Imricor’s 2025 Revenue Falls to $292K as Net Loss Narrows to $25.3M

Revenue Decline Reflects Clinical Trial Impact

Imricor Medical Systems, a US-based medical device company specialising in MRI-compatible cardiac ablation products, reported a significant 69.5% drop in total revenue to $292,309 for the year ended 31 December 2025. This steep decline was primarily due to decreased sales of third-party equipment and consumable devices, notably impacted by European customer sites enrolling patients in the VISABL-AFL clinical trial, which does not generate revenue. These sites had previously been treating patients commercially during the prior year.

Net Loss Narrows Despite Increased Operational Costs

Despite the revenue contraction, Imricor reduced its net loss to $25.3 million from $29.7 million in 2024. This improvement was largely driven by a smaller charge related to the fair value adjustment of convertible notes and derivative liabilities, partially offset by foreign currency exchange gains. However, when adjusting for these non-cash items, the net loss actually increased by 33%, reflecting higher operational expenses.

Strategic Investments in Sales and R&D

The company made deliberate investments in expanding its sales and marketing capabilities, particularly in Europe, where it bolstered its field sales team to support the launch of the NorthStar Mapping System and second-generation consumables. Additionally, Imricor initiated hiring in the US to prepare for commercial activities following FDA approval. Research and development expenses rose due to increased personnel in engineering, clinical, regulatory, and quality teams, facilitating progress in the VISABL-VT and VISABL-AFL clinical trials and regulatory submissions.

Regulatory Milestones Achieved Post-Year-End

In a key development, Imricor received FDA 510(k) clearance in January 2026 for its Vision-MR Diagnostic Catheter and NorthStar Mapping System, shortly after the reporting period. These regulatory approvals mark a critical step towards commercial expansion in the US market and are expected to unlock new revenue streams. The company anticipates recognising approximately $773,000 in additional stock-based compensation expense in 2026 related to performance-based stock options triggered by these clearances.

Improved Liquidity and Capital Structure

Imricor’s liquidity position strengthened considerably, with cash and cash equivalents of $19.5 million and marketable securities of $21.3 million at year-end, totaling $40.8 million. This was supported by net proceeds of $43 million from a capital raise in March 2025. The company’s working capital stood at $25.5 million, providing sufficient runway to fund operations for at least the next 12 months. Convertible notes and related party liabilities remain significant on the balance sheet, reflecting ongoing financing arrangements.

Outlook and Market Positioning

While the revenue decline highlights near-term challenges linked to clinical trial enrolments and product sales, the FDA clearances and strategic investments position Imricor for growth as it scales commercial operations in key markets. The company’s focus on MRI-guided cardiac ablation technology addresses a niche with potential for improved patient outcomes. Investors will be watching closely how the company translates regulatory success into commercial traction and manages the financial implications of its convertible notes and stock-based compensation.