Ready to Rebound

Imricor has been foregoing revenue to enrol customers into clinical trials, in procedures with no consumable revenue recognition, resulting in a declining revenue trend over the past two years. We think Imricor has now reached the inflection point and forecast a rebound in 2H revenues (Fig 1) and a multi-year growth trajectory beyond 2026 (Fig 2).

• US on ramp: In the last two weeks Imricor has signed its first two U.S. customers. We expect first U.S. customer revenues to occur in 2H CY26. Whether this occurs in Q3 or Q4 will depend on the timing of NorthStar installations.
• EU: We see Philips Compatibility Declaration as a key catalyst for IMR to further penetrate the EU market. We estimate that Philips comprises ~27% of EU MR hardware (see Philips TAM Unlocked! for more details).
• Middle East: The region has a large population of Philips labs, and is currently going through CE mark certification for Imricor's second-generation products which we think will be certified in Q3 CY26. We expect deals from the Middle East to start coming through in 2H CY26-1H CY27.

Recommendation: We increase our DCF-based valuation to A$3.3/share (…). We see multiple independent engines to drive 2H26 revenue growth from each region. Our forecast recovery trajectory is reaffirmed by management commentary regarding initial NorthStar sales exceeding CY25 EU revenues. Beyond the initial uptake in each region, longer-term growth will be driven by increasing sales (both greenfield and replacement) as well as the rollout of other verticals (VT, Afib and the newly announced cardiovascular vertical) (Fig ?).

Fig 1: Revenue to rebound in 2H26

Source: Homodeus estimates

Fig 2: ...and into multi-year growth

Source: Homodeus estimates