Polarean Imaging PLC (AIM:POLX, OTC:PLLWF) has delivered a solid set of full-year numbers, and analysts at Stifel reckon it’s navigating the tough US academic funding environment as well as could be hoped.
The medical imaging specialist posted $3.1 million in revenue for 2024, more than triple the year before and just above guidance.
While orders for Q1 didn’t all land as expected, none have been cancelled, and management has stuck to its full-year revenue target of $5 to $6 million.
That suggests confidence in a second-half sales rebound, even with pressure on US academic budgets due to reduced NIH funding.
There’s also good news on the cost side. The company’s planned clinical trial for expanded gas exchange imaging will now cost $4 to $4.5 million, less than half the original estimate, thanks to constructive feedback from the US Food and Drug Administration.
That means Polarean’s cash runway now extends into the second quarter of 2026, buying it more time to grow without immediately raising funds.
With the commercial team gaining traction and the product pipeline firming up, Stifel is sticking with its 'buy' rating, pointing to stronger momentum heading into the second half of the year.
The shares were unchanged at 1.02p.