First quarter, January – March 2023
- Net revenue amounted to SEK 11.2 million (8.6).
- Operating loss (EBIT) amounted to SEK -59.2 million (-33.7).
- Loss after tax amounted to SEK -59.2 million (-33.3).
- Earnings per share before and after dilution amounted to SEK -0.07 (-0.46).
The first quarter served as an encouraging start to 2023 for IRRAS as our total revenue of MSEK 11.2 marked the highest quarterly revenue total in the company’s history.
During last quarter’s year-end report, we referenced that the US was expected to drive a higher percentage of the company’s revenue in future quarters due to two reasons: (1) increased utilization from existing customers as account penetration grows, and (2) revenue contribution as a result of our commercial partnership with Medtronic. During Q1, the US market accounted for 83% of our total revenue, and 95% of our US revenue was generated by existing customers that had previously ordered. Although all revenue during Q1 was generated from IRRAS-driven accounts, customer interest driven by our partners at Medtronic was encouraging, and a robust funnel has been created during the early stages of their sales activity.
Beyond sales activity, a number of other important growth drivers also occurred during Q1 2023. World-renowned surgeons from the University of Buffalo published the first comparative clinical data to confirm the superiority of IRRAflow versus traditional passive drainage. Such clinical data and support from leading physicians continues to drive the product approval process for IRRAflow at other leading US facilities.
Finally, we made meaningful, needed progress regarding the company’s next needed financing. Our existing investors remain supportive as we’ve signed a short-term bridge financing with Bacara Holdings, and, in the near future, we plan to finalize and announce plans to provide the company capital to support our continued growth and expansion.
Thank you for your continued interest and support.
Will Martin, CEO
Important events during the quarter
Superiority of IRRAflow system confirmed in head-to-head clinical study performed by Neurosurgeons at University of Buffalo and published in the Operative Neurosurgery Journal. The study concluded that IRRAflow system, when used for the treatment of chronic subdural hematomas (cSDH), results in favorable clinical outcomes, low complication and revision rates, faster clearance of collected blood, and reduced rates of catheter infections compared to passive drainage using an external ventricular drain (EVD).
Important events after the end of the quarter
Secured bridge financing agreement through a loan providing up to MSEK 40 in funding to cover working capital needs until the completion of the ongoing financing process.
The report is available on the company’s website: https://investors.irras.com/en/reports-presentations.
IRRAS is a global medical care company focused on delivering innovative medical solutions to improve the lives of critically ill patients. IRRAS designs, develops, and commercializes neurocritical care products that transform patient outcomes and decrease the overall cost of care by addressing complications associated with current treatment methodologies. IRRAS markets and sells its comprehensive, innovative IRRAflow and Hummingbird ICP Monitoring product lines to hospitals worldwide through its direct sales organization in the United States and select European countries as well as an international network of distribution partners.
IRRAS maintains its headquarters in Stockholm, Sweden, with corporate offices in Munich, Germany, and San Diego, California, USA. For more information, please visit www.irras.com.
IRRAS AB (publ) is listed on Nasdaq Stockholm (ticker: IRRAS).
For more information, please contact:
President and CEO
Director, Investor Relations
+46 102 11 5172
This document is considered information that IRRAS is obliged to disclose pursuant to the EU Market Abuse Regulation. The information was released for public disclosure, through the agency of the contact person above, on May 17, 2023, at 8:00 a.m. (CET).