Imricor Medical Systems, Inc. · ASX:IMR
Imricor Medical Systems — FY2020 Earnings Presentation
41 slides from Imricor Medical Systems's earnings presentation, Feb 25, 2021
Slide 1: FY20 Investor Presentation
For personal use only FY20 Investor Presentation February 2021
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 Co-Founder of • Ms Milbrandt has served as the Company’s Chief Financial Imricor Officer since 2007, initially on a contract basis and since May • Mr Wedan ha
Slide 4: Agenda
Agenda For personal use only Key Achievements 5 Lab Roll Out Update 6 Business Update 10 Market Opportunity 16 Financial Performance 25 Outlook 30 Appendices 32 4 Imricor FY20 Investor Presentation, February 2021
Slide 5: Key achievements in 2020
Key achievements in 2020 CE mark approval Successful 9 sites For personal use only received commercial launch contracted1 enabling the sale of Imricor’s at Heart Centre Dresden also with a growing pipeline of products in the European Union providing training to future sites new sites Sales agreement
Slide 6: Lab roll out update
Lab roll out update For personal use only 6 Imricor FY20 Investor Presentation, February 2021
Slide 7: COVID situation in key target geographies
COVID situation in key target geographies Daily cases (7 day average) to 15 Feb 2021 For personal use only 30,000 Munster University purchase • Second COVID-19 wave in Europe was worse than agreement signed expected followed by an unanticipated third wave across 25,000 The Netherlands & Switzerland
Slide 8: COVID impacts in the second half of 2020
COVID impacts in the second half of 2020 For personal use only • Due to hospital closures associated with strict COVID-19 containment measures implemented across key target geographies of Germany and The Netherlands, Imricor experienced delays in signing agreements with new clinical sites in the las
Slide 9: Future acceleration in lab rollout plans underpinned by strong pipeline
Future acceleration in lab rollout plans underpinned by strong pipeline Nine clinical sites now contracted across Germany, The Netherlands & France • Dresden Heart Centre, Germany, a training Centre of Excellence; For personal use only 9 sites with • Haga Hospital, The Netherlands; agreements to • A
Slide 10: Business Update
Business Update For personal use only 10 Imricor FY20 Investor Presentation, February 2021
Slide 11: 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 2020, Imricor maintained clear For personal use only focus on progressing initiatives across the business to support future growth ! Launched online training and education semi
Slide 12: Partnering to drive growth in clinical sites
Partnering to drive growth in clinical sites Imricor entered into a number of agreements in 2020 that promote future iCMR lab adoption For personal use only • A worldwide leading • Largest Group Purchasing • Leading provider of innovative • Leading German producer of manufacturer of MRI Organisation
Slide 13: 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 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 with Active Cathe
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 with 27 new hires in 2020 to For personal use only support commercialisation and growth strategies, including hires from high calibre organisations within the
Slide 16: Market opportunity
Market opportunity For personal use only 16 Imricor FY20 Investor PresentaSon, February 2021
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: Core strategies to drive future growth
Core strategies to drive future growth Imricor’s strategy is focused on the two drivers that are key to revenue growth – the number of iCMR labs and the number of procedures performed using Imricor’s consumables in each lab For personal use only Go to market strategies Geographic expansion Expanded
Slide 20: Sales and marketing strategy
Sales and marketing strategy Imricor’s sales and 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 collabora
Slide 21: A phased approach to geographic expansion
A phased approach to geographic expansion Netherlands Germany Clinical sites established at Haga For personal use only Hospital, Amsterdam UMC and Five clinical sites with signed purchase Maastricht University Medical Centre agreements across Germany Imricor products included in Sana GPO approved ca
Slide 22: Driving growth through expanding indications
Driving growth through expanding indications Priority target is Ventricular Tachycardia (VT) driven by growing procedure rates and high value of iCMR for VT For personal use only 1 Ventricular Tachycardia • Ablation in the left and right ventricles • Often uses transseptal puncture kit (in Imricor p
Slide 23: 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 and regulatory • Prototype phase strategy well advanced • Regulatory strategy being • Scaled down second-generation developed
Slide 24: First potential product line expansion beyond cardiac ablation
First potential product line expansion beyond cardiac ablation For personal use only Myocardial Biopsy System • In September 2020, the US National Institutes of Health (NIH) awarded Imricor with a contract to develop an MRI compatible myocardial biopsy system • Under the agreement Imricor will recei
Slide 25: Financial Performance
Financial Performance For personal use only 25 Imricor FY20 Investor Presentation, February 2021
Slide 26: Profit and loss
Profit and loss For personal use only US$’000 FY19 FY20 Commentary Revenue 640 702 • Operational expenses increased in 2020 due primarily to additional Operational expenses (3,496) (6,833) staffing ($1,950k), D&O insurance ($538k) and public company costs ($465k) R&D expenses (3,434) (5,297) • R&D e
Slide 27: Cashflow
Cashflow US$’000 FY19 FY20 Commentary For personal use only Net loss (13,294) (12,446) • Other non-cash adjustments are primarily related to deprecation Convertible note related expenses 6,684 - and stock-related compensation expense Other non-cash adjustments 548 1,548 • Net operating cash outflows
Slide 28: Balance sheet
Balance sheet US$’000 (31 December) Dec-19 Dec-20 Commentary For personal use only Cash and cash equivalents 5,049 25,140 Accounts receivable 256 223 • Current assets: Year over year increase due to proceeds from its Inventory 1,221 3,070 February and November placement and December Security Other c
Slide 29: Initiatives to support future growth and drive financial performance
Initiatives to support future growth and drive financial performance For personal use only Support margin improvements • Support the continued increase in manufacturing yields and reduced cycle times • Support development and process improvements for ablation catheter, new diagnostic catheter and ca
Slide 30: Outlook
Outlook For personal use only 30 Imricor FY20 Investor Presentation, February 2021
Slide 31: Our focus for the year ahead
Our focus for the year ahead Imricor’s focus for 2021 is on accelerating its product launch throughout the EU while pursuing For personal use only growth opportunities that position the company strongly in the coming years Commercialisation • Continued lab roll out with focus on acceleration in the
Slide 32: Q&A
Q&A For personal use only 32 Imricor FY20 Investor Presentation, February 2021
Slide 33: Appendices
Appendices For personal use only 33 Imricor FY20 Investor Presentation, February 2021
Slide 34: An overview of Imricor
An overview of Imricor For personal use only Founder-led business with deep The world’s first commercially available med-tech experience management MRI compatible catheter ablation devices team Large addressable market, Strong IP portfolio and growing to over $4bn1 by patent protection 2022, with fa
Slide 35: Heart arrythmias and conventional treatment options
Heart arrythmias and conventional treatment options In the absence of MRI-compatible catheter ablation devices, physicians have been unable to take advantage of the potential benefits related to MRI guided ablation procedures for treating arrhythmias For personal use only Arrhythmias Conventional Tr
Slide 36: The problems we are trying to solve through MRI guided ablation procedures
The problems we are trying to solve through MRI guided ablation procedures only Procedure Procedure Visualisation Cost Safety effectiveness time use Existing Challenges • X-ray imaging provides • Inability to determine • Repeat procedures can • Conventional 3D mapping • Patient and doctor poor heart
Slide 37: 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 Other (One-off sale) (Ongoing s
Slide 38: 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 39: 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 40: 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 41: 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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