In Brief: Imricor, COG Financial & Alicantro

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This story features IMRICOR MEDICAL SYSTEMS INC, and other companies.
For more info SHARE ANALYSIS: IMR
The company is included in ALL-ORDS

Analysts highlighted positive momentum across Imricor, COG Financial and Alicanto, driven by expanding growth opportunities, supportive industry trends, and improving commercial and exploration outlooks.

• Analysts upbeat on Imricor’s MRI-guided cardiac technology as regulatory and commercial momentum builds
• COG positioned for continued growth in novated leasing amid rising EV adoption
• Alicanto’s Mt Henry drilling campaign highlights significant gold exploration upside in WA

By Danielle Ecuyer

This week’s quote comes from Jarden economists Danny Kim and Micaela Fuchila:

“The economy is losing momentum. Consumers were already under pressure before the Middle East conflict; three rate hikes and an energy shock have only made it worse, cutting into discretionary spending.

“Consumer sentiment is falling across the board and even outright homeowners with no mortgage are feeling it, which tells you this is bigger than just rate pain.”

All aboard the Imricor express

Imricor Medical Systems ((IMR)) caught the attention of analysts this week, in a positive sense.

Jarden initiated coverage.

The medtech company has developed the only MRI-compatible cardiac ablation (CA) platform, addressing the limitations of conventional electrophysiology.

Cardiac ablation procedures can now be performed inside an MRI scanner in real time, surpassing existing technology which lacks soft tissue visualisation. As noted by Jarden, this has the potential to improve patient outcomes.

Jarden highlights NorthStar as a 3D cardiac mapping and guidance system used during electrophysiology (EP) and cardiac ablation procedures inside an MRI suite, rather than relying on traditional X-ray fluoroscopy.

The company recently raised US$43m via an equity issue, taking cash on hand to US$74m. Canaccord Genuity expects the proceeds to be directed towards sales and marketing (around 30%), R&D for product development and clinical trials (circa 50%), with the balance allocated to working capital.

In the near term, this broker expects commercial milestones including initial US sales of NorthStar, likely within the paediatric setting.

With approval already secured in Europe for the full product offering, and three products approved by the FDA, Jarden believes the regulatory backdrop is now largely de-risked. Full US FDA approval is anticipated in early 2027.

The cardiac ablation market is expected to grow by 15% annually and reach around US$22bn by FY30.

Following attendance at the 2026 Heart Rhythm Society (HRS) Conference in Chicago, Taylor Collison said Imricor’s investment case was strengthened after doctors highlighted the potential for MRI-guided technology to significantly improve treatment of heart rhythm disorders.

Physicians expect VT ablation procedures to grow strongly, while Imricor’s technology was also viewed as valuable in more complex heart procedures.

Doctors also noted the technology could help address current limitations with Pulse Field Ablation by providing clearer visualisation of whether treatment has worked effectively.

Taylor Collison has an Outperform rating and upgraded its target price to $3.45 from $2.78.

Canaccord Genuity is also Buy-rated with a slightly lower target price of $2.28, down -2% from the prior target.

Importantly, this broker believes negative sentiment around the company’s ability to scale operations should begin to ease. There are at least twenty US hospitals with an MRI already located within the cardiology department.

Imricor recently highlighted fifty hospitals, some involved in the VISABL-AFL trial, which is focused on treating atrial flutter (AFL) using MRI-guided cardiac ablation technology.

The trial is designed to demonstrate doctors can safely and effectively perform heart rhythm procedures inside an MRI machine rather than using traditional X-ray guidance.

Jarden initiates coverage with a Buy rating and $3.30 target, highlighting the opportunity for NorthStar to expand into additional applications including urology, neurology, stem cell injection delivery, and structural heart procedures, materially increasing the total addressable market.

A long runway of growth for BEV leasing

Against a backdrop of new regulations for novated leases of electric vehicles, COG Financial Services ((COG)) presented at Shaw and Partners’ Emerging Companies Financials Conference, describing operating momentum as “strong”.

