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Imricor Medical Systems, Inc. Shs Chess Depository Interests Repr 1 Sh (AU:IMR)
ASX:IMR
Australian Market

Imricor Medical Systems, Inc. Shs Chess Depository Interests Repr 1 Sh (IMR) AI Stock Analysis

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AU:IMR

Imricor Medical Systems, Inc. Shs Chess Depository Interests Repr 1 Sh

(Sydney:IMR)

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Neutral 49 (OpenAI - 5.2)
Rating:49Neutral
Price Target:
AU$2.00
▲(21.95% Upside)
The score is held down primarily by weak financial fundamentals: persistent severe losses, negative equity indicating solvency risk, and ongoing cash burn. Technicals provide partial support with a clear uptrend and positive momentum, but valuation remains challenged due to negative earnings and no stated dividend yield.
Positive Factors
Revenue growth trend
Consistent revenue expansion over multiple years signals commercial traction for Imricor’s MRI-guided electrophysiology products. A growing top line provides a foundation to scale clinical adoption, support recurring consumable sales, and absorb fixed costs if margins improve over time.
Recurring consumables revenue model
A consumables-led revenue stream tied to procedures creates durable, recurring revenue potential once hospital adoption occurs. This model encourages repeat purchases, increases customer lifetime value, and lends predictable annuity-like income as procedures scale across installed sites.
Niche MRI-guided product differentiation
Imricor’s focus on MR-conditional EP catheters targets a specialized, higher-barrier segment of image-guided cardiac ablation. Technology differentiation and regulatory/device compatibility requirements can create defensible market positioning and higher switching costs for customers over the long term.
Negative Factors
Severe negative margins
Deep and persistent negative gross and net margins indicate structural unit-economics problems: revenue does not cover direct costs. This undermines free cash generation, requires corrective pricing or cost redesign, and makes sustainable scaling unlikely without fundamental operational changes.
Negative shareholders' equity
Negative equity reflects liabilities exceeding assets and signals solvency stress. It constrains access to non-dilutive funding, weakens creditor confidence, and increases the probability of dilutive capital raises or restricted financing terms, limiting strategic flexibility over months ahead.
Sustained cash burn and negative free cash flow
Large and ongoing operating cash deficits force reliance on financing inflows to fund operations. Persistent cash burn shortens runway for commercialization and R&D, pressures management to seek dilutive capital or curtail investments, and raises execution risk during scaling.

Imricor Medical Systems, Inc. Shs Chess Depository Interests Repr 1 Sh (IMR) vs. iShares MSCI Australia ETF (EWA)

Imricor Medical Systems, Inc. Shs Chess Depository Interests Repr 1 Sh Business Overview & Revenue Model

Company DescriptionImricor Medical Systems, Inc., a medical device company, designs, manufactures, sells, and distributes magnetic resonance imaging (MRI) compatible products for cardiac catheter ablation procedures in the United States. The company's principal products include the Advantage-MR EP Recorder/Stimulator system, an EP recording system and integrated cardiac stimulator; Vision-MR Ablation Catheter, which is used as an indication for treating type I atrial flutter; and Vision-MR Dispersive Electrode that is used to minimize eddy currents induced on the conductive pads during MR scanning. It also performs contract research, as well as licenses its intellectual property for use in implantable devices. Imricor Medical Systems, Inc. was incorporated in 2006 and is headquartered in Burnsville, Minnesota.
How the Company Makes MoneyImricor generates revenue primarily through the sale of its MRI-compatible medical devices and related software solutions. The company operates a business model that includes direct sales to hospitals and clinics, as well as partnerships with medical device distributors and healthcare providers. Key revenue streams include the sale of its catheter systems, which are used in electrophysiological studies and ablation procedures, and recurring revenue from software licensing and servicing agreements. Additionally, strategic partnerships with healthcare organizations and research institutions help to expand its market reach and enhance its product offerings, contributing to its overall earnings.

