Imricor Medical Systems (IMR) investor relations material

Executive summary

• Achieved major regulatory milestones, including CE Mark approval for second-generation ablation and diagnostic catheters and NorthStar 3D mapping system, and submitted the second PMA module to the US FDA, with US FDA approval for NorthStar expected by year-end.

• European sales team was rebuilt and expanded, growing the hospital pipeline from 7 to 26 sites, and a new entity was established in the Netherlands to accelerate commercialization.

• Revenue for the half year was $197,000, down 52% year-over-year, mainly due to lower equipment sales and clinical trial recruitment; consumable sales remained flat.

• Net loss for the period was $13.1 million, up 92% year-over-year, primarily due to fair value changes in convertible notes and warrants; adjusted net loss was $9.99 million, up 27%.

• Strong cash position of $50.3 million at period end, bolstered by a $42.8–$44.1 million equity raise in March 2025.

Financial highlights

• Total revenue for the half year was $197,000, down 52% year-over-year, mainly due to lower equipment and capital sales.

• Consumable device sales were flat at $135,000 year-over-year; product mix shifted toward consumables over equipment.

• Operating cash outflow for the half year was $9.1 million, up due to increased investment in commercial, regulatory, and R&D activities.

• Net loss for the period was $13.1 million, up 92% year-over-year, primarily due to fair value changes in convertible notes and warrants; adjusted net loss was $9.99–$10.0 million, up 26–27%.

• Cash and cash equivalents at period end were $50.3 million, up from $15.7 million at December 2024, following a major equity raise.

Outlook and guidance

• Anticipates FDA approval for NorthStar and US commercial launch by year-end, with additional device approvals expected through Q4 and early Q1 next year.

• European and Middle Eastern commercial pipelines are maturing, with new site activations expected through 2026.

• Ongoing clinical trials in Europe and the US are expected to accelerate adoption and support further regulatory submissions.

• Management concluded that existing working capital is sufficient to fund operations for at least 12 months from the reporting date.

• Market for electrophysiology/catheter ablation devices is forecast to grow at a 15% CAGR, driven by demographic trends and technological advances.