IRRAS' progress continues and sales increase
STOCKHOLM, Nov. 10, 2020 /PRNewswire/ -- "During the third
quarter IRRAS made decisive progress in a number of areas. Sales
growth was seen again as commercial activity resumed after being
impacted by COVID-19 restrictions, and a clinical study data was
presented that demonstrated that IRRAflow shortens the length of
hospital stays for patients with chronic subdural hematoma (cSH).
In both Europe and the US, patient
treatments started in new hospitals as a number of new clinical
evaluations have begun. We see a clear increased demand for
IRRAflow in both Europe and the US
and remain confident that we can capture a share of the
SEK 15.5 billion market over the next
few years."
Kleanthis G. Xanthopoulos, Ph.D.,
CEO of IRRAS
Third quarter, July – September
2020
- Net revenue amounted to SEK 2.1
million (0.9).
- Operating loss (EBIT) amounted to SEK
-31.0 million (-35.9).
- Loss after tax amounted to SEK -31.0
million (-35.7).
- Earnings per share before and after dilution amounted to
SEK -0.47 (-1.24).
Period January – September
2020
- Net revenue amounted to SEK 4.9
million (1.9).
- Operating loss (EBIT) amounted to SEK
-97.5 million (-115.7).
- Loss after tax amounted to SEK -97.8
million (-114.6).
- Earnings per share before and after dilution amounted to
SEK -1.90 (-4.36).
Important events during the quarter
Change of Chairman of the Board of Directors
Anders P. Wiklund, Chairman of the
Board of Directors of IRRAS, passed away in August and was replaced
by Marios Fotiadis, a current board
member of IRRAS.
Other key accomplishments
- First new hospital approvals in the US were received to begin
evaluations of IRRAflow since the start of covid-19
restrictions.
- Training and IRRAflow treatments were resumed at multiple
comprehensive stroke centers in the US.
- First ever treatment with Hummingbird Solo ICP Monitoring
system was completed.
- IRRAS was granted a sixth patent for Hummingbird ICP Monitoring
product line.
- Two posters were presented at Neurocritical Care Society annual
meeting that documented that IRRAflow reduced hospital length of
stay after chronic subdural hematoma treatment by more than 50%
compared to the US average.
- CE Mark certification was extended until 2024 for
IRRAflow.
- The global sales organisation was enhanced in Europe.
Events after the end of the quarter
- The first patient treatment with IRRAflow was performed at
Universitätsklinikum Schleswig-Holstein (UKSH), Lübeck, in
Germany.
- Initial agreement signed by BG Klinikum Bergmannstrost in
Halle, Germany, to evaluate
IRRAflow.
- Initial agreement signed by Aarhus University Hospital in
Aarhus, Denmark, to evaluate
IRRAflow.
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 November 10,
2020 at 8:00 a.m.
(CET).
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The following files are available for download:
https://mb.cision.com/Main/16550/3234128/1332772.pdf
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IRRAS AB (publ)
interim report for January to September 2020
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