STOCKHOLM, Feb. 16, 2021 /PRNewswire/ -- Growth despite
COVID-19 resurgence
"During the course of the 4th quarter, challenges associated
with the COVID-19 global pandemic increased and impacted the
company's commercial activity. In both the European Union (EU) and
the United States (US), another
round of lockdowns was instituted, limiting hospital access,
reducing the ability to travel, and reducing focus on neurosurgical
procedures in hospital intensive care units (ICUs). Despite these
challenges, our IRRAS team increased the number of IRRAflow control
units installed globally from 55 to 68 during the quarter and
delivered annual revenue growth of 40%.
IRRAflow evaluations were completed at Buffalo General
Medical Center, one of the most influential neurosurgical centers
in the world, and with West Virginia
University Medicine, another important academic
comprehensive stroke center. In both evaluations, 10 patients were
treated with positive results. In Germany, BGU Kliniken Halle Bergmannstrost
also completed a 90-day evaluation of IRRAflow. Feedback received
during these evaluations indicated that patients experienced
improved outcomes and fewer complications with IRRAflow compared to
established treatment methods. IRRAS is currently in discussions to
convert all three centers into commercial customers early in
2021.
As the launch of IRRAflow continues, expanding the network of
reference accounts that have adopted the system is an important
part of our growth strategy. The reputation and influence of these
centers will positively impact the company's ability to attract
other stroke centers around the world as customers. Additionally,
multiple scientific publications are being prepared for submission
to peer-reviewed journals describing the outcomes of the patients
treated during these evaluations. When released, such publications
will further highlight the advantages of our technology and will
help IRRAS accelerate IRRAflow's commercialization."
Kleanthis G. Xanthopoulos, Ph.D.,
CEO of IRRAS
Fourth quarter, October - December
2020
- Net revenue amounted to SEK 2.5
million (3.4).
- Operating loss (EBIT) amounted to SEK
-36.8 million (-35.7).
- Loss after tax amounted to SEK -38.1
million (-36.5).
- Earnings per share before and after dilution amounted to
SEK -0.57 (-1.27).
Period January - December
2020
- Net revenue amounted to SEK 7.4
million (5.3).
- Operating loss (EBIT) amounted to SEK
-134.3 million (-151.5).
- Loss after tax amounted to SEK -135.9
million (-151.1).
- Earnings per share before and after dilution amounted to
SEK -2.46 (-5.61).
Key accomplishments
- Agreement for Hummingbird signed with purchasing network
Premier
- Collaboration agreement signed with Karolinska University
Hospital
- IRRAflow launched in the
Netherlands, Latin America
and South Eastern Europe through distributors
- Evaluation agreements signed with hospitals in the US,
Denmark and Germany and multiple evaluations in the US
completed with positive outlook
- The company's first FDA quality audit performed without
remarks
- Transition to inhouse manufacturing of IRRAflow for
improved quality and reduced cost
- The Board of Directors proposes no dividend
Events after the end of the quarter
- Patient treatments started at multiple hospitals in the US,
where personnel have been trained during 2020
- Additional evaluation agreements signed in the US
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 February 16,
2021 at 8:00 a.m.
(CET).
This information was brought to you by Cision
http://news.cision.com
https://news.cision.com/irras/r/irras-ab-publishes-year-end-report-for-the-period-january-to-december-2020,c3287456
The following files are available for download:
https://mb.cision.com/Main/16550/3287456/1373482.pdf
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