IRRAS AB (PUBL) YEAR-END REPORT 2017

Quarter October-December 2017

• Revenue accounted to MSEK 0.7 (0.0).
• Operating profit (EBIT) was MSEK -23.7 (-10.1).
• Net profit amounted to MSEK -23.2 (-10.4).
• Earnings per share before and after dilution amounted to SEK -1.09 (-0.60).
     

Period January-December 2017

• Revenue accounted to MSEK 12.0 (0.0).
• Operating profit (EBIT) was MSEK -61.5 (-30.8).
• Net profit amounted to MSEK -60.9 (-31.9).
• Earnings per share before and after dilution amounted to SEK -3.40 (-2.12).
• The Board of Directors proposes no dividend.
     
  

Significant events during the quarter  

New issue and listing on Nasdaq First North Premier
In November, IRRAS carried out a new issue worth a total of SEK 293 million before issue expenses. The money raised through the issue will be used for the company's neurosurgery business, including the launch of the company's product IRRAflow in Europe, the USA and the rest of the world. The money raised through the issue will also be used to finance development of IRRAflow for other indications. In connection with the issue, IRRAS was listed on Nasdaq First North Premier. The first day of trading was 22 November 2017.
   

Significant events during the quarter

Launch of IRRAflow version 2.5
IRRAS has launched an updated and improved version of IRRAflow. IRRAflow has been updated both aesthetically and mechanically and the battery configuration has been updated with a new medical grade product from a German supplier. The temporary hold on selling issued in December 2017 has been lifted and products have been delivered.  Sales in the first quarter of 2018 will be limited, however.
   

About IRRAS AB

IRRAS is a commercial-stage medical technology company focused on designing, developing and commercializing innovative solutions for various brain pathologies, with a goal of dramatically improving patient outcomes, reducing patient-time in the intensive care unit and medical ward, and providing significant health economic benefits to hospitals and healthcare providers.

The Company’s initial product focus is on intracranial fluid management solutions that utilize its proprietary platform technology, IRRAflow, which is a CE-marked, fully integrated, closed-circuit medical device system that enables intelligent intracranial fluid management as well as accurate, real-time monitoring of intracranial pressure.

With its unique product portfolio, protected by key intellectual property patents and patent applications, IRRAS is well-positioned to improve patient outcomes and establish a leadership position in the medical device market. IRRAS maintains its headquarters in Sweden with corporate offices in Germany and La Jolla, CA, USA.

IRRAS started to sell IRRAflow in Europe the summer 2017. A 510 (k) application was submitted in June 2017.
   

Financial information

Calendar

For further information, please contact:

Kleanthis G. Xanthopoulos,
Ph.D. President CEO
kleanthis@irras.com


Fredrik Alpsten
CFO and Deputy CEO
+46 706 67 31 06
fredrik@irras.com
  

This information is 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 21 February 2018 at 07.30 a.m. (CET).

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