Imricor Medical Systems, healthcare stock from ASX listed companies surged with the AI backed news. One of the best growth stocks to buy now
Imricor Medical Systems Inc. (ASX: IMR)
Imricor Medical Systems Inc. (ASX: IMR) recently announced a significant development that led to a 25% surge in their stock value. On November 28, 2024, the company revealed they had signed a licensing agreement with ADIS, a Swiss-based software company. This agreement follows a year-long collaboration between Imricor and ADIS, focused on developing AI modules for integration into Imricor’s NorthStar 3D mapping system. The terms of the deal include upfront license payments and ongoing annual fees, with the companies planning to launch the AI modules in 2025 across Europe, the USA, and the Middle East. While NorthStar and the AI modules are not yet commercially approved, the regulatory process is well underway. These AI modules are expected to have far-reaching applications, not only in cardiac procedures but also in fields like oncology, neurology, and hypertension.
The first AI module being targeted is designed to automate heart segmentation in NorthStar, a process that typically requires manual effort and takes about 20 minutes. With the new AI capabilities, segmentation can be completed in just seconds, significantly improving efficiency during iCMR (MRI-guided) procedures. The ability to quickly create 3D anatomical models of heart chambers from standard MRI images is expected to be a major time-saver for physicians. Imricor’s partnership with ADIS is aimed at enhancing the value of NorthStar's imaging capabilities, making the system more effective for physicians and patients alike.
Additionally, Imricor is likely to become top growth stocks as it also announced the successful completion of its first iCMR ablation procedure in Switzerland on November 27, 2024. This procedure took place at the Lausanne University Hospital (CHUV), marking the activation of Imricor’s first customer site in Switzerland. CHUV joins two other major institutions, Johns Hopkins Hospital in the USA and the Cardiovascular Institute of South Paris, in participating in the VISABL-AFL clinical trial, which is crucial for Imricor’s US FDA approval. The hospital’s dedicated iCMR lab, built specifically for Imricor’s procedures, positions CHUV as a key European Centre of Excellence for training and development, with plans for further sites across Europe.
Imricor’s third-quarter 2024 financial report highlighted several key developments. The company achieved its first MRI-guided ablation on U.S. soil at Johns Hopkins and raised $35 million through a successful capital raise, strengthening its balance sheet for upcoming milestones. While revenue for Q3 was $270,000 (a 13% decline from Q2), it was impacted by the timing of consumable orders. The company’s operating cash outflows were contained at $4 million, aided by lower costs after one-time expenses such as D&O insurance. Imricor’s cash balance stood at $19.6 million at the end of September 2024, positioning the company well for its planned commercial launches in 2025.
Source: Company’s Report
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