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Investing.com - Canaccord Genuity initiated coverage on Imricor Medical (TASE:BLWV) Systems Inc (ASX:IMR) with a Buy rating and a price target of AUD2.06.
The medical device company develops real-time MRI-compatible products, focusing initially on the US$12 billion cardiac ablation market for treating arrhythmias, which is currently conducted under x-ray.
Imricor has created the term "interventional cardiac magnetic resonance" (iCMR) to describe its real-time MRI cardiac ablation technology, which has supportive clinical literature despite investor concerns about hospital capital expenditure budgets and slow adoption cycles.
Canaccord Genuity believes investors should recognize the value of U.S. iCMR installations as leading indicators of Imricor’s success, noting the consolidation of procedures in large centers and favorable U.S. reimbursement.
While the AUD2.06 price target is based on a risked discounted cash flow analysis, Canaccord estimates that penetration into 120 U.S. hospitals over a five-year timeframe could suggest a value of AUD2.50 per share at approximately 35% procedure penetration.
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