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IMRS $0.02

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IMRIS Inc.
Type
Public company
Industry Medical Equipment
Fate Acquired
Successor Deerfield Imaging
Founded 2005
Headquarters Minnetonka, Minnesota, U.S.
Key people
Andrew Flanagan President & CEO
Products Medical Imaging Equipment
Revenue $51.8 Million (2011)
Number of employees
200 (2011)
Website www.imris.com

IMRIS

Founded in 2005, IMRIS is a global provider of intraoperative imaging solutions.


The company’s flagship product is The IMRIS Surgical Theatre. A hybrid operating theatre with intraoperative imaging capabilities, The IMRIS Surgical Theatre incorporates design and technology provided by IMRIS, including the moveable intraoperative MRI, as well as technology from 3rd-party medical device companies. IMRIS designs, creates and supports The IMRIS Surgical Theatre, which the company’s marketing materials describe as “the world’s most advanced hybrid operating theatre.”


The Hybrid IMRIS Surgical Theatre

Marketed by IMRIS as “The World’s Most Advanced Hybrid Surgical Theatre,” The IMRIS Surgical Theatre combines technology created by IMRIS, such as the moveable intraoperative MRI, with technology from leading medical device partner companies.


The Theatre integrates magnetic resonance imaging (MRI), computed tomography (CT), X-ray angiography and fluoroscopy into one or more operating rooms, which are custom-designed by IMRIS to “optimize surgical workflow and patient-flow.”


The IMRIS Surgical Theatre is being used for both standard neurological operations and minimally invasive procedures, including: Upper c-spine, Aneurysm, Arteriovenous malformation, Deep-brain stimulation (DBS), Drug-delivery, Tumor resection, Tumor ablation, Chiari malformation and Epilepsy-related procedures. Minimally invasive surgery encompasses surgical techniques that limit the size of incisions needed, reducing recovery time, associated pain and risk of infection.


The moveable iMRI and iCT

Incorporated into The IMRIS Surgical Theatre, the IMRIS intraoperative MRI and CT (or “iMRI" and “iCT”) products are mounted on a unique ceiling rail system that brings the image modality (scanner) to the patient, rather than having to transport or reposition the patient for intraoperative imaging. The moveable iMRI and iCT products are available in multiple-room configurations, so imaging can be utilized in other rooms for intraoperative or diagnostic scanning.


Intraoperative MRI reduces the risk of damaging critical parts of the brain and helps determine whether the surgery was successful or if additional resection is needed before the patient’s head is closed and the surgery completed.


The new MRI-conditional surgical table

Designed by Trumpf Medical exclusively for The IMRIS Surgical Theatre, the MRI-conditional surgical table features interchangeable tabletops. Its flexible design allows surgical teams to position patients at the optimal angle for surgical and imaging access. Teams can control the table via remote or the column control panel.


“Full-Service” Solution

IMRIS provides a “full-service solution,” an all-inclusive service package that covers everything from the initial design of hybrid Surgical Theatres to ongoing maintenance. In the company’s sales materials, the “full-service solution” is divided into four categories: consult, design, create and support.


Consulting Services: IMRIS consultants work with hospitals and leading technology providers to determine a hybrid OR solution that brings maximum return-on-investment to the hospital and produces the best possible outcomes for patients.


Design Services: IMRIS architects & designers work with hospitals and clinical teams to custom-design the configuration of The IMRIS Surgical Theatre. This is based on factors ranging from the surgeon’s unique workflow to the hospital’s departmental layout, which determines patient-flow.


“Create” (engineering) Services: IMRIS’ team of engineers and technicians provide full project-management throughout the construction of the Theatre. Meanwhile, IMRIS representatives coordinate with hospital staff and administration to minimize functional interruption throughout construction.


Support Services: After the creation of The IMRIS Surgical Theatre, IMRIS often engages in a service contract with partner organizations. With a fully integrated OR and MR team, IMRIS provides services ranging from continued maintenance to intraoperative technical support.


