IRRAS AB publishes Interim Report for the period January to September 2020

IRRAS’ progress continues and sales increase

“During the third quarter IRRAS made decisive progress in a number of areas. Sales growth was seen again as commercial activity resumed after being impacted by COVID-19 restrictions, and a clinical study data was presented that demonstrated that IRRAflow shortens the length of hospital stays for patients with chronic subdural hematoma (cSH). In both Europe and the US, patient treatments started in new hospitals as a number of new clinical evaluations have begun. We see a clear increased demand for IRRAflow in both Europe and the US and remain confident that we can capture a share of the SEK 15.5 billion market over the next few years.”

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

Third quarter, July – September 2020

  • Net revenue amounted to SEK 2.1 million (0.9).

  • Operating loss (EBIT) amounted to SEK -31.0 million (-35.9).
  • Loss after tax amounted to SEK -31.0 million (-35.7).
  • Earnings per share before and after dilution amounted to SEK -0.47 (-1.24).

Period January – September 2020

  • Net revenue amounted to SEK 4.9 million (1.9).

  • Operating loss (EBIT) amounted to SEK -97.5 million (-115.7).
  • Loss after tax amounted to SEK -97.8 million (-114.6).
  • Earnings per share before and after dilution amounted to SEK -1.90 (-4.36).

Important events during the quarter

  • Change of Chairman of the Board of Directors
    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.

Other key accomplishments

  • First new hospital approvals in the US were received to begin evaluations of IRRAflow since the start of covid-19 restrictions.

  • Training and IRRAflow treatments were resumed at multiple comprehensive stroke centers in the US.
  • First ever treatment with Hummingbird Solo ICP Monitoring system was completed.
  • IRRAS was granted a sixth patent for Hummingbird ICP Monitoring product line.
  • Two posters were presented at Neurocritical Care Society annual meeting that documented that IRRAflow reduced hospital length of stay after chronic subdural hematoma treatment by more than 50% compared to the US average.
  • CE Mark certification was extended until 2024 for IRRAflow.
  • The global sales organisation was enhanced in Europe.

Events after the end of the quarter

  • The first patient treatment with IRRAflow was performed at Universitätsklinikum Schleswig-Holstein (UKSH), Lübeck, in Germany.

  • Initial agreement signed by BG Klinikum Bergmannstrost in Halle, Germany, to evaluate IRRAflow.
  • Initial agreement signed by Aarhus University Hospital in Aarhus, Denmark, to evaluate IRRAflow.

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

About IRRAS

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:

USA
Kleanthis G. Xanthopoulos, Ph.D.
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 10, 2020 at 8:00 a.m. (CET).