Polarean Imaging triples revenue, exceeds guidance, expands global footprint in FY24
() , a leader in advanced MRI lung imaging technology, issued a trading update for FY24 ended December 31, 2024. Polarean is best known for its proprietary Xenon MRI technology XENOVIEW, which uses hyperpolarised Xenon Xe-129 to illuminate hidden lung diseases non-invasively.
Polarean expects to see FY24 revenues of c. US$3.1m, significantly higher than FY23's figure of US$891k. The new estimate exceeds the upper end of 's previously issued revenue guidance of US$2.5-3.0m.
Polarean currently has 22 customers (up from 18 LY) and 7 sites, which have either received or pending clinical hyperpolariser systems using 's Xenon MRI technology. Polarean also reported a 50% year-on-year increase in sales of consumables, such as its Xenon gas blend cylinders.
's unaudited cash and cash eq on December 31, 2024 was US$12.1m. This cash runway should cover 's working capital needs until at least Q1 2026.
Christopher von Jako, CEO of Polarean, commenting: "With our enhanced team and clear strategy, we were able to exceed our revenue target for FY24 beyond the upper end of our increased guidance, more than tripling our revenues from 2023. Our pipeline is now building nicely, including further expected de novo sales."
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An excellent full-year trading update from Polarean, with revenues exceeding the upper end of prior guidance, driven by a significant increase in orders and geographic expansion. The 200% year-on-year increase in turnover was facilitated by growing adoption of 's proprietary Xenon MRI technology and sales of associated consumables. added 4 significant customers during the year, while existing customers ramped up MRI scanning, driving sales of polarisers and Xenon gas blend cylinders.
Polarean's success in FY24 can be partly attributed to a stronger sales team, led by recent hire Alan Huang who joined as VP of sales in Q3 2024. 's sales team is now comprised of 6 people, providing coverage across the US and driving a growing sales pipeline, as evidenced by today's numbers. A recently penned deal with SimonMed should further accelerate sales in the US. is also growing internationally, having recently signed a partnership with Taiwanese distributor Sumtage for expansion into the APAC market, and secured a key Chinese patent for Xenon MRI.
's fundraise completed in June 2024 turbocharged its early-stage commercial strategy, driving rapid sales growth in H2 2024. With a comfortable cash runway at year-end, is well-positioned for further growth. If takeup continues its current trajectory, by end of FY25, 's total installed clinical base should be 12-14 systems, with scans performing 5-6 scans/week and revenues of US$5-6m. Profitability would then be expected by FY27.
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