Imricor Medical Systems, Inc. Shs Chess Depository Interests Repr 1 Sh Financial Statement Overview

Summary
Revenue has grown (from $639,704 in 2019 to $959,424 in 2024), but profitability is extremely weak with persistently negative gross margin (2024: -96.32%) and very large net losses (2024 net margin: -3094.85%). The balance sheet is a major risk with negative equity (-$7,377,033 in 2024) and liabilities exceeding assets, and cash flow remains heavily negative with significant cash burn (2024 FCF: -$15,651,886) despite reliance on financing inflows.
Income Statement
35
Negative
Imricor Medical Systems has shown consistent revenue growth, increasing from $639,704 in 2019 to $959,424 in 2024. However, the company has been struggling with negative gross and net profit margins. The gross profit margin has been negative each year, with the most recent year at -96.32%, and the net profit margin has consistently been deeply negative, reaching -3094.85% in 2024. This indicates significant challenges in profitability and cost management. EBIT and EBITDA margins are also negative, reflecting operational inefficiencies.
Balance Sheet
20
Very Negative
The company's balance sheet shows a worrisome trend with negative stockholders' equity of -$7,377,033 in 2024, indicating potential solvency risks. The debt-to-equity ratio is not meaningful due to negative equity, and while the total assets have increased over time, the leverage is high with total liabilities surpassing total assets. The equity ratio is also negative due to negative equity, highlighting financial instability.
Cash Flow
30
Negative
Imricor's cash flow situation is concerning, with a continuous negative operating cash flow and free cash flow, indicating cash burn. The free cash flow has been negative, reaching -$15,651,886 in 2024. Despite a positive financing cash flow from capital raises, the operating cash flow to net income ratio is negative, suggesting operating inefficiencies and challenges in generating cash from core operations.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue650.11K959.42K615.57K816.01K696.27K702.16K
Gross Profit-691.43K-924.12K-1.12M-1.53M-1.90M-397.67K
EBITDA-13.23M-15.55M-21.87M-16.47M-19.57M-11.43M
Net Income-29.41M-29.69M-22.63M-17.53M-20.56M-13.08M
Balance Sheet
Total Assets55.57M21.62M8.31M13.70M26.86M33.57M
Cash, Cash Equivalents and Short-Term Investments50.34M15.71M831.52K5.69M18.52M25.14M
Total Debt24.81M21.35M10.42M4.45M1.74M1.39M
Total Liabilities32.49M29.00M17.06M6.19M4.46M4.75M
Stockholders Equity23.08M-7.38M-12.83M7.51M22.40M28.82M
Cash Flow
Free Cash Flow-12.27M-15.65M-13.06M-17.06M-18.11M-12.97M
Operating Cash Flow-12.12M-15.57M-12.98M-16.82M-17.49M-12.23M
Investing Cash Flow-157.60K-74.98K-82.78K-238.86K-695.30K-774.03K
Financing Cash Flow32.21M30.33M8.21M3.94M11.59M33.02M

Imricor Medical Systems, Inc. Shs Chess Depository Interests Repr 1 Sh Technical Analysis

Technical Analysis Sentiment
Positive
Last Price1.64
Price Trends
50DMA
1.58
Positive
100DMA
1.52
Positive
200DMA
1.50
Positive
Market Momentum
MACD
0.13
Negative
RSI
62.94
Neutral
STOCH
37.08
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:IMR, the sentiment is Positive. The current price of 1.64 is below the 20-day moving average (MA) of 1.82, above the 50-day MA of 1.58, and above the 200-day MA of 1.50, indicating a bullish trend. The MACD of 0.13 indicates Negative momentum. The RSI at 62.94 is Neutral, neither overbought nor oversold. The STOCH value of 37.08 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:IMR.

Imricor Medical Systems, Inc. Shs Chess Depository Interests Repr 1 Sh Peers Comparison

Overall Rating
UnderperformOutperform
Sector (51)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
51
Neutral
$7.86B-0.30-43.30%2.27%22.53%-2.21%
49
Neutral
AU$634.48M-9.17-432.03%-8.99%-18.16%
47
Neutral
$46.89M-2.00-74.00%23.31%-17.35%
46
Neutral
AU$130.03M-9.69-31.98%34.20%-23.90%
44
Neutral
AU$164.50M-15.43-70.55%-257.32%
43
Neutral
AU$46.02M-8.27-513.22%-34.06%75.47%
41
Neutral
AU$63.89M-3.89-128.19%-14.25%-22.83%
* Healthcare Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
AU:IMR
Imricor Medical Systems, Inc. Shs Chess Depository Interests Repr 1 Sh
1.98
0.68
51.72%
AU:IPD
Impedimed Limited
0.02
-0.03
-55.77%
AU:HMD
HeraMED Ltd.
0.04
0.03
152.94%
AU:CYC
Cyclopharm Limited
1.17
-1.08
-48.00%
AU:MX1
Micro-X Ltd.
0.09
<0.01
10.00%
AU:EMV
EMvision Medical Devices Ltd.
1.77
-0.04
-2.21%

Imricor Medical Systems, Inc. Shs Chess Depository Interests Repr 1 Sh Corporate Events

