Exhibit 99.2

PROFOUND MEDICAL CORP.

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2020

PRESENTED IN CANADIAN DOLLARS

Profound Medical Corp.

Interim Condensed Consolidated Balance Sheets

(Unaudited)

The accompanying notes are an integral part of these interim condensed consolidated financial statements.

Profound Medical Corp.

The accompanying notes are an integral part of these interim condensed consolidated financial statements.

Profound Medical Corp.

The accompanying notes are an integral part of these interim condensed consolidated financial statements.

Profound Medical Corp.

The accompanying notes are an integral part of these interim condensed consolidated financial statements.

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 and nerves for palliative pain relief for patients with metastatic bone disease.

The Company’s registered address is 2400 Skymark Avenue, Unit 6, Mississauga, Ontario, L4W 5K5.

Basis of preparation

These interim condensed consolidated financial statements have been prepared 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 Standard (IAS) 34, Interim Financial Reporting. These interim condensed consolidated financial statements are presented in Canadian dollars and should be read in conjunction with the Company’s annual financial statements for the year ended December 31, 2019, which were prepared in accordance with IFRS.

These interim condensed consolidated financial statements were authorized for issue by the Board of Directors on May 7, 2020.

The interim condensed consolidated financial statements were prepared on a going concern basis under the historical cost convention, except for the derivative financial instrument and other liabilities which are measured at fair value

The accounting policies adopted are consistent with those of the previous financial year with the exception of a new revenue recognition accounting policy as outlined below in relation to the lease of medical devices.

Lease of medical devices

The company generates revenue from the lease of medical devices and the sale of certain consumable goods. Customers are charged a fixed fee per use of the medical device, called a pay per click charge, which is charged each time a procedure is completed. Per use fees are recognized within lease of medical devices revenue on the interim condensed consolidated statements of loss and comprehensive loss. The use of the medical device also requires the customer to purchase a consumable. The consumable is considered a non-lease component and is therefore recognized when control transfers to the customer. Consumable sales are recognized within product revenue on the interim condensed consolidated statements of loss and comprehensive loss. The consideration received is allocated between lease and non-lease components based on their stand-alone selling prices.

The trade and other receivables balance comprises the following:

Amounts past due represent trade receivables past due based on the customer’s contractual terms. The Company applies the simplified approach to providing for expected credit losses prescribed by IFRS 9, which permits the use of the lifetime expected loss provision for all trade receivables. At March 31, 2020 and December 31, 2019, there were no trade receivables that are past due.

During the three months ended March 31, 2020, $940,277 (three months ended 2019 - $472,083) of inventory was recognized in cost of sales. The Company increased its inventory provision by $138,708 during the three months ended March 31, 2020 (decreased for the three months ended March 31, 2019 – $14,236). There were no other inventory writedowns charged to cost of sales during the period ended March 31, 2020.

Equipment under lease is depreciated on a straight-line basis over a period of two years.

Property and equipment consist of the following:

Intangible assets consist of the following:

The Company leases office premises in Mississauga, Canada and Vantaa, Finland. These lease agreements are typically entered into for four to ten-year periods.

A summary of the long-term debt is as follows:

On July 30, 2018, the Company signed a term loan agreement with CIBC Innovation Banking (CIBC) to provide a secured loan for total gross proceeds of $12,500,000 maturing on July 29, 2022 with an interest rate based on prime plus 2.5%. All obligations of the Company under the term loan agreement were guaranteed by current and future subsidiaries of the Company and included security of first priority interests in the assets of the Company and its subsidiaries. On February 4, 2020, the full amount of the CIBC loan, plus accrued interest, was repaid for a total payment of $12,041,032.

