IRRAS AB publishes Interim Report for the period January to September 2019

IRRAflow Gaining Traction in US

Since the US is the world’s largest market for neurosurgical procedures, we have focused much of our team’s resources toward supporting a successful early market introduction. Response to our IRRAflow technology remains strong, and our sales funnel is full. Patient treatments with IRRAflow continued to increase, and multiple hospital systems moved from evaluating IRRAflow into the approval and purchasing phase.”

Kleanthis G. Xanthopoulos, Ph.D., President and CEO of IRRAS

 

Third quarter, July September 2019

  • Net revenue amounted to SEK 0.9 million (0.0)
  • Operating loss (EBIT) amounted to SEK -35.9 million (-40.0)
  • Loss after tax amounted to SEK -35.7 million (-41.8)
  • Earnings per share before and after dilution amounted to SEK -1.24 (-1.75)

Period January September 2019

  • Net revenue amounted to SEK 1.9 million (6.0)
  • Operating loss (EBIT) amounted to SEK -115.7 million (-93.2)
  • Loss after tax amounted to SEK -114.6 million (-88.8)
  • Earnings per share before and after dilution amounted to SEK -4.36 (-3.74)

 

Important events during the quarter

  • Issuance of new patent for core IRRAflow technology
    The patent includes both system and method claims for performing and regulating fluid exchange in IRRAflow. The new patent complements the existing patent portfolio and broadens the IP protection for the company´s core technology further.
  • Key hires to the company
    In September, IRRAS announced the appointments of a Head of Regulatory Affairs and a Director, Project Engineering to drive IRRAS´ continued growth and that Vinny Podichetty VP, Clinical, Regulatory Affairs & Quality, resigned for personal reasons.

Other key accomplishments

  • During the quarter, the initial clinical experience with IRRAflow in the United States was published in the peer-reviewed World Neurosurgery journal. The peer-reviewed article by Dr. Sumeet Vadera and his team from the University of California, Irvine highlights the use of IRRAflow in chronic subdural hematoma patients and reinforces key messages about the system’s safety, treatment impact, and cost effectiveness.

Important events after the end of the quarter

  • No important events have taken place after the end of the quarter.

 

The report is available on the company’s website: https://investors.irras.com/en/reports-presentations
 


About IRRAS

IRRAS AB is a global healthcare company focused on delivering innovative medical technologies to our customers and their patients. IRRAS designs, develops and commercializes products that improve patient outcomes and decrease the overall cost of care by addressing complications associated with current treatment methods in neurocritical care. IRRAS currently markets and sells its IRRAflow and Hummingbird product lines to hospitals worldwide through its direct sales organizations in the U.S. and select European countries and a network of distribution partners in other markets. 

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 First North Premier Growth Market (ticker: IRRAS). Redeye AB is certified adviser of the company with email certifiedadviser@redeye.se or phone +46 8 121 576 90.

 

For more information, please contact:

USA
Kleanthis G. Xanthopoulos, Ph.D.
President and CEO
ir@irras.com
 

Europa
Sabina Berlin

CFO
+46 73 951 95 02
sabina.berlin@irras.com

 

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 November 14, 2019 at 8:00 a.m. (CET).