ASX Quarterly Health Wrap: Imricor starts CY25 strong, Clever Culture eyes FY25 profit

Imricor, Clever Culture Systems, Race Oncology and EZZ Life Science are among ASX health companies reporting strong quarterly results this week.

Imricor has reported a strong start to CY25. Pic: Getty Images

ASX quarterly season is upon us again, with listed companies opening a window to their performance and key activities over the three months to March 31.

It's a key time for investors to zero in on the finer details of ASX-listed firms and get a sense of what is on the horizon.

Here, we wrap up report highlights from four standout stocks in the ASX health sector.

Imricor Medical Systems (ASX:IMR)

• Imricor submitted second module for premarket approval of its products to US FDA during quarter
• Second-generation Vision-MR Ablation Catheter receives CE mark certification under new European Medical Device Regulation
• After quarter end Imricor started its VISABL-VT pivotal trial at Amsterdam University Medical Centre achieving world-firsts

Imricor, which has developed the world’s only MRI-compatible devices for cardiac ablations, made several regulatory achievements during Q1 CY25 including submitting the second module for premarket approval of its products to the US Food and Drug Administration (FDA).

Among other highlights of a milestone quarter for the company, IMR received CE Mark approval for its second generation Vision-MR Ablation Catheter under the new more stringent European Medical Device Regulation (MDR).

Subsequent to quarter end, Imricor started its VISABL-VT pivotal trial at Amsterdam University Medical Centre, achieving the first-in-human ventricular ablation guided by real-time iCMR. 

On the commercial front, the company is rebuilding its European sales team with the first capital sales managers in the US hired in preparation for commercial launch.

Imricor B.V. was established in the Netherlands with the company opening an office in Amsterdam. The company also attended the Gulf Arrhythmia Congress in Dubai and EHRA Congress in Vienna.

Imricor finished Q1 FY25 with a strong cash position following a $70 million capital raising, closing with a cash balance of US$53.9m (~A$85.5m).

Race Oncology (ASX:RAC)

• Race's lead site of Southside Cancer Centre in NSW for phase I trial of RC220 in combination with doxorubicin receives ethics and regulatory approval
• Screening of patients underway at centre with treatment of first patient scheduled for this quarter
• Human ethics approval also received to start trial at Gosford and Wyong hospitals in New South Wales

Race made significant progress in Q3 FY25 towards first patient treatment in its phase I trial of its cardioprotective therapeutic RC220 in combination with doxorubicin in patients with advanced solid tumours.

Ethics and all regulatory approvals were received for the lead site of Southside Cancer Care Centre, in Miranda NSW enabling recruitment of patients.

Screening of patients has begun and the treatment of the first patient with RC220 is expected in the current quarter.

Human ethics approval was also received to begin the trial at the Gosford and Wyong Hospitals, in the Central Coast Local Health District of NSW.

Race said ethics approval allowed both the Gosford and Wyong Hospitals to enrol patients subject to final site approvals and activation. Final approvals are expected during April.

As of March 31, 2025, Race held cash and cash equivalents of $17.12m. The company said more than 70% of spending during Q3 ($1.67m) was directed toward R&D and drug manufacturing activities.

"Like everyone at Race, I am looking forward to seeing the first patient treated with RC220 in this quarter and converting RC220’s potential into meaningful outcomes for cancer patients and our shareholders," CEO Dr Daniel Tillett said.

Clever Culture Systems (ASX:CC5)

• Clever Culture Systems targeting profitability in FY25 and building a substantial sales pipeline to underpin growth in FY26
• Sales pipeline for APAS Independence Instruments exceeds 40 qualified customer opportunities in pharmaceutical market
• Company's APAS Independence instruments remain the only US FDA-cleared AI technology for automated culture plate reading

Clever Culture CEO and managing director Brent Barnes said just over 12 months since its launched its APAS (automated plate assessment system) Independence instruments (culture plate readers) in the pharmaceutical market, the response had been "overwhelmingly positive" as it targets FY25 profitability.

The company has 13 instruments sold or pre-ordered to date, representing ~$6m in revenue. That will set a base for future recurring revenue from licence fees and maintenance support.

In a trading update, Clever Culture said it was building a substantial sales pipeline to underpin FY26 growth with 40 active and qualified customer opportunities within the pharmaceutical industry, representing ~$75m in potential upfront sales revenue and $15m per annum recurring revenue.

The company's APAS Independence instruments remain the only US FDA-cleared AI technology for automated culture plate reading.

A second purchase order has been received from an additional Bristol Myers Squibb (BMS) facility, which is expected to form a case study for the potential roll out to other BMS sites.

Another big-pharma was completing an expanded 6000 plate evaluation, clearing the way for procurement discussions direct with their manufacturing sites.

The company said active engagement with potential customers had accelerated noticeably since it announced the planned launch of a second APAS analysis module for analysis of the smaller contact plates (55mm) in October 2024.

Combined with the existing APAS analysis module for the settle plates (90mm), the APAS Independence will be able to analyse the two plate types that make up the vast majority of tests used by pharmaceutical manufacturers in environmental monitoring.

"Our strategy has been to target global pharmaceutical manufacturers that operate multiple sites globally and represent multi-instrument sales opportunities," Barnes said.

Over the past three months the APAS Independence Instruments had been showcased at several leading international conferences.

EZZ Life Science (ASX:EZZ)

• EZZ launches two new products during Q3 FY25 and upgrades formulas and packaging of three of its top sellers
• Company progresses strategic entry to US market with planned entry targeted for H2 FY25
• EZZ serves up an ace with its inaugural sponsorship of the Australian Open in January covering China and Southeast Asia

Genomic life sciences company EZZ successfully launched two new products during Q3 FY25, which it said leveraged consumer insights to meet evolving market trends and enhance the company’s competitive positioning.

EZZ also upgraded the formulas and packaging of three of its top selling products and strengthened domestic distribution by securing listings in ~70 new retail pharmacy distribution points in Australia.

The company also progressed its strategic entry into the US market through comprehensive market research, collaboration with key local partners, and the development of a phased market entry plan targeted for H2 FY25.

One of the highlights of Q3 was EZZ's elevated brand awareness, with the company serving an ace in its inaugural sponsorship of the Australian Open in January covering China and Southeast Asia, including influencer-hosted livestreams and content creation.

EZZ said the campaign, it biggest marketing venture to date, delivered strong visibility across China and Southeast Asia, supported by prominent on-court branding.

Meanwhile, the company continued to strengthen its brand positioning and consumer engagement on leading e-commerce platforms and initiated new customer loyalty initiatives to drive long-term growth in China.

The company also reinforced industry presence and global networking through participation in the Cosmoprof Worldwide Bologna and the Australian Pharmacy Professional (APP) Conference nd Trade Exhibition, both held in March.

Receipts from customers totalled $14.6m during Q3, which EZZ said reflected lower seasonal turnover in January and February compared to PCP, partly due to reduced digital advertising spend.

The company said strong operating performance resulted in $1.5m of positive cash inflow. Cash reserves reached a record $21.1 million as at March 31 2025, with EZZ remaining debt-free, excluding lease liabilities.

At Stockhead, we tell it like it is. While Imricor Medical Systems, Race Oncology, Clever Culture Systems and EZZ Life Science are Stockhead advertisers, they did not sponsor this article.

Originally published as ASX Quarterly Health Wrap: Imricor starts CY25 strong, Clever Culture eyes FY25 profit