Imricor is a U.S.-based medical device company, focused on designing, manufacturing and selling MRI-compatible products for cardiac catheter ablation procedures to treat arrhythmia.
Imricor has obtained CE mark approval to place one of its key products, the Advantage-MR EP Recorder/Stimulator System, on the market in the European Union, and is in the final stages of the CE mark approval process for its other key products, the Vision-MR Ablation Catheter (with an indication for treating type I atrial flutter) and the Vision-MR Dispersive Electrode. Imricor believes it will be the first company in the world to bring commercially viable and safe MRI-compatible products to the cardiac catheter ablation market.
Cardiac catheter ablation (also sometimes referred to as catheter ablation, cardiac ablation or ablation) is one of the recommended first-line therapies for the treatment of a number of different types of arrhythmias.
Use of funds :
Fund the commercial launch of the Advantage-MR EP Recorder/Stimulator, Vision-MR Ablation Catheter and Vision-MR Dispersive Electrode in the European Union.
Grow sales, marketing, and manufacturing capabilities to support commercialisation in the European Union.
Progress regulatory approvals for the Australian and U.S. markets.
Continue to develop the Company’s line extensions (including the diagnostic catheter) and additional products
Fund general working capital requirements.
Financials :
From $ 1.4 mil revenue in FY18 they are guiding for $ 10 mil revenue in FY19 and that is only considering sales of 2 of their products in only few of the European markets
Partnerships/ collaborations :
Imricor has strategic relationships with Siemens Healthcare GmbH( Mcap 86 BILLION ) and Koninklijke Philips N.V ( Mcap 37.58 BILLION ) ,global leaders in the provision of MRI equipment to hospitals and labs, which Imricor wishes to target for the sale of its key capital and consumable products. These strategic relationships are expected to provide new sales and marketing channels for Imricor’s products, as well as facilitate the research and development (R&D) of Imricor’s existing and pipeline product range.
Siemens Medical Solutions USA coming as an Investor and will own 9.43 % stake post listing.
The installation of iCMR labs by hospitals and clinics is driven by MRI equipment vendors (MR vendors). Imricor works collaboratively with MR vendors such as Koninklijke Philips N.V. and Siemens Healthcare GmbH to target certain sites and help design iCMR labs for those sites. As of the date of this Prospectus, Imricor, in collaboration with Koninklijke Philips N.V. and Siemens Healthcare GmbH, is currently in discussions with over 45 hospitals and clinics about establishing an iCMR lab.
Management :
Excellent team with phenomenal medical technology industry experience lead by Steve Wedan.
Steve Wedan
President and Chief Executive Officer
Mr Wedan has over 29 years of experience in the medical device industry including design engineering of MRI and ultrasound systems for GE Healthcare, as well as Vice President and Chief Technology Officer for Applied Biometrics Inc.
capital Structure:
SOI : 92,932,470 Existing shares : 77,089,098
Approximately 66,715,218 Shares or CDIs will be subject to escrow arrangements, being approximately: 86% of all Shares and CDIs not issued under the Combined Offers, 73% of all Shares and CDIs following the Combined Offers (Minimum Allotment), and 72% of all Shares and CDIs following the Combined Offers (Maximum Allotment).
Very tight capital structure.
Conclusion :
As an IPO investor in the company like NXS NextScience , I have noticed over the years that in Medical Tech companies regulatory approvals and Partnership with BIG companies are very important . (https://hotcopper.com.au/threads/ipo-next-science-limited.4678011/page-9?post_id=38085786 My post on NXS a month before IPO ) . At 150 mil Mcap , some investors had their concerns about valuation of NXS but in 2 months of listing it went to 800 mil mcap ( from $1 to $4.70 ..sp now $ 2.80) mainly because of FDA approved products and partnership with 3M.
Similarly , Imricor got CE mark approvals for one of their product and another 2 products are in the final stage of the approval process. And Imricor has strategic partnerships with Siemens Healthcare GmbH( Mcap 86 BILLION ) and Koninklijke Philips N.V ( Mcap 37.58 BILLION ) . Siemens is also a share holder in the company which is a BIG vote of confidence.
IMO its very reasonably priced at 77 mil mcap and they are guiding for $ 10 mil revenue for FY19. Imricor will be the first company in the world to bring commercially viable and safe MRI-compatible products to the cardiac catheter ablation market. Looking at the size of the opportunity and many achievements in the past , IMO we have a risk/reward in our favor and it can become half a billion mcap company in next 2 to 3 years time subject to Successfully getting CE mark approvals for all of their products.