History

In 2005, IMRIS evolved from research related to intraoperative imaging conducted through Canada’s National Research Council.


In 2011, the company announced it was developing an MRI-compatible image-guided surgical robot specifically designed for minimally invasive neurosurgery. In November 2012, the company announced that it was moving its headquarters to the Minneapolis area. They completed their move in July 2013.


In late May 2015, news broke that IMRIS had "filed for chapter 11 bankruptcy protection with a buyout offer of $9.5 million from secured lender Deerfield Management Co. LP." due to problems competing with larger health care businesses.Chapter 11 proceedings were finalized on August 19, 2015, with Deerfield Imaging agreeing to acquire most of IMRIS' assets.


In 2017, the company marked its two-year anniversary under new ownership, reporting strong financial growth and strategic investments. With the support of parent company Deerfield Management in August 2015, IMRIS emerged under a new LLC, brand, leadership and focus. Since then, IMRIS achieved record earnings before interest, taxes, depreciation and amortization (EBITDA) generation, 44 percent revenue growth in 2016, as well as 68 percent growth in 2017 year-to-date (YTD) contract bookings through contracts with top-tier hospitals around the world. In addition, IMRIS continues to add a significant number of new employees to support current business and expected growth.


In October 2017, IMRIS launched a new corporate brand identity at the annual meeting of The Congress of Neurological Surgeons (CNS). The new brand, “For the Human Experience,” was launched to communicate IMRIS’ new consulting-focused position in the industry: “as not only a technology provider, but as a provider of robust consulting solutions for the hybrid OR market.” The new brand categorizes IMRIS’ “full-service solution” into 4 segments: consult, design, create and support. The corporate brand identity also introduces a new company mission statement: “to provide better outcomes for patients, optimized workflow for surgeons and maximum value for hospitals.”


Along with launching its new brand and consulting services, IMRIS continues to innovate new product solutions based on clinical need. During the CNS Annual Meeting, IMRIS also unveiled two new product solutions that will be available to hospitals soon, including a new MRI-conditional surgical table and new imaging coil designed to enable additional procedures in IMRIS Surgical Theatres. Both products are currently under development and not available for sale within the United States at this time.”  

Board of Directors


Senior Management


IMRIS Installations


Q reports

Period Date Adjusted Actuals EPS GAAP EPS

Ratings

2015-03-05 Reiterated Rating Canaccord Genuity Buy $1.50 to $1.25
2014-05-05 Upgrade Paradigm Capital Hold to Buy
2014-03-05 Downgrade Paradigm Capital Buy to Hold $3.00 to $2.00
2014-02-20 Boost Price Target Canaccord Genuity Buy C$2.20 to C$3.00
2013-11-07 Lower Price Target RBC Capital Sector Perform $3.00 to $2.30
2013-11-05 Reiterated Rating Cowen and Company Buy $3.50
2013-11-05 Lower Price Target Paradigm Capital Buy $4.00 to $3.00
2013-11-05 Lower Price Target Canaccord Genuity Buy $4.00 to $2.20
2010-12-30 Initiated Wedbush Outperform $9
1970-01-01
2015-03-05 Reiterated Rating Canaccord Genuity Buy $1.50 to $1.25
2014-05-05 Upgrade Paradigm Capital Hold to Buy
2014-03-05 Downgrade Paradigm Capital Buy to Hold $3.00 to $2.00
2014-02-20 Boost Price Target Canaccord Genuity Buy C$2.20 to C$3.00
2013-11-07 Lower Price Target RBC Capital Sector Perform $3.00 to $2.30

There is presents forecasts of rating agencies and recommendations for investors about this ticker

Funds

In IMRS 0 funds of 2213 total. Show all

Fund name Ticker shares

Major Shareholders

Name Relationship Total Shares Holding stocks