Polarean Imaging PLC (AIM:POLX, OTC:PLLWF) told investors it beat its revenue target for 2024, driven by the funding and strengthening undertaken during the year.
The company said it will report revenue of $3 million to $3.1 million for 2024, surpassing its previous guidance and more than tripling the $891,000 revenue reported in 2023.
"The financing we completed in June 2024 was key for Polarean in the early phase of our commercialisation strategy, allowing us to attract some top sales and medical talent and execute on further key aspects of our five-pillar commercial strategy,” chief executive Christopher von Jako said in a statement.
"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.”
Polarean noted that it now has 22 Xenon MRI platform customers, with seven clinical hyperpolariser systems delivered or pending, an increase of four over the prior year.
Sales of proprietary Xenon gas blend cylinders and other consumables grew by more than 50% year-on-year, reflecting increased adoption of its technology.
Polarean also made its first move outside the US, signing a distribution agreement with Sumtage in Taiwan. The agreement is the company’s first step toward international expansion, pending regulatory approvals.
"Alongside the strategic progress the company has made, including our recent entry into the APAC region evidenced by the recently announced Taiwanese partnership, Polarean is well positioned for 2025 and to demonstrate further commercial progress in advancing our Xenon MRI platform,” von Jako added.
Polarean ended the year with $12 million of cash and highlighted it has a cash runway through to the first quarter of 2026.
Encouraged by the positive trading update, Stifel repeated a ‘buy’ recommendation, and an 8p price target (versus the current price of 1.3p)
“We are encouraged by the successful delivery on the operational and financial targets for FY24, which should in turn support increasing confidence in Polarean meeting its key milestones in FY25,” the stockbroker’s analysts said in a note after the update.