IRRAS AB publishes Interim Report for the period January to September 2022.

STOCKHOLM: Financial Runway Extended during Q3 as Revenue Growth Continues

Q3 2022 represented IRRAS' 9th consecutive quarter of revenue growth, and the quarterly revenue of MSEK 11.0 represented 13% growth over Q2 2022 and 80% growth from the same period last year.

With the company's financial runway extended, increasing customer adoption and proving the clinical superiority of our products are now our top two priorities, and we are excited to continue to deliver such results in coming quarters.

Will Martin, CEO of IRRAS

Third quarter, July - September 2022

Net revenue amounted to SEK 11.0 million (6.1).

Operating loss (EBIT) amounted to SEK -51.9 million (-27.0).

Loss after tax amounted to SEK -50.1 million (-26.9).

Earnings per share before and after dilution amounted to SEK -0.14 (-0.34).

Period, January - September 2022

Net revenue amounted to SEK 29.4 million (15.2).

Operating loss (EBIT) amounted to SEK -121.4 million (-93.0).

Loss after tax amounted to SEK -120.3 million (-92.9).

Earnings per share before and after dilution amounted to SEK -0.73 (-1.30).

Significant events during the quarter

Rights issue of MSEK 215 completed

IRRAS announced and completed a fully subscribed rights issue that raised MSEK 215 before deduction of costs related to the transaction.

Short-term financing agreement expanded

The extension of the bridge loan agreement that was initially signed during Q2 2022 provided an additional MSEK 10 to IRRAS. The entire MSEK 40 bridge loan was repaid with proceeds from the rights issue during Q3.

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