IRRAS AB publishes Interim Report for the period January to March 2022

Commercial Activity Normalizes, Resulting in Seventh Consecutive Quarter of Revenue Growth

” After two challenging years of pandemic-related challenges, the 1st quarter of 2022 confirmed what is possible for IRRAS moving forward.

” Q1 2022 confirmed our organization’s clear progress, and we look forward to what lies ahead during the rest of this year. During the second quarter, our focus shifts toward completing a needed fundraising, and the process is underway to secure financing that will allow our team to build upon our recent progress for 18 months or more.

Will Martin, CEO of IRRAS

First quarter, January – March 2021

  • Net revenue amounted to SEK 8.6 million (4.0).
  • Operating loss (EBIT) amounted to SEK -33.7 million (-39.3).
  • Loss after tax amounted to SEK -33.3 million (-38.8).
  • Earnings per share before and after dilution amounted to SEK -0.46 (-0.59).
     

Important events during the quarter

Largest dataset with IRRAflow system to date is presented at neurosurgical conference and documents improved outcomes

  • West Virginia University Hospital (WVUH) presented data from 45 IRRAflow patients with a 0% catheter occlusion rate, decreased vasospasm, and reduced shunt placement.

Next-generation IRRAflow system launched in the United States

  • The first global patient treatments with the next-generation IRRAflow control unit occurred at WVUH. 

Regulatory clearance for IRRAflow received in Australia

  • The Australian Therapeutic Goods Administration (TGA) granted regulatory clearance for the IRRAflow control unit and tube set, allowing commercial shipments to Australia.

First patients enrolled in ACTIVE clinical study

  • Aarhus University Hospital enrolled the first patients in the ACTIVE clinical study to compare outcomes of IRRAflow versus traditional drainage across 120 patients.

Additional patent issued for IRRAflow system in the U.S.

  • A third patent was issued in the US that provides coverage of IRRAflow’s ability to administer therapeutic drugs.

Process to secure long-term financing ongoing

  • Financial advisors have been retained to evaluate a potential financing of IRRAS. The target is for the financing to provide the company with sufficient funds to support 18 months or more of growth.

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

Q1 Report 2022 – conference call and audiocast
IRRAS will host a conference call and an online presentation of its Q1 2022 interim report on April 27 at 16.30 CET. The presentation will be held in English.

The dial-in numbers for the conference call are:
Sweden: +46 8 50 55 83 73
UK: +44 33 33 00 92 61
US: +1 631 913 1422
PIN: 33 44 24 60

The presentation will be webcast and can be accessed from the following web address:

https://tv.streamfabriken.com/irras-q1-2022

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
Will Martin
President and CEO

ir@irras.com

Europe
Sten Gustafsson
Director, Investor Relations
sten.gustafsson@irras.com
+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 April 27, 2022, at 8:00 a.m. (CET).