Here’s why the Imricor Medical (ASX:IMR) share price is surging 8% today

Doctor looking serious with arms crossed

The Imricor Medical Systems Inc. (ASX: IMR) share price is starting 2022 with a bang. This follows the medical device company’s latest announcement that it has further expanded its geographical presence.

It sent Imricor shares soaring to $1.09, up 8.46%, on opening. At the time of writing, they’ve settled to trade at 1.045 apiece, up 3.98%.

What’s driving the Imricor share price higher?

Investors are buying Imricor shares after the company announced it has expanded access for its iCMR ablation solutions.

In its release, Imricor advised that the Henry Dunant Hospital Centre in Athens, Greece will perform iCMR cardiac ablation procedures.

Constructed in 2000, the Henry Dunant Hospital Centre is one of the largest and most technologically advanced hospital centres in southeast Europe.

This is significant as it’s Imricor strategic goal to grow the number of sites performing real-time iCMR cardiac ablation procedures in Europe.

An Equipment and Disposable Pricing Agreement was signed by both companies on 31 December.

Imricor will outfit an existing MR facility for iCMR procedures which are expected to begin in the first quarter of 2022. This will be under the direction of electrophysiologist Professor George Andrikopoulos.

The agreement will see a one-time purchase of capital equipment needed to outfit an iCMR lab at the site. It also includes Imricor’s Advantage-MR EP Recorder/Stimulator as well as other third-party equipment sold by Imricor.

The term of the deal is valid for three years.

Imricor chair and CEO Steve Wedan commented:

We are very excited to work with Professor Andrikopoulos and his world-class team at Henry Dunant to bring iCMR cardiac ablations, for the first time, to patients in Greece.

More broadly, we are very pleased to see the acceleration in our rate of site adoption, adding four sites in the last quarter of 2021, and we remain focused on growing our installed base across Europe, as we enter 2022 with great enthusiasm.

About the Imricor share price

The Imricor share price has failed to take off in the past year, falling more than 50%. Despite being up today, its shares have been on a continuing decline.

Based on current share price levels, the company commands a market capitalisation of around $150 million.

The post Here’s why the Imricor Medical (ASX:IMR) share price is surging 8% today appeared first on The Motley Fool Australia.

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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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