Polarean Imaging PLC (AIM:POLX, OTC:PLLWF), a specialist in MRI imaging of the lungs, said it is raising its revenue guidance for the year to $2.5 million to $3 million after a strong first half.
It posted sales of $1.1 million in the six months ended June 30, up from $100,000 in the same period last year.
"The revenue is tangible proof that our five-pillar growth strategy to revolutionise pulmonary medicine is starting to produce results," said CEO Christopher von Jako.
During the period, the imaging group, which is now rolling out its Xenon MRI hyperpolariser system commercially, raised $12.6m, with significant help from existing investors.
It meant that as of June 30, it had $15.2 million in the bank - giving it a financial runway out to the first quarter of 2026.
"We are very pleased with the results for the first half of 2024," said CEO von Jako.
As is common with companies in the commercial ramp-up phase, Polarean was loss-making, though the deficit decreased $3.4 million year on year to $4 million.