Imricor Medical Systems, Inc. · ASX:IMR
Imricor Medical Systems — H1 2020 Earnings Presentation
39 slides from Imricor Medical Systems's earnings presentation, Aug 25, 2020
Slide 1: HY20 Investor Presentation
For personal use only HY20 Investor Presentation August 2020
Slide 2: Disclaimer
Disclaimer The material contained in this presentation is intended to be general background information on Imricor Medical Systems Inc (“Imricor”) and its activities. For personal use only The information is supplied in summary form and is therefore not necessarily complete. It is not intended that
Slide 3: Presenters
Presenters For personal use only Steve Wedan Lori Milbrandt Chair & CEO Chief Financial Officer • Mr Wedan is the Chief Executive Officer and • Ms Milbrandt is the Chief Financial Officer of Co-Founder of Imricor Imricor • Mr Wedan has over 30 years of medical devices • Prior to joining Imricor, Ms
Slide 4: Agenda
Agenda For personal use only Key Achievements 5 COVID Impacts 6 Business Update 9 Market Opportunity 16 Financial Performance 25 Outlook 30 Appendices 32 4 Imricor HY20 Investor Presentation, August 2020
Slide 5: Key achievements in 2020
Key achievements in 2020 CE mark approval Successful 3 sites For personal use only received commercial launch operational1 2 enabling the sale of Imricor’s at Heart Centre Dresden also with a further 19 sites well products in the European Union providing training to future sites progressed supportin
Slide 6: COVID impacts in 2020
COVID impacts in 2020 Impact on lab roll out plans For personal use only • Initial stalling of commercialisation plans due to hospital restrictions on outside personnel and postponement of most elective procedures • Training and installation team established in Europe supported by two teams based in
Slide 7: Maintaining a strong focus on growth drivers through COVID
Maintaining a strong focus on growth drivers through COVID Despite the COVID-19 pandemic stalling lab roll out plans during the second quarter of 2020, Imricor For personal use only maintained clear focus on progressing initiatives across the business to support future growth ✓ Launched online train
Slide 8: COVID situation in key target geographies
COVID situation in key target geographies • Phase 1 of Imricor’s commercialisation plans focus on lab adoption across Germany, The Netherlands, Switzerland and Austria For personal use only • Sites with near term establishment plans are concentrated in Germany, where hospital restrictions have lifte
Slide 9: Business Update
Business Update For personal use only 9 Imricor HY20 Investor Presentation, August 2020
Slide 10: Future acceleration in lab rollout plans underpinned by strong pipeline
Future acceleration in lab rollout plans underpinned by strong pipeline • Dresden: Commenced routine procedures in January 2020, training Centre of Excellence For personal use only 3 sites • Haga: Commenced routine procedures in June 2020 operational • UMC Ams: Commenced routine procedures in June 2
Slide 11: Partnering to drive growth in clinical sites
Partnering to drive growth in clinical sites Imricor has entered into a number of agreements that promote future iCMR lab adoption For personal use only • A worldwide leading manufacturer • Largest Group Purchasing • Leading provider of innovative of MRI equipment Organisation in Germany, with 600 o
Slide 12: Pipeline growth supported by early clinical success
Pipeline growth supported by early clinical success Early clinical success and excellent physician feedback is driving growing interest in Imricor’s products and the opportunity to establish a new standard of care in the treatment of heart arrythmias, with particular focus on For personal use only e
Slide 13: Lab adoption plans supported by success of Active Catheter Imaging
Lab adoption plans supported by success of Active Catheter Imaging Active Catheter Imaging1 helps accelerate adoption for atrial flutter procedures, however third-party For personal use only active tracking and mapping software systems remains important for future indications Vision-MR Ablation Acti
Slide 14: Status of 3rd party active tracking and mapping systems
Status of 3rd party active tracking and mapping systems While yet to achieve CE mark approval, the availability of the Philips and Siemens active tracking and For personal use only mapping systems is not a constraining factor on lab growth or the commencement of new clinical trials iSuite “Monte Car
Slide 15: Continued investment in business capability and capacity to deliver growth
Continued investment in business capability and capacity to deliver growth Workforce growth continues to expand capability across the company to support commercialisation and For personal use only growth strategies, including hires from high calibre organisations within the med-tech sector New hires
Slide 16: Market opportunity
Market opportunity For personal use only 16 Imricor HY20 Investor Presentation, August 2020
Slide 17: A strong and growing market in cardiac ablation
A strong and growing market in cardiac ablation A large global addressable market with high growth potential supported by favourable growth drivers For personal use only Drivers of Global Catheter Ablation Market EU and US Cardiac Ablation Market Catheter Sales (USD M) • Increased incidence of cardi
Slide 18: Catheter Volume and Ablation Procedures Types
Catheter Volume and Ablation Procedures Types For personal use only Catheter Volume Breakdown of Ablation Procedures Catheter Volume (‘000 Units) Ablation Procedure Types EU 2019 5000 Ventricular 4500 Tachycardia C AG R AP/Wolff- 8% 4000 7.14% Parkinson-White 3500 9% Atrial 3000 Fibrillation 2500 At
Slide 19: Key drivers of Imricor's growth
Key drivers of Imricor’s growth Imricor’s strategy is focused on the two drivers that are key to revenue growth – the number of iCMR labs For personal use only and the number of procedures performed using Imricor’s consumables in each lab Capital Equipment Consumables Core Revenue (One-off sale) (On
Slide 20: A phased approach to geographic expansion
