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

Financial Runway Extended during Q3 as Revenue Growth Continues

“Q3 2022 represented IRRAS’ 9th consecutive quarter of revenue growth, and the quarterly revenue of MSEK 11.0 represented 13% growth over Q2 2022 and 80% growth from the same period last year.”

“With the company’s financial runway extended, increasing customer adoption and proving the clinical superiority of our products are now our top two priorities, and we are excited to continue to deliver such results in coming quarters.”

Will Martin, CEO of IRRAS

Third quarter, July – September 2022

• Net revenue amounted to SEK 11.0 million (6.1).
• Operating loss (EBIT) amounted to SEK -51.9 million (-27.0).
• Loss after tax amounted to SEK -50.1 million (-26.9).
• Earnings per share before and after dilution amounted to SEK -0.14 (-0.34).
   

Period, January – September 2022

• Net revenue amounted to SEK 29.4 million (15.2).
• Operating loss (EBIT) amounted to SEK -121.4 million (-93.0).
• Loss after tax amounted to SEK -120.3 million (-92.9).
• Earnings per share before and after dilution amounted to SEK -0.73 (-1.30).
   

Significant events during the quarter

Rights issue of MSEK 215 completed

• IRRAS announced and completed a fully subscribed rights issue that raised MSEK 215 before deduction of costs related to the transaction.

Short-term financing agreement expanded

• The extension of the bridge loan agreement that was initially signed during Q2 2022 provided an additional MSEK 10 to IRRAS. The entire MSEK 40 bridge loan was repaid with proceeds from the rights issue during Q3.

Enrollment begins in DIVE study as Mt. Sinai Health System in New York City treats its first patients

• The DIVE study is a single-center clinical trial to evaluate the safety and radiographic outcomes associated with IRRAflow compared to Mt. Sinai’s historic experience with external ventricular drains.  

Significant events after the quarter

IRRAS participates in key neurosurgery conferences

• IRRAS exhibited at the Congress of Neurological Surgeons (CNS) annual meeting in San Francisco, the Neurocritical Care Society (NCS) annual meeting in San Antonio, and at the European Congress of Neurosurgery in Belgrade, Serbia.

New educational webinar series announced in collaboration with Jacobs Institute and the University of Buffalo Department of Neurosurgery

• IRRAS announced that Dr. Adnan Siddiqui and the leading neurosurgeons in Buffalo, NY, will host a series of webinars to discuss new treatments for intracranial hemorrhage, including the benefits of utilizing IRRAflow to more effectively clear collected blood from the brain.  This webinar series will enable further peer-to-peer discussion among top neurosurgeons to discuss how IRRAflow has impacted their patients.

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

Q3 Report 2022 – conference call and audiocast
IRRAS will host a conference call and an online presentation of its Q3 2022 interim report on November 10 at 09.00 CET. The presentation will be held in English.

The dial-in numbers for the conference call are:
Sweden: +46 8 50 51 63 86
UK: +44 203 198 4884
US: +1 412 317 6300
PIN code: 8057017#

The presentation will be webcast and can be accessed from the following web address:

https://ir.financialhearings.com/irras-q3-2022

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
Will Martin
President and CEO
ir@irras.com

Europe

Sten Gustafsson
Director, Investor Relations
sten.gustafsson@irras.com
+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 November 10, 2022, at 8:00 a.m. (CET).