Philips TAM Unlocked!

Philips has issued a Third Party Product Compatibility Declaration covering Imricor's capital equipment and consumables.

• A key unlock: Philips is one of the 3 major MR vendors in U.S. and EU markets. We estimate that Philips accounts for 17% (Fig 1) and 27% (Fig 2) of MR hardware in U.S. and EU respectively. Philips' software release enables hospitals on Philips MRI systems to connect to NorthStar, substantially increasing the addressable installed base.
• One more to go: Imricor was already compatible with Siemens, and is now fully integrated with Philips. Of the 3 large vendors only GE HealthCare remains. Interface development is underway, with compatibility expected to follow (Fig 3).
• Execution on track & evidence of commercial traction: Beyond HW vendor unlocks, Imricor continues to execute. The company submitted its final 510(k) last month and we expect the last PMA module submission this quarter. Commercial traction is also increasing with their first U.S. customer signed and several additional U.S. hospitals which are in the final stages of the purchasing process.

Recommendation: We have a A$3.1 valuation for IMR which is ~60% above the current market price. Imricor will report their 1H26 results next Monday 10th August 2026, and host a webinar 08:45 AEST. Registration link.

Fig 1: US MR split by vendor

Source: Homodeus estimates

Fig 2: EU MR split by vendor

Source: Homodeus estimates

Fig 3: Status by major vendor

Source: Company data, Homodeus research