Imricor's Q2 CY24 performance and operational update

Imricor Medical Systems, Inc. (ASX: $IMR) has reported a strong performance in the second quarter of calendar year 2024, with significant progress in its operational activities. The company recorded a 375% increase in Q2 consumable revenue, totaling approximately US$127k, and a 221% increase in total revenue, reaching approximately US$311k. The operating cash outflows were contained at US$3.3m, aligning with Q1 guidance. Imricor also secured a pro forma cash balance of US$18.3m after a successful capital raise, with an additional US$6.1m expected from tranche 2 following a shareholder vote. The company's Chair and CEO, Steve Wedan, highlighted the successful execution across three value-creating work streams, including the commencement of clinical trials, installations of iCMR equipment, and reactivation of sites and acquisition of new customers in various geographies.

Steve Wedan's perspective on Imricor's Q2 CY24 performance

Imricor is executing across three value-creating work streams in 2024. Firstly, our VISABL-AFL trial to support FDA approval has commenced with first patients treated at ICPS in Paris. With Johns Hopkins about to commence first patients and The CHUV in Switzerland undergoing installation we are on track with our goal of completing enrolment in 2024. Secondly, and what is the most significant event in Imricor's history, we are on the cusp of performing the world's first MRI guided VT ablation at Amsterdam UMC once doctors return from their summer vacations. The third priority has been to reactivate sites, as well as sign new customers in geographies where we already have approvals. It is very pleasing to report that we are making excellent progress on all three fronts, and with a busy quarter in Q3 we will have more updates coming soon.

Imricor's outlook and corporate strategy

Imricor's strong performance in Q2 CY24, marked by substantial revenue growth and successful execution of key initiatives, positions the company for continued expansion and advancement in the field of real-time iCMR cardiac ablations. The company's focus on clinical trials, installations, and global expansion reflects its commitment to driving innovation and addressing unmet needs in the cardiac ablation market. With a pro forma cash balance of US$18.3m and additional funding expected, Imricor is well-positioned to pursue its strategic objectives and capitalize on growth opportunities. The upcoming period is anticipated to be busy, with further updates expected, indicating a positive outlook for the company's future performance and market presence.