Imricor Wins Landmark FDA Clearance for MRI-Native NorthStar Mapping System
Jan 28, 2026

Imricor Medical Systems has secured U.S. FDA 510(k) clearance for its NorthStar Mapping System, the first and only MRI-native 3D mapping and guidance platform to receive such approval, marking its first capital equipment and software-centric product cleared in the U.S. market. The clearance allows commercial launch of NorthStar in the world’s largest electrophysiology market and positions the system as the foundational software hub for interventional cardiac MRI labs, underpinning Imricor’s full MRI-guided electrophysiology platform and opening a new, AI-enabled software era for the company with substantial implications for future product expansion and market growth.

The most recent analyst rating on (AU:IMR) stock is a Hold with a A$2.00 price target. To see the full list of analyst forecasts on Imricor Medical Systems, Inc. Shs Chess Depository Interests Repr 1 Sh stock, see the AU:IMR Stock Forecast page.

Imricor Advances MRI-Guided Cardiac Ablation Platform Amid Clinical Milestones and Cash Burn
Jan 27, 2026

Imricor Medical Systems reported its fourth-quarter 2025 activities, highlighting a series of clinical and technological milestones that advance real-time MRI-guided cardiac ablation toward broader global adoption. The company announced the world’s first ischemic ventricular tachycardia ablation and the first preclinical pulsed field ablation in the ventricle under real-time MRI guidance, expansion of its VISABL-AFL and VISABL-VT clinical trial programs with new U.S. and European hospital sites, and completed integration of its NorthStar system with Philips scanners, paving the way for site conversions in Europe and the Middle East while continuing integration work with General Electric ahead of a U.S. launch. Commercial momentum included a strengthened board with a former Johnson & Johnson MedTech executive, growing pipeline exceeding 40 sites, new iCMR lab construction and strong physician interest in Saudi Arabia, and heightened public visibility via television coverage. Financially, Imricor recorded operating cash outflows of US$5.2 million and minimal customer receipts in the quarter, reflecting the temporary revenue impact of enrolling hospitals in non-revenue-generating clinical trials, while ending 2025 with US$19.5 million in cash and US$21.3 million in short-term investments, positioning the company to fund its regulatory, clinical, and commercial execution as it seeks to solidify its role in redefining complex arrhythmia treatment without reliance on x-ray.

The most recent analyst rating on (AU:IMR) stock is a Hold with a A$2.00 price target. To see the full list of analyst forecasts on Imricor Medical Systems, Inc. Shs Chess Depository Interests Repr 1 Sh stock, see the AU:IMR Stock Forecast page.

Imricor Adds Virginia Commonwealth University as Third U.S. Site in VISABL-AFL Trial
Jan 20, 2026

Imricor Medical Systems has secured Institutional Review Board approval for Virginia Commonwealth University Health to join its VISABL-AFL clinical trial, making VCU Health the third U.S. site participating in the study supporting U.S. FDA approval of Imricor’s cardiac ablation products. With budgeting, installation and training expected to conclude in February and procedures slated to begin in March under Principal Investigator Dr Ajay Pillai, the addition of a large, nationally ranked academic health system underscores growing clinical interest in Imricor’s MRI‑guided NorthStar mapping system and Vision-MR mapping and ablation catheters, and marks a further step in advancing its U.S. regulatory and commercial positioning in cardiac ablation.

The most recent analyst rating on (AU:IMR) stock is a Hold with a A$2.00 price target. To see the full list of analyst forecasts on Imricor Medical Systems, Inc. Shs Chess Depository Interests Repr 1 Sh stock, see the AU:IMR Stock Forecast page.

Imricor Options Lapse, Slightly Simplifying Capital Structure
Jan 14, 2026

Imricor Medical Systems Inc., an ASX-listed medical technology company focused on cardiac-related products, maintains its issued capital structure through various classes of securities, including options listed under the code IMRAJ. The company has notified the market that 52,500 IMRAJ options, which were subject to various exercise prices and expiry dates, have lapsed effective 1 January 2026 because the conditions for exercising these rights were not met or had become incapable of being satisfied, resulting in a modest reduction in potential future dilution for existing shareholders and a slight simplification of the company’s capital structure.

The most recent analyst rating on (AU:IMR) stock is a Hold with a A$2.00 price target. To see the full list of analyst forecasts on Imricor Medical Systems, Inc. Shs Chess Depository Interests Repr 1 Sh stock, see the AU:IMR Stock Forecast page.