A phased approach to geographic expansion Netherlands Germany • Clinical sites established at For personal use only Haga Hospital and • Clinical site established at Dresden Heart Amsterdam UMC Centre • An additional 5 sites in the near-term pipeline • Imricor products included in Sana GPO approved c
Slide 21: Driving growth through expanding indications
Driving growth through expanding indications First Indication – Type 1 Atrial Flutter (CE mark approval achieved) For personal use only • Ablation in the right atrium Expanded Indication – PVCs • Ablation in the (mostly) right ventricle Expanded Indication – Ventricular Tachycardia • Ablation in the
Slide 22: Developing product lines to support expanded indications & margin improvement
Developing product lines to support expanded indications & margin improvement Steerable Sheath and Diagnostic Catheter For personal use only Transseptal Needle • Development well advanced • Prototype phase • Scaled down Vision-MR ablation • Regulatory strategy being catheter aimed at faster develope
Slide 23: Sales and marketing strategy
Sales and marketing strategy Imricor’s marketing strategy is designed to specifically address the two key drivers of revenue growth, the number of iCMR labs and the number of procedures performed with Imricor’s consumables in each lab For personal use only Driving lab adoption in collaboration with
Slide 24: Supporting market awareness and education
Supporting market awareness and education Experience the Future of Cardiac Ablation For personal use only Dr. Thomas Gaspar and Dr. Stefan Ulbrich from the Dresden Heart Centre discuss their successes performing cardiac ablation utilising real-time MR imaging https://www.youtube.com/watch?v=qjXiMWuu
Slide 25: Financial Performance
Financial Performance For personal use only 25 Imricor HY20 Investor Presentation, August 2020
Slide 26: Profit and loss
Profit and loss For personal use only US$’000 HY19 HY20 Commentary Revenue 55 277 • HY19 revenue derived from contract revenue Operational expenses (1,279) (3,100) • Expenses, including R&D, increased in HY20 due primarily to R&D expenses (1,728) (2,290) additional staffing ($1,543k) and public comp
Slide 27: Cashflow
Cashflow US$’000 HY19 HY20 Commentary For personal use only Net loss (5,050) (5,798) • Net operating cash outflows increased $2.7 million on the prior Convertible note related expenses 1,920 - comparative period due primarily to additional staffing, public company costs and building inventory Other
Slide 28: Balance sheet
Balance sheet Dec-19 Commentary US$’000 (31 December) Dec-19 Jun-20 Pro-forma1 For personal use only Cash and cash equivalents 5,049 17,702 11,425 Accounts receivable 256 256 72 • Current assets: Significant increase in inventory build in preparation Inventory 1,221 1,221 2,264 of European commercia
Slide 29: Finance key initiatives/objectives since IPO
Finance key initiatives/objectives since IPO • Support margin improvements through development and manufacturing improvements and efficiencies For personal use only • New Production Supervisor driving lower cycle times and yield improvement • Diagnostic catheter • Quadruple lot size for sterilisatio
Slide 30: Outlook
Outlook For personal use only 30 Imricor HY20 Investor Presentation, August 2020
Slide 31: Our focus for the year ahead
Our focus for the year ahead Imricor’s focus for the balance of 2020 is on continuing to execute a controlled product launch For personal use only throughout the EU while pursuing growth opportunities that position the company strongly into 2021 and onwards • Continued lab roll out with focus on acc
Slide 32: Appendices
Appendices For personal use only 32 Imricor HY20 Investor Presentation, August 2020
Slide 33: Introduction to Imricor
Introduction to Imricor Imricor is an innovative US based medical device company that has delivered the world’s first commercially viable and safe MRI-compatible devices for cardiac ablation procedures For personal use only Overview Customers • Founded in 2006, initially with IP from Johns Hopkins U
Slide 34: Imricor's value propositions
Imricor’s value propositions Imricor believes its products have the potential to successfully address unmet needs in the ablation technology currently available in the cardiac catheter ablation market and deliver value to stakeholders For personal use only Patient Doctor Payer Hospital • Higher sing
Slide 35: Key investment highlights
Key investment highlights 1 The world’s first commercially available MRI-compatible catheter ablation devices For personal use only Imricor is a pioneer in developing tools for MRI-guided cardiac ablation procedures, and believes it is the first company in the world to bring commercially viable and
Slide 36: Competitive landscape
Competitive landscape Biosense Webster For personal use only Categories Imricor / Johnson & Abbott Boston Scientific Medtronic Imricor’s Solution Johnson Ensite Precision™ Arctic Front Ablation platform name Advantage-MR Carto 3® System Rhythmia HDx™ ü Improved visualisation /NavX™ Advance™ Image gu
Slide 37: Active Catheter Imaging – combining passive Tracking and active MR tracking
Active Catheter Imaging – combining passive Tracking and active MR tracking Active MR Tracking Passive Tracking and Mapping For personal use only Active Catheter Imaging Combines Passive Tracking and Active MR Tracking to provide improved catheter visualisation without the need for 3rd party Active
Slide 38: Lab start-up comparison with and without Active Catheter Imaging on Siemens MRI
Lab start-up comparison with and without Active Catheter Imaging on Siemens MRI For personal use only Without With Active catheter imaging enables Active Catheter Imaging Active Catheter Imaging sites with an available Siemens MRI Install Advantage-MR lab and the required equipment Timeline to comme
Slide 39: Contact information
Contact information For personal use only Investors: Investors & Australian Media: Steve Wedan Carrie Barrack Executive Chair, President & CEO Cato & Clive Email: steve.wedan@imricor.com Email: carrie@catoandclive.com Rest of World Media: Nick Twohy Director of Marketing, Imricor Email: nick.twohy@I
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