|COVID-19 Delays Short Term Revenue, While the Commercial Launch of IRRAflow and Hummingbird Progresses|
|By: PR Newswire Association LLC. - 30 Jun 2020||Back to overview list
STOCKHOLM, June 30, 2020 /PRNewswire/ -- IRRAS AB, a commercial stage medical technology company with a comprehensive portfolio of innovative products for neurocritical care, today provided an update on the launch of its IRRAflow® and Hummingbird ICP Monitoring product lines during the evolving global COVID-19 pandemic.
"Since early March, like many other companies around the world, covid-19 has changed IRRAS' business significantly, and our expected revenue growth during the first and second quarters of 2020 has been negatively impacted," said Kleanthis G. Xanthopoulos, Ph.D., Chief Executive Officer of IRRAS.
The New England Journal of Medicine recently analyzed data on more than 231,000 patients that were imaged for a potential stroke in the United States from July 2019 to April 2020 and estimated that imaging was down 39% from February to early April of this year. A second study published in Stroke showed a similar 40% decrease in stroke admissions between February 2019 and February 2020 in China.
"Patients with intracranial bleeding require emergent treatment, so our current customer base where IRRAflow has been previously evaluated and ordered have continued their use of the system. However, overall stroke volumes have dropped globally, and our IRRAS team's access to hospitals around the world has understandably been restricted," added Xanthopoulos. "Hospitals have also reallocated staff and patient beds in the neurosurgical intensive care unit (ICU) to focus on covid-related treatments, which has delayed the approval of new technologies. Because of these challenges, ongoing IRRAflow evaluations and new hospital launches were placed on hold for a period of time."
In the United States, IRRAflow evaluations, including those at 6 comprehensive stroke centers that were underway during Q1, were paused due to the limitations implemented during the covid-19 pandemic. Each hospital's covid-19 regulations differ, and the company's US direct sales team is working closely with the staff and physicians to prepare a strategy to restart the evaluations when possible. Because of the varying local guidelines, the IRRAS team is prioritizing opportunities in regions that have accelerated reopening and have resumed their review of new product requests. At the same time, the company has overcome the restrictions on in-person meetings with an increased use of digital marketing.
"For a growing company like IRRAS, a significant portion of our expected revenue is forecasted to come from new hospital customers, and, in the short-term, the completion of product evaluations and the resulting commercial orders have been delayed," said Will Martin, President and Chief Commercial Officer of IRRAS. "However, our IRRAS team has remained remotely engaged with our customer base, and, as hospitals return to more normal operations, our team is ready to resume our activities with these targeted customers. Even with the challenges caused by the covid-19 pandemic, we have been able to continue to make progress with the global launch of both IRRAflow and Hummingbird to better position the company for long-term growth."
The company's IRRAflow system received its CE Mark recertification in December 2019, and early launch efforts were underway in Europe before the full impact of covid-19 was felt. Now, as certain markets begin to slowly reopen, IRRAS' commercial activities can also resume.
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This information is information that IRRAS is obliged to disclose pursuant to the EU Market Abuse Regulation. The information was released for public disclosure, through the agency of the contact person above, on June 30, 2020 at 10:00 (CET).
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