“The 4th quarter of 2021 served as an encouraging end to an eventful year for our IRRAS team. Each consecutive quarter of 2021 showed the progress that IRRAS is making toward becoming a leader in neurocritical care, and we are poised to continue this progress into 2022.”
“All told, we are pleased with our accomplishments throughout all of 2021. During the year, our team progressed across all aspects of our business, and these accomplishments resulted in revenue growth of more than 200% during 2021.”
Will Martin, President and CEO of IRRAS
Fourth Quarter, October – December 2021
- Net revenue amounted to SEK 7.2 million (2.5)
- Operating loss (EBIT) amounted to SEK -43.5 million (-36.8)
- Loss after tax amounted to SEK -43.4 million (-38.1)
- Earnings per share before and after dilution amounted to SEK -0.55 (-0.57)
Period, January – December 2021
- Net revenue amounted to SEK 22.4 million (7.4)
- Operating loss (EBIT) amounted to SEK -136.5 million (-134.3)
- Loss after tax amounted to SEK -136.3 million (-135.9)
- Earnings per share before and after dilution amounted to SEK -1.89 (-2.46)
Important events during the quarter
CE Mark received for enhanced IRRAflow Drainage Catheter
- Enhanced catheter with improved kink resistance and drainage capabilities approved for use in European Union.
ACTIVE clinical study initiated by Aarhus University Hospital
- Aarhus University Hospital, a leading hospital in Denmark, began commercial patient treatments with IRRAflow and will capture its results in the ACTIVE clinical trial to prove the system’s superiority versus traditional drainage systems.
First patients enrolled in ARCH clinical study
- Dr. Behnam Rezai Jahromi from Helsinki University Hospital enrolled the first patient in the ARCH clinical study, which compares use of IRRAflow with clot-busting medication versus traditional drainage systems in IVH patients.
- Study will further document ability and safety of using IRRAflow to safely deliver intracranial medication.
Partnership with Lovell Government Services (LGS) Announced to Accelerate Launch into US Military and Veterans’ Hospitals
- IRRAS signed an agreement with LGS, a Service-Disabled Veteran-Owned Small Business, to serve as its vendor for product orders and contract from US government facilities.
The Board of Directors proposes no dividend
Important events after the end of the quarter
Expanded Intellectual Property Portfolio with Issuance of Additional Patent for IRRAflow System
- The third patent issued for the IRRAflow system provides coverage of the system’s ability to administer therapeutic drugs using its catheter’s dual-lumen design and controlled irrigation capabilities into targeted areas of treatment.
First patients enrolled in ACTIVE clinical study
- Dr. Anders Korshøj from Aarhus University Hospital, a leading hospital in Denmark, enrolled the first patient in the ACTIVE clinical study to evaluate the efficacy and safety of IRRAflow compared to traditional drainage systems
Largest IRRAflow dataset to date presented, confirming improved patient outcomes
- Surgeons from West Virginia University Hospital presented data from their first 45 IRRAflow patient treatments at the Neurosurgical Society of the Virginias annual meeting. Data showed 0% occlusion rate and reduced incidence of infection, vasospasm, and shunt dependence compared to traditional passive drainage.
The report is available on the company’s website: https://investors.irras.com/en/reports-presentations.
For more information, please contact:
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 February 16, 2022, at 8:00 a.m. (CET).