Imricor Medical Systems Inc
ASX:IMR
Imricor Medical Systems Inc
Imricor Medical Systems, Inc. is a medical device company, which engages in the design, manufacture, and distribution of magnetic resonance imaging (MRI) compatible products for cardiac catheter ablation procedures. The company is headquartered in Burnsville, Minnesota. The company went IPO on 2019-08-30. The firm is engaged in designing, manufacturing, and selling MRI-compatible products for cardiac catheter ablation procedures to treat arrhythmias. Its products include Vision-mitral regurgitation (MR) Ablation Catheter, Advantage-MR electrophysiology (EP) Recorder/Stimulator and Vision-MR Dispersive Electrode. The Vision-MR Ablation Catheter is designed to work under real-time MRI guidance. Advantage-MR EP Recorder/Stimulator System provides technology that allows physicians to utilize both the EP recording system and a cardiac stimulator while ablating within the iCMR environment. The firm sells its products to hospitals and clinics for use in iCMR labs, in which ablation procedures using the Vision-MR Ablation Catheter can be performed.
Imricor Medical Systems, Inc. is a medical device company, which engages in the design, manufacture, and distribution of magnetic resonance imaging (MRI) compatible products for cardiac catheter ablation procedures. The company is headquartered in Burnsville, Minnesota. The company went IPO on 2019-08-30. The firm is engaged in designing, manufacturing, and selling MRI-compatible products for cardiac catheter ablation procedures to treat arrhythmias. Its products include Vision-mitral regurgitation (MR) Ablation Catheter, Advantage-MR electrophysiology (EP) Recorder/Stimulator and Vision-MR Dispersive Electrode. The Vision-MR Ablation Catheter is designed to work under real-time MRI guidance. Advantage-MR EP Recorder/Stimulator System provides technology that allows physicians to utilize both the EP recording system and a cardiac stimulator while ablating within the iCMR environment. The firm sells its products to hospitals and clinics for use in iCMR labs, in which ablation procedures using the Vision-MR Ablation Catheter can be performed.
Revenue Drop: Imricor reported total revenue of $197,000 for the half, down 52% from the prior period, mainly due to lower equipment sales.
Increased Loss: Net loss rose to $13.1 million, a 92% increase, driven by fair value changes in convertible notes and higher investment in R&D and commercial teams.
Strong Cash Position: The company ended the period with a cash balance of $50.3 million, following a $42.8 million equity raise, providing over 11 quarters of funding.
Regulatory Progress: NorthStar system was submitted for FDA 510(k) approval in July and is expected to be approved by year-end; other products are set for sequential submissions and approvals through early 2025.
Commercial Pipeline Rebuilding: The European sales team has been rebuilt with experienced staff, and the hospital pipeline is growing, with several sites moving toward closure.
US Market Momentum: More US hospitals than expected are interested in joining the VISABL-AFL trial, potentially enabling a faster launch in the American market once approved.
Outlook: Imricor expects steady regulatory progress and pipeline conversion, with anticipated commercial growth in Europe, the Middle East, and the US.