Imricor Issues 155,000 Unquoted Options Under Employee Incentive Plan
Jan 12, 2026

Imricor Medical Systems has notified the market of the issue of 155,000 unquoted options under its employee incentive scheme, with various exercise prices and expiry dates, effective 1 January 2026. The new options, which will not be quoted on the ASX, form part of the company’s broader strategy to align staff incentives with shareholder interests and support retention and motivation of key employees as it advances its medical technology portfolio.

The most recent analyst rating on (AU:IMR) stock is a Buy with a A$2.22 price target. To see the full list of analyst forecasts on Imricor Medical Systems, Inc. Shs Chess Depository Interests Repr 1 Sh stock, see the AU:IMR Stock Forecast page.

Imricor Wins First FDA Clearance, Opening US Market for MRI-Guided EP Catheter
Jan 11, 2026

Imricor Medical Systems has received its first-ever clearance from the US Food and Drug Administration for the Vision-MR Diagnostic Catheter, an MRI-guided electrophysiology device that forms a key element of its MRI-compatible EP platform. The 510(k) clearance allows Imricor to begin commercially marketing the catheter in the United States, the world’s largest electrophysiology market, marking a significant milestone in its US market entry and setting the stage for additional regulatory clearances as the company rolls out its full MRI-guided EP portfolio, with potentially meaningful implications for its growth trajectory and competitive positioning in advanced cardiac ablation technologies.

The most recent analyst rating on (AU:IMR) stock is a Buy with a A$2.22 price target. To see the full list of analyst forecasts on Imricor Medical Systems, Inc. Shs Chess Depository Interests Repr 1 Sh stock, see the AU:IMR Stock Forecast page.

Imricor Adds Charité as Second Global Site for VISABL-VT MRI-Guided Ablation Trial
Dec 19, 2025

Imricor Medical Systems has announced that Charité University Hospital in Berlin, one of the world’s leading hospitals, will become the second site globally to join the company’s VISABL-VT clinical trial, which is aimed at advancing real-time MRI-guided ablation for ventricular tachycardia. Following software upgrades to Charité’s Philips MRI system to integrate Imricor’s NorthStar mapping platform and the removal of now-commercial CE-marked Imricor devices from the investigational study framework, the trial protocol has been simplified, and Charité’s electrophysiology team plans to begin commercial atrial flutter ablations in the MRI lab from the first quarter of 2026, underscoring Imricor’s strengthening clinical footprint and its strategic collaboration with Philips in MRI-guided electrophysiology.

The most recent analyst rating on (AU:IMR) stock is a Buy with a A$2.22 price target. To see the full list of analyst forecasts on Imricor Medical Systems, Inc. Shs Chess Depository Interests Repr 1 Sh stock, see the AU:IMR Stock Forecast page.

Imricor Expands VISABL-AFL Clinical Trial to UVA Health
Dec 14, 2025

Imricor Medical Systems has announced that the University of Virginia Health Medical Center will become the second US site for its VISABL-AFL clinical trial, following IRB approval. This development marks a significant step in Imricor’s efforts to enhance MRI-guided electrophysiology ablations, with procedures expected to begin in February. The expansion to UVA Health is part of a broader strategy to ensure timely enrolment and FDA processes, positioning Imricor to strengthen its market presence and impact in the field of interventional cardiology.

The most recent analyst rating on (AU:IMR) stock is a Buy with a A$2.22 price target. To see the full list of analyst forecasts on Imricor Medical Systems, Inc. Shs Chess Depository Interests Repr 1 Sh stock, see the AU:IMR Stock Forecast page.

Imricor Achieves Milestone with First MRI-Guided VT Ablation
Nov 3, 2025

Imricor Medical Systems, Inc. announced a significant milestone in the field of MRI-guided electrophysiology with the successful completion of the first ischemic ventricular tachycardia (VT) ablation performed entirely under real-time MRI guidance. This groundbreaking procedure, conducted at Amsterdam University Medical Centre, marks a critical advancement in treating complex arrhythmias and demonstrates the potential for safer and more effective ablations, even in high-risk patients with implantable cardioverter defibrillators. The achievement is expected to drive increased demand for Imricor’s technology and accelerate its adoption across Europe, as additional sites are set to join the VISABL-VT clinical trial.

The most recent analyst rating on (AU:IMR) stock is a Hold with a A$1.50 price target. To see the full list of analyst forecasts on Imricor Medical Systems, Inc. Shs Chess Depository Interests Repr 1 Sh stock, see the AU:IMR Stock Forecast page.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Jan 30, 2026