Imricor Medical Systems (ASX:IMR): Is it the dark horse in the ASX medtech sector?

Imricor Medical Systems (ASX:IMR) is one of a handful of radiology stocks on the ASX, seeking to emulate the success of Pro Medicus (ASX:PME). There’s no shortage of peers including Curvebeam AI (ASX:CVB), Resonance Health (ASX:RHT) and 4D Medical (ASX:4DX). But Imricor just might be the dark horse and we’re going to tell you why.

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Overview of Imricor Medical Systems

Imricor the first and only company to commercially deliver MRI‑compatible catheter ablation devices for real-time, radiation‑free cardiac procedures—also known as interventional Cardiac Magnetic Resonance (iCMR).

Founded in 2006 and headquartered roughly 15 miles south of Minneapolis, Imricor’s platforms enable clinicians to perform electrophysiology procedures—traditionally guided by X‑ray fluoroscopy—entirely under real‑time MRI.

Its technology goes back to the 1980s when Dr. George Pyers innovated catheter ablation and mapping technologies. Ablations are heart operations done to restore the heart to a normal heartbeat involving the insertion of a cathether into the heart and then energy of some kind being applies to form lesions that destroy the cells responsible for the ‘electrical misfiring’.

Where this company stood out was focusing on MRI-compatible solutions and the first ever procedure was done in 2011. Think about it, prior to that there were only X-ray-compatible solutions and while X-rays are good for bones and bone density, they are not good for visualising soft tissues given the lack of contrast.

Imricor’s offerings these days include catheters (with separate products for ablation and diagnostics) along with an EP (electrophysiology) recorder and stimulator along with a 3D Mapping System known as NorthStar.

The devices were CE Mark approved in 2021 and TGA approved in 2021. It has collaborations with Philips, Siemens and GE HealthCare to integrate its technology into MRI platforms globally.

Why it is a big time right now

Imricor is up over 150% in 12 months. It has been a busy time for the company. It raised $105m in FY25 ($35m in July 2024 and A$70m in March 2025) to advance its ambitions. It has a greater reach in Europe having obtained CE Mark approval for the 2nd generation of its products.

The company wants to enter the US market which will be the biggest market yet – and that is saying something given it is in over 30 countries. It will have a first-mover advantage here, strong IP and AI modules integrated which will cut anatomical segmentation time from ~20 minutes to seconds.

It has made two submissions to the FDA for separate products (specifically its Catheter device and NorthStar mapping system) in August 2025 and we will likely get an answer by the end of the year, one way or another.

And finally, it will continue to run clinical trials to validate the latest generations of its technology. It is only generating modest revenues, but thinks that for would-be customer is an earning potential of over US$1m per annum more than a standard X-ray lab for a typical hospital performing 500 procedures per year.

Imricor is promising, but there are alternatives

We questioned in this article if Imricor could be the next Pro Medicus. Short answer: no. Not because we don’t believe Imricor has hope of creating shareholder value, but we don’t think Pro Medicus is a good comparison because PME is about viewing images generally whilst Imricor is about diagnosing heart diseases.

And so we think it’d be more helpful to Artrya (ASX:AYA) and EBR Systems (ASX:EBR) which are medtech companies focused on heart disease. These companies are not necessarily competitors to Imricor’s technology. Artrya does have an imaging system but it is exclusively focused on vulnerable plaque. Meanwhile, EBR has a system that uses wireless technology to deliver pacing stimulation directly to the inside of the left ventricle of the heart, thus preventing heart failure.

Both of these companies got FDA approval in April 2025. It is interesting to see both companies’ fates since then. EBR had a positive reaction but has clawed back some of its gains. As for Artrya, the response was more nuanced, but it has significantly re-rated in the last few months. It did help that Artrya gained an additional FDA green light in the form of a module in its platform that could help the company’s revenues significantly.

Nonetheless, EBR is over $550m and Artrya is over $250m. Imricor is capitalised $445m without an FDA green light – albeit having green lights in 30 other countries.

Conclusion

Imricor is a company many investors should pay attention to, particularly to the upcoming FDA decision.

We think if Imricor gains an FDA green light it will get a short-term rerating but it’ll need to ‘hit the ground running’ to maintain the momentum. That is to say generate significant revenues from the country. It will also need to become profitable soon.