Imagin Medical is a surgical imaging company focused on advancing new methods of visualizing cancer during minimally invasive procedures. The Company believes its first product, the i/Blue™ Imaging System, with its proprietary optics and light sensors, will greatly increase the efficiency and accuracy of detecting cancer for removal, helping to reduce recurrence rates. The Company’s initial focus is bladder cancer.
Value range – 23/6/2021
|Intrinsic Price ($)||10.12|
|Value Range Low ($)||9.62|
|Value Range High ($)||10.63|
|Implied MCAP $ (m)||90.77|
|Implied EV $ (m)||94.04|
|Close Price (USD)||0.42|
|MCAP $ (m)||$3.8|
|Net Debt (cash) ($m)||$2.7|
|52 Wk Hi||1.17|
|52 Wk Lo||0.02|
|(Net Cash) /Shareholder Equity %||72.28%|
|FX Rate USD/GBP||0.78|
Healthcare Sector Research
OTC Market Index
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Imagin Medical Inc. (OTCQB:IMEXF, CSE:IME) is a Vancouver, Canada based early stage cancer imaging company focused on developing new tools that can visualise cancer during minimally invasive procedures. The Company’s single product, i/Blue Imaging System, is a bladder cancer medical imaging device. Its white and blue light sensors detect cancer more accurately and efficiently than white light alone. i/Blue is currently undergoing FDA approval. As such IMEXF is nil revenue. Highly conservative ACF “Indicative Valuation” assumptions include 39% US bladder cancer imaging market share only, WACC 18%, Long-run FCF margin 11%, FCF Terminal value 20x.
Global cancer imaging systems market size 2019A $7,315m
Global cancer imaging systems market size 2035E $8,795m
IMEXF (lighter line) vs. OTC market price relative
An early-stage medical device company
Imagin’s flagship proprietary product, i/Blue Imaging System, is under development to enhance the visualisation of cancerous cells (first in bladder cancer), which will allow for more accurate resection of tumours and improved ‘quality of life’. The i/Blue System utilizes the optic and light sensor technology to combine white and blue light cystoscopy with fluorescing contrast agents. This simultaneously displays white and blue light images on the surgical monitor, side-by-side and in real-time, reducing risk and improving survival probabilities.
Financial Projections – Indicative Proforma
2026E vs. 2030E
Revenue 2030E $175m up 4% vs. $168m 2026E
EBITDA 2030E $89m up 4% vs. $86m 2026E
Net Income (adjusted) 2030E $57m up 4% vs. $55m 2026E
Net Cash From Operations 2030E $65m up 17% vs. $56m 2026E
➢ Convertible Loan Note tranche closed for US$ 750k 4Q20A;
➢ IMEXF is non-revenue generating;
➢ IMEXF has a single device – bladder cancer imaging technology;
➢ i/Blue Imaging is pending FDA approval;
➢ We value IMEXF device bladder cancer potential only.
Imagin Medical valuation catalysts
➢Closing of further Convertible Loan Tranches (quasi Equity).
To see the latest Imagin Medical press releases visit their website.