Why the Imricor (ASX:IMR) share price is racing 6% higher today

The company is pushing ahead with its strategy…

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The Imricor Medical Systems Inc (ASX: IMR) share price is starting Wednesday’s trading session with a bang.

This follows the medical device company’s latest announcement that it has further expanded its geographical presence.

At the time of writing, Imricor shares are swapping hands for $1.64, up 5.81%.

What’s driving the Imricor share price higher?

Investors are buying up Imricor shares after the company overcame a key hurdle in entering the Australian market.

According to its release, Imricor advised that its Advantage-MR EP Recorder/Stimulator system has been approved for sale in Australia. This comes as the Australian Therapeutic Goods Administration (TGA) gave the green light for the Advantage-MR system.

The company noted that it hadn’t been expecting approval until sometime towards the end of the current calendar year. As such, the company’s Vision-MR Ablation Catheter is currently being reviewed by the TGA.

Imricor also noted that in New Zealand, all of its products have been approved by Medsafe and are registered in the WAND database for medical devices.

Quick take on the Advantage-MR EP Recorder/Stimulator system

The Advantage-MR EP Recorder/Stimulator system provides the full functionality of an EP recording system and cardiac stimulator within the MRI environment.

The system controls the display and recording of intracardiac electrograms, as well as pacing functions and tip temperature monitoring. When used with a compatible radiofrequency (RF) generator, it can deliver RF energy for ablation procedures.

What did management say?

Imricor chair and CEO, Steve Wedan commented on the company’s achievement, saying:

This is a great milestone in our strategy of geographical expansion. We are working closely with our distributor in the region, Regional Health Care Group, to plan the in-depth training and certification of their staff on our products, procedures, technology, installation, clinical training, and clinical support.

Mr Wedan went on to further talk about the current impact of COVID-19 related restrictions, adding:

While it will still be some time before we see first sales in Australia and New Zealand, we are working through the logistical issues brought about by the current travel restrictions, and we look forward to bringing MRI guided cardiac ablations to patients and physicians in Australia and New Zealand.

The Imricor share price has fallen around 5% in the past 12 months and is down 29% year-to-date.

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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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