Within the Leasing Division, representing 47% of forecast FY27 earnings (EBITDA), COG pointed to growing market share in novated leasing and salary packaging.

Shaw attributes the market share gains to more “diligent and nimble services” relative to peers, which have held contracts for over a decade across salary packaging and leasing.

The recently built unified IT platform allows COG to integrate acquired companies across one system, compared to competitors which often operate multiple systems.

Strategically, management continues to pursue acquisitions in novated leasing and salary packaging, with Shaw stressing the division remains in growth mode and requires additional capacity.

“Cost cutting is not the focus”.

Notably, the March quarter delivered record volumes of battery electric vehicle (BEV) leases, up 35% on the December quarter. March also represented a record month for BEV leasing across the industry, rising 100%.

Shaw points to demand tailwinds from the Middle East war increasing petrol and diesel costs, alongside the decline in the average price of a leased BEV to $57,000 in the March quarter, down from $61,000 in 2025.

In Australia, only 1% of the country’s 22.5m vehicles are electric.

Regarding Broking and Aggregation, estimated at 53% of Group FY27 earnings (EBITDA), management explained that division has generated ongoing growth in volumes or assets financed since FY16. The three-year compound annual growth rate stands at 10%, with 1H26 volume growth above 7%.

COG operates the largest broker network in Australia with more than 35% market share by value. More than 60 lenders distribute loans through the platform, with the primary market serviced being small and medium-sized businesses.

Concurring with the broker, management agreed a prolonged war could negatively impact the division.

The stock is Buy-rated with an unchanged target of $2.45.

Alicanto covered with gold dust

Canaccord Genuity initiated coverage on Alicanto Minerals ((AQI)) this week with a Speculative Buy rating and a $3.35 target.

Alicanto recently acquired the now 100%-owned Mt Henry-Selene Gold Project in the Eastern Goldfields of Western Australia, around 210km south of Kalgoorlie.

The project hosts a resource of 24.5Mt at 1.2g/t Au for 915koz across three main deposits, Mt Henry at 232koz at 1.5g/t, Selene at 651koz at 1.1g/t, and North Scotia at 32koz at 2.6g/t.

Mt Henry is described as an underexplored system in a Tier-1 jurisdiction within the Norseman-Kalgoorlie greenstone belt. The project sits in the same region as Northern Star’s ((NST)) 38.9Moz resource base, Evolution Mining’s ((EVN)) 7.2Moz Mungari operation, and Pantoro Gold’s ((PNR)) 4.6Moz Norseman Gold Project.

The project has granted mining leases, sealed road access and existing infrastructure, while Westgold Resources ((WGX)) is a 19.9% strategic investor.

The broker highlights significant exploration upside, with a fully funded 50,000m multi-rig drilling campaign underway, representing the first systematic exploration program across the project in more than 25 years.

Recent drilling confirmed mineralisation extending beyond the current Resource at both Mt Henry and Selene. At Mt Henry, assays including 21.4m at 1.6g/t Au and 9.5m at 3.5g/t Au extended mineralisation around 75m down plunge.

At Selene, step-out drilling returned broad intercepts including 28.6m at 2g/t Au and extended the system by around 100m down plunge.

The broker notes Selene is the project’s largest unmined deposit, with mineralisation extending across 1.3km of strike and widths of up to 40m, supporting potential bulk-tonnage open-pit expansion.

Regional drilling also returned high-grade results outside the existing Resource, including 10m at 88.2g/t Au and 13m at 13.3g/t Au, reinforcing the district-scale exploration potential across the broader 16km corridor.

Canaccord assumes the current resource grows to around 2Moz and models a 3.5Mtpa operation producing 112koz at AISC of $3,004/oz over a seven-year mine life. Nameplate production is expected from early 2031, with pre-production capex estimated at -$400m.

The developer has entered earn-out agreements for its Swedish assets through two transactions. Separately, the company agreed to acquire around 90km² of exploration licences adjacent to Mt Henry, expanding the project footprint to around 150km².

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