Full Year 2023 Imricor Medical Systems Inc Earnings Call Transcript
Key Points
- Imricor Medical Systems Inc (ASX:IMR) has completed the development phase of all tools required for MRI-guided cardiac ablation procedures.
- The company received FDA approval to commence the global VISABL-AFL Trial, marking a significant milestone.
- Imricor has expanded its market presence to seven countries and is actively working to increase the number of sites and procedures.
- The company signed a master service agreement with GE, making its tools compatible with virtually every MRI scanner in the field.
- Imricor has entered the Middle East market, receiving approval from the Saudi FDA and signing with distributors in Saudi Arabia and Qatar.
- Total revenues for 2023 were $616,000, down 25% compared to the prior year.
- Consumable product sales revenue decreased by 26% due to fewer active sites performing procedures.
- Net loss for the period was $22.6 million, an increase of 30% from the prior year.
- The company faced challenges with reactivating sites post-pandemic, impacting revenue and procedure volumes.
- Only one site, Leipzig, is currently performing consistent procedures, indicating slower-than-expected reactivation.
Good morning, and welcome to Imricor's full year results of the financial year 2023 ending December 31, '23. On the line, we have the company's Founder and CEO, Steve Wedan; and the company's CFO, Jonathon Gut. (Conference Instructions) But Steve, I'll hand it over to you to get started. Thanks so much.
Thanks, Simon. Hello everyone, and thank you for joining today to discuss and report full year results for '23. I'm Steve Wedan, Imricor's Chair and CEO, and I'm joined by Jonathaon Gut, our CFO. And today, I'll provide you with a business update on the progress we've made in 2023, including our key achievements and then Jon will discuss the financial results. I'll finish up with a brief summary of the business as we enter into March and look forward to the rest 2024 and then we'll move to a Q&A session.
So first, our key achievements. There's a big shift underway in the field of
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