) and I have</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">evaluated, or caused to be evaluated under our supervision, the effectiveness of the issuer&rsquo;s DC&amp;P
at the period end and the issuer has disclosed in its quarterly MD&amp;A our conclusions about the effectiveness of DC&amp;P at the period
end based on that evaluation; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">evaluated, or caused to be evaluated under our supervision, the effectiveness of the issuer&rsquo;s ICFR
at the period end and the issuer has disclosed in its quarterly MD&amp;A</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">our conclusions about the effectiveness of ICFR at the period end based on that evaluation; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">for each material weakness relating to operating existing at the period end</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.25in">a)</TD><TD STYLE="text-align: justify">a description of the material weakness;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.25in">b)</TD><TD STYLE="text-align: justify">the impact of the material weakness on the issuer&rsquo;s financial reporting and its ICFR; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.25in">c)</TD><TD STYLE="text-align: justify">the issuer&rsquo;s current plans, if any, or actions already undertaken, for remediating the material
weakness.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">7.</FONT></TD><TD STYLE="text-align: justify"><B><I>Reporting changes in ICFR: </I></B>The issuer has disclosed in its interim MD&amp;A any change in
the issuer&rsquo;s ICFR that occurred during the period beginning on April 1, 2022 and ended on June 30, 2022 that has materially affected,
or is reasonably likely to materially affect, the issuer&rsquo;s ICFR.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">8.</FONT></TD><TD STYLE="text-align: justify"><B><I>Reporting to the issuer&rsquo;s auditors and board of directors or audit committee:</I></B> The
issuer&rsquo;s other certifying officer(s) and I have disclosed, based on our most recent evaluation of ICFR, to the issuer&rsquo;s auditors,
and the board of directors or the audit committee of the board of directors any fraud that involves management or other employees who
have a significant role in the issuer&rsquo;s ICFR.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><BR>
Date:&nbsp;<B>August 4, 2022</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #333333"><BR>
<FONT STYLE="background-color: white">_(signed) <I>Rashed Dewan</I>_</FONT><BR>
<FONT STYLE="background-color: white">Rashed Dewan</FONT><BR>
<FONT STYLE="background-color: white">Chief Financial Officer</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
