IMRICOR MEDICAL SYSTEMS INC (IMR)
Share Price Analysis and Chart

27/08/2025

1

Speculative Buy

$2.22

57.45%

Imricor Medical Systems announced in-line 1H2025 results, with revenue impacted by clinical trial recruitment, while expenses were well controlled according to Morgans.

The earnings losses came in above the prior year, including fair value exchange of financial instruments and a forex gain.

Commentary posits the company retains a good cash position of US$50.3m versus US$1.5m in the prior period, which represents 11 quarters of cash, assuming zero sales.

The Northstar mapping system was approved in Europe, with approval for the system submitted in the US in July and expected in 4Q2025, which the analyst views as a major milestone.

Morgans makes no changes to its earnings forecast. Speculative Buy with a $2.22 unchanged target.

FORECAST
Morgans forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -5.42 cents.
Morgans forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -0.78 cents.

08/08/2025

1

Initiation of coverage with Buy

$2.06

46.10%

Canaccord Genuity has initiated coverage of Imricor Medical Systems with a Buy rating and target price of $2.06.

The company is developing MRI-compatible cardiac ablation systems, allowing procedures to be performed in real-time under MRI guidance instead of traditional x-ray. The technology platform is called Interventional Cardiac Magnetic Resonance (iCMR).

The global market is estimated at US$12bn and the product's revenue outlook depends on site installation. The broker is forecasting 1, 8 and 15 installations driving 43, 423 and 1,371 global procedures, respectively, across FY25-27. 

By FY32, the forecast is for 190 global iCMR labs, including 100 in the US, for a revenue of US$250m. The analysis highlights forecasts are highly reliant on the pace of the ramp up.

FORECAST
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -0.15 cents.