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Imricor Medical Systems (IMR) investor relations material
Imricor Medical Systems H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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.
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