Polarean Imaging Plc, a medical device company specializing in Magnetic Resonance Imaging (MRI) of lung function, announces its final results for 2024. The company reports revenue of US$3.1 million, exceeding previous guidance. Sales of their proprietary Xenon gas cylinders increased by over 50%, and they raised US$12.6 million in gross proceeds. Polarean also highlights the installation of a new Xenon MRI system and upgrades at several research centers.
The companys AGM will be held on June 9, 2025, and they provide an outlook for 2025, including plans for international expansion and addressing US macroeconomic headwinds. Polarean expects sales to be weighted towards the second half of 2025 but remains confident in achieving its revenue guidance. The CEO expresses gratitude to investors and highlights the teams dedication to improving patient lives.
The full announcement includes detailed financial statements and a chairmans statement, providing additional context on the companys progress and future plans.
| Financial Metrics | FY 2023 | FY 2024 | Change |
|---|---|---|---|
| Revenue | $890,933 | $3,089,957 | 246.9% |
| Cost of Sales | $555,450 | $1,666,667 | 201.0% |
| Gross Profit | $335,483 | $1,423,290 | 324.2% |
| Administrative Expenses | $3,337,836 | $3,102,331 | -7.1% |
| Research, Development & Regulatory Expenses | $4,194,006 | $3,440,590 | -17.9% |
| Depreciation | $208,786 | $254,993 | 22.1% |
| Amortization | $728,411 | $710,058 | -2.5% |
| Selling & Distribution Expenses | $3,562,412 | $1,950,755 | -45.2% |
| Share-Based Payment Expense | $860,195 | $713,895 | -17.0% |
| Total Operating Costs | $12,891,646 | $10,172,622 | -21.1% |
| Operating Loss | $12,556,163 | $8,749,332 | -30.3% |
| Finance Income | $298,899 | $274,838 | -8.0% |
| Finance Expense | $15,990 | $16,178 | 1.1% |
| Other Losses/Gains - Net | $388,451 | $(49,300) | -113.4% |
| Loss Before Tax | $11,884,803 | $8,539,972 | -28.1% |
| Taxation | $0 | $0 | 0.0% |
| Loss for the Year | $11,884,803 | $8,539,972 | -28.1% |
| Net Cash | $6,171,636 | $12,111,708 | 96.2% |
| Debt | FY 2023 | FY 2024 | Change |
|---|---|---|---|
| Lease Liability (Non-Current) | $74,846 | $374,265 | 400.5% |
| Trade & Other Payables (Non-Current) | $240,000 | $120,000 | -50.0% |
| Contract Liabilities (Non-Current) | $67,032 | $56,771 | -15.3% |
| Total Non-Current Debt | $381,878 | $551,036 | 44.2% |
| Lease Liability (Current) | $141,845 | $129,521 | -8.7% |
| Trade & Other Payables (Current) | $1,831,587 | $2,702,879 | 47.5% |
| Contract Liabilities (Current) | $228,878 | $266,265 | 16.3% |
| Total Current Debt | $2,202,310 | $3,098,665 | 40.7% |
| Total Debt | $2,584,188 | $3,650,601 | 41.2% |