The All Ordinaries Index (ASX: XAO) is unlikely to rocket 55% in the next 12 months, but this fast-rising ASX All Ords healthcare share looks well-placed to do just that.
That's according to the analysts at Taylor Collison, who recently maintained their outperform rating on Imricor Medical Systems Inc (ASX: IMR).
Imricor shares closed up 1.39% on Monday, trading for $1.46 apiece.
This sees the ASX All Ords healthcare share up 106% in 12 months, smashing the 10.3% gains delivered by the benchmark index over this same period.
Now, here's why Taylor Collison believes Imricor's bull run could have a lot further to go.
What's the latest from Imricor?
If you're not familiar with Imricor, the company describes itself as "leading the new field of real-time iCMR cardiac ablations – that is, cardiac ablations guided by real-time magnetic resonance imaging (MRI), rather than by conventional x-ray fluoroscopy".
The ASX All Ords healthcare share released its September quarter results on 22 October.
Commenting on the quarter just past, Imricor CEO Steve Wedan said on the day:
This was a milestone quarter for Imricor as we achieved parallel regulatory submissions in the US and launched NorthStar commercially in Europe. The 510(k) filings for both NorthStar and the Vision-MR Diagnostic Catheter represent major steps toward bringing MRI-guided electrophysiology to patients and physicians in the US.
Why this ASX All Ords healthcare share could keep leaping higher
Taylor Collison recently participated in the Atrial Fibrillation (AF) Symposium at the University of Adelaide in South Australia.
The broker called it "one of the world's premier forums for electrophysiology innovation".
And the AF Symposium bodes well for Imricor's growth outlook.
"Our engagements with key opinion leaders and industry participants provided strong validation of Imricor's real-time MRI-guided (iCMR) strategy," Taylor Collison said.
The broker added:
Industry and KOL discussions centred on atrial substrate visualisation, advances in AF ablation, and the accelerating commercial momentum in Pulse Field Ablation (PFA)—all areas where Imricor's platform offers a differentiated value proposition.
And this real time MRI guidance could see the ASX All Ords healthcare share doubling its peak sales.
Taylor Collison noted:
Expected benefits of real-time MRI guidance could allow IMR's workflow to move beyond AF re-dos & VT into initial AF ablations, potentially leading to greater total market uptake, boosting peak sales from US$1B – US$2B.
The broker estimates that the global electrophysiology market is worth around US$8 billion. But this market is reported to remain "dominated by X-ray and voltage mapping-based ablation, approaches constrained by limited soft-tissue visibility and persistently high recurrence rates".
Connecting the dots, Taylor Collison maintained its outperform rating on the ASX All Ords healthcare share with a price target of $2.26 a share. That's 55% above the Imricor closing share price on Monday.
