IRRAS AB publishes Interim Report for the period January to June 2020
Market begins to brighten after lockdowns
“In the second quarter, IRRAS made several advances in the ongoing commercialization of IRRAflow and Hummingbird, despite the fact that the extensive covid-19 restrictions were a highly disruptive and delaying factor.
The covid-19 pandemic continues to limit our commercial activities and access to hospitals in countries around the world. However, compared with the widespread lockdowns in the second quarter, the situation is starting to improve. At the beginning of the third quarter, for the first time since the lockdowns came into force, we received approval to evaluate IRRAflow and begin training in several new US hospitals as hospitals begin to open up. In addition, the training initiatives that were temporarily suspended in March were able to restart in portions of the country where restrictions began to ease.”
Kleanthis G. Xanthopoulos, Ph.D., CEO of IRRAS
Second quarter, April – June 2020
Net revenue amounted to SEK 1.2 million (1.1).
- Operating loss (EBIT) amounted to SEK -31.2 million (-40.7).
- Loss after tax amounted to SEK -32.5 million (-40.2).
- Earnings per share before and after dilution amounted to SEK -0.55 (-1.55).
Period January – June 2020
Net revenue amounted to SEK 2.8 million (1.1).
- Operating loss (EBIT) amounted to SEK -66.5 million (-79.8).
- Loss after tax amounted to SEK -66.9 million (-78.9).
- Earnings per share before and after dilution amounted to SEK -1.52 (-3.15).
Important events during the quarter
Nasdaq Stockholm listing
On May 19, IRRAS was listed on Nasdaq Stockholm.
- Rights issue
The rights issue in IRRAS AB, resulted in a contribution of SEK 217 million before fees. The number of shares increased by 37,463,366 to a total of 66,281,340.
- Paycheck Protection Program loan received
In May, SEK 8 million were received as part of the US stimulus package Paycheck Protection Program.
- Covid-19 delayed short term sales development
IRRAS’ sales efforts were quickly adapted to the restrictions in the health care sector, but sales slowed due to the covid-19 pandemic.
Other key accomplishments
Patient treatments were successfully completed in the US, Finland, Israel, Kuwait and Portugal.
- The number of sold or placed units increased from 35 to 42 in a total of eight countries.
- Commercial capacity strengthened through both recruitments and new distribution agreements.
- Web based learning was launched in the form of IRRAS Academy.
Events after the end of the quarter
Anders P. Wiklund, Chairman of the Board of Directors of IRRAS, passed away in August and was replaced by Marios Fotiadis, a current board member of IRRAS.
- CE certification was extended until 2024 for IRRAflow.
- First new hospital approvals for evaluations in the US since the covid-19 restrictions were implemented.
- Training and IRRAflow treatments were resumed at multiple comprehensive stroke centers in the US.
- First ever treatment with Hummingbird Solo ICP Monitoring system was performed.
- IRRAS was granted a sixth patent for Hummingbird ICP Monitoring product line.
The report is available on the company’s website: https://investors.irras.com/en/reports-presentations
IRRAS AB (publ) is listed on Nasdaq Stockholm (ticker: IRRAS).
For more information, please contact:
Kleanthis G. Xanthopoulos, Ph.D.
+46 73 951 95 02
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 August 27, 2020 at 8:00 a.m. (CET).