Polarean Imaging | FY24 update - Even better than expected
Polarean has published a trading update for the year to December which is even better than expected. Revenue for FY24 is anticipated to be US$3.0m-US$3.1m, above guidance of US$2.5m-US$3.0m, and more than treble revenue for FY23; our forecast was US$2.8m. Moreover, net cash at YEFY24 of US$12.1m was well above our forecast of US$10.8m and the company reiterated that it has a cash runway through 1Q26. A YoY jump in sales of over 50% in consumables demonstrates an increase in the number of Xenon MRI scans. One third of the company's 22 Xenon MRI platform customers have either received or are pending the receipt of clinical systems, presaging a step up in average scans per system. We will update our forecasts once the results are published, but believe this update confirms that Polarean is on the cusp of hyperbolic growth with large value upside. For our initiation see here.
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