Polarean shares jump on MRI system order

10th May 2024 11:57

(Sharecast News) - Advanced MRI technology specialist Polarean Imaging shares were surging on Friday, after receiving its second de novo order for a new Xenon MRI System from the University of Alabama at Birmingham (UAB) Hospital.

The AIM-traded firm said that as a top-tier academic hospital in the southeastern United States, UAB Hospital's decision to acquire the technology for the first time underscored the increasing adoption and impact of the company's MRI solutions.

It said the 'de novo' designation signified that UAB Hospital was implementing the Polarean Xenon MRI System without prior use in a research programme.

The company said it was planning to install the new system later in the year, and would work closely with the hospital team to establish a robust Xenon MRI programme.

It said the programme would support clinical imaging, NIH-funded research, and pharmaceutical-sponsored trials, aligning with Polarean's dedication to advancing medical research and enhancing patient care.

"Expanding our user base is one of the five key growth pillars we identified last year, and so I am delighted to have received our second de novo system order from UAB Hospital, a prestigious top-tier US academic facility," said chief executive officer Christopher von Jako.

"Hospital acquisition of new capital equipment can be a lengthy process, and so momentum continues to build for our sales success."

Contingent on the installation of the polariser system, and the two additional previously announced system orders, von Jako said that during 2024 the company had completed sales and firm orders as of today that would result in revenue of $2.5m.

"We expect additional orders to come in this year that will result in additional 2024 revenue.

"We are very excited to see that our commercial growth strategy is yielding tangible results."

At 1131 BST, shares in Polarean Imaging were up 36.81% at 4.72p.

Reporting by Josh White for Sharecast.com.