Polarean Imaging PLC (AIM:POLX, OTC:PLLWF) reaffirmed its full-year revenue guidance on Thursday, saying it expects to deliver between $5 million and $6 million in 2025, despite sector-wide funding pressures in its core US market.
The company pointed to a strong order backlog, growing clinical demand and an expanded commercial team as reasons for confidence in second-half sales momentum.
Sales of its proprietary Xenon gas blend and consumables increased by more than 50%, reflecting a growing number of clinical scans and new site installations.
Polarean, which provides a next-generation MRI platform for lung imaging, has made strategic progress in recent months, signing partnerships with SimonMed Imaging and VIDA Diagnostics and securing a distribution agreement in Taiwan.
It is also preparing for a major paediatric label expansion for its XENOVIEW product, expected in the second half of 2025, which could significantly broaden its addressable market.
While capital spending by US academic centres has slowed due to changes in NIH grant funding, Polarean said it expects revenues to be weighted towards the second half of the year.
CEO Christopher von Jako said: "While the current funding environment for our academic customers presents near-term challenges, I am encouraged by the momentum we are seeing across our commercial, clinical, and strategic initiatives.
"We have assembled a strong sales team, expanded our footprint through key collaborations, and continue to strengthen our foundation for long-term growth."
The update came alongside full-year results for 2024, with revenue rising to $3.1 million from $891,000 the year before, which was ahead of the company’s previous forecast. Net cash stood at $12.1 million at year-end, while it made a loss of $8.5 million.