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

Continued progress during Q2 2022

” The second quarter of 2022 provided the latest data point to confirm IRRAS’ progress toward becoming a leader in neurocritical care. Q2 represented the 8th consecutive quarter of revenue growth for our company, and our revenue of MSEK 9.7 (5.1) represents 13% growth over Q1 2022 and 90% growth from the same period last year.”

” Between normalized commercial activity, the initiation of the DIVES trial, and the stabilization of the company’s financial future, critical progress has been made, and, now, our focus can shift to taking the important next steps in an aggressive, yet judicious, manner.”

Will Martin, CEO of IRRAS

Second quarter, April – June 2022

• Net revenue amounted to SEK 9.7 million (5.1).
• Operating loss (EBIT) amounted to SEK -35.8 million (-26.7).
• Loss after tax amounted to SEK -36.9 million (-27.1).
• Earnings per share before and after dilution amounted to SEK -0.46 (-0.40).
  

Period, January – June 2022

• Net revenue amounted to SEK 18.4 million (9.1).
• Operating loss (EBIT) amounted to SEK -69.5 million (-66.0).
• Loss after tax amounted to SEK -70.3 million (-66.0).
• Earnings per share before and after dilution amounted to SEK -0.97 (-0.99).
  

Significant events during the quarter

Short-term financing agreement of MSEK 30 secured

• A short-term financing agreement with Bacara Holdings, IRRAS’ largest shareholder, provided MSEK 30 to cover the working capital needs until completion of the long-term financing.

Significant events during the quarter

Business update and new financial targets

• IRRAS provided updated financial targets to provide long-term direction to investors prior to announcement of its financing plan.
  • Revenue is expected to exceed MSEK 350 in 2025 with a gross margin above 60 percent. Cashflow breakeven is expected by 2025.
  • In 2022, revenues are expected to exceed MSEK 35 with a gross margin above 30 percent.
  • The company may consider a change in its commercial strategy by exploring potential partnerships with established medical device companies to accelerate the rollout of its products.

IRRAS intends to carry out a rights issue of up to MSEK 215

• The rights issue is intended to provide sufficient capital for the company to successfully implement its growth strategy.
• The proposed rights issue is 77 percent through subscription and guarantee commitments, representing issue proceeds of at least MSEK 166.

First patients enrolled in new core clinical study, DIVES

• The DIVES (Deployment of Irrigating Intraventricular Catheter System) clinical study is being conducted at Mt. Sinai Health System in New York, and will assess the effectiveness of IRRAflow versus standard EVD treatment.
• The first IRRAflow patient was successfully treated in just 67 hours, a significant reduction compared with the hospital’s historic data for ICU and hospital length of stay.

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

Q2 Report 2022 – conference call and audiocast
IRRAS will host a conference call and an online presentation of its Q2 2022 interim report on July 22 at 09.00 CET. The presentation will be held in English.