IRRAS AB publishes Year End Report for the period January to December 2022
Fourth quarter, October – December 2022
- Net revenue amounted to SEK 10.6 million (7.2).
- Operating loss (EBIT) amounted to SEK -46.7 million (-43.5).
- Loss after tax amounted to SEK -46.3 million (-43.4).
- Earnings per share before and after dilution amounted to SEK -0.06 (-0.55).
Period, January – December 2022
- Net revenue amounted to SEK 40.0 million (22.4).
- Operating loss (EBIT) amounted to SEK -168.1 million (-136.5).
- Loss after tax amounted to SEK -166.6 million (-136.3).
- Earnings per share before and after dilution amounted to SEK -0.52 (-1.89).
- The Board proposes that no dividend be paid
Significant events during the quarter
IRRAS initiates commercial partnership with Medtronic
- A sales agency agreement was initiated with Medtronic, the world’s largest medical device company, which gives Medtronic exclusive right to promote IRRAflow in a select number of territories in the United States. Training for Medtronic team members and first customer engagement also occurred during Q4.
IRRAS receives US FDA 510(k) clearance for its next-generation IRRAflow control unit
- Regulatory approval was received in the US for the latest system, which incorporates enhancements driven by user feedback such as interactive tutorials, software with upgraded graphics, a new drainage collection design, and added functionality that permits data transmission to the hospital’s bedside monitor and central nursing station.
Significant events after the quarter
Superiority of IRRAflow system confirmed in head-to-head clinical study
- Neurosurgeons from the University at Buffalo published results of their comparative clinical study in the Operative Neurosurgery journal, which that compared outcomes when treating chronic subdural hematoma patients with IRRAflow against passive drainage alone.
- The study demonstrated that IRRAflow treatment resulted in faster hematoma clearance and a reduction in catheter-related infections, which led to favorable clinical outcomes and lower complication and revision rates.
The report is available on the company’s website: https://investors.irras.com/en/reports-presentations.
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:
President and CEO
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, 2023, at 8:00 a.m. (CET).