In connection with this term loan agreement on July 31, 2018, the Company also issued 32,171 common share purchase warrants to CIBC, with each warrant entitling the holder to acquire one common share at a price of $9.70 per common share until the date that is 60 months from the closing of the term loan agreement, with a cashless exercise feature. The cashless exercise feature causes the conversion ratio to be variable and the warrants are therefore classified as a financial liability. Gains and losses on the warrants are recorded within finance costs on the consolidated statements of loss and comprehensive loss. A pricing model with observable market based inputs was used to estimate the fair value of the warrants issued. The estimated fair value of the warrants as at March 31, 2020 and December 31, 2019 was $222,122 and $254,769, respectively. The variables used to determine the fair values are as follows:

Contingent consideration

On July 31, 2017, the Company entered into an Asset and Share Purchase Agreement (the agreement) to acquire all of the issued and outstanding shares and certain assets of Royal Philips’ (Philips) Sonalleve MR-HIFU business (Sonalleve). The agreement includes certain contingent consideration payments payable monthly in euro tied to future revenue levels of the Sonalleve business summarized as follows:

The contingent consideration is classified as a Level 3 financial liability within the fair value hierarchy given its fair value is estimated using the discounted value of estimated future payments. The key assumptions in valuing the contingent consideration include: estimated projected net sales; the likelihood of certain levels being reached; and a discount rate of 15%.

Common shares

The Company is authorized to issue an unlimited number of common shares.

Issued and outstanding (with no par value)

On January 27, 2020, the Company closed an offering, resulting in the issuance of 3,392,500 common shares at a price of US$11.65, for gross proceeds of US$39,522,625 ($47,946,651, net of transaction costs).

Warrants

A summary of warrants outstanding is shown below:

Compensation expense related to share options for the three months ended March 31, 2020 was $611,124 (three months ended March 31, 2019 – $72,638).

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:

The Company estimated the fair value of the share options granted during the period using the Black-Scholes option pricing model with the weighted average assumptions below. Due to the absence of Company-specific volatility rates for the expected life of the share options, the Company chose comparable companies in the medical device industry.

The following table summarizes information about the share options outstanding as at December 31, 2019:

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.

The Company purchases goods and services denominated in foreign currencies and, accordingly, is subject to foreign currency risk. The Company’s financial instruments denominated in foreign currencies are shown below in Canadian dollars.

As at March 31, 2020, if foreign exchange rates had been 5% higher, with all other variables held constant, loss before income taxes would have been $2,642,940 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.

The following table shows the calculation of basic and diluted loss per share:

Of the 990,507 (March 31, 2019 – 540,978) share options and 2,080,477 (March 31, 2019 – 2,257,171) warrants not included in the calculation of diluted loss per share for the period ended March 31, 2020, 2,349,499 (March 31, 2019 – 2,452,745) were exercisable.

Key management includes the Company’s directors and senior management team. The remuneration of directors and the senior management team was as follows:

Executive employment agreements allow for additional payments in the event of a liquidity event, or if the executive is terminated without cause.

The Company’s operations are categorized into one industry segment, which is medical technology focused on magnetic resonance guided ablation procedures for the treatment of prostate disease, uterine fibroids and palliative pain treatment for patients with metastatic bone disease. The Company is managed geographically in Canada, USA, Germany and Finland.

For the three-months ended March 31, 2020:

For the three-months ended March 31, 2019:

Other financial information by segment as at March 31, 2020:

Other financial information by segment as at December 31, 2019:

In March 2020, the World Health Organization characterized the outbreak of the novel strain of coronavirus, specifically identified as COVID-19, as a global pandemic. This has resulted in governments enacting emergency measures to combat the spread of the virus. These measures, which include the implementation of travel bans, self-imposed quarantine periods and social distancing, have caused material disruption to business globally, resulting in an economic slowdown. Equity markets have experienced significant volatility and weakness and the governments and central banks have reacted with significant monetary and fiscal interventions designed to stabilize economic conditions. There is significant uncertainty as to the likely effects of this outbreak which may, among other things, negatively impact our customers and their demand for our services. The duration and impact of the COVID-19 outbreak is unknown at this time, as is the efficacy of government and central bank interventions. It is not possible to reliably estimate the length and severity of these developments or quantify the impact this pandemic may have on the financial results and condition of the company in future periods.

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