CurveBeam AI reveals strong revenue growth in maiden annual report
Specialised medical imaging scanner developer CurveBeam AI (ASX: CVB) has confirmed a significant period of activities in its maiden annual report.
The company listed on the ASX in late August following a well-supported $25 million initial public offering.
In its financial year 2023 annual report, CurveBeam revealed pro-forma revenue of $11.5 million, up from a forecast of $11 million.
A financial milestone
CurveBeam chairman, Rob Lilley, said the publishing of the annual report for financial year 2023 was one of significant developments for the company.
Highlights that occurred over the past 12 months included the completion of a merger between StraxCorp and CurveBeam on 12th October 2022, after a year long due diligence and merger process.
That opened up the door for the management team to be able to focus on integrating the businesses and refining a group strategy and value creation priorities.
The group also achieved ‘breakthrough device designation’ with the US FDA for its ‘OssView’ software. That unique technology calculates a structural fragility score (SFS) which measures bone microstructural deterioration to aid in the clinical assessment of fracture risk.
New FDA application
CurveBeam has now submitted a new ‘OssView’ software application with the FDA for which is being targeted for clearance in FY2024.
The company also successfully signed a distribution agreement with the Stryker US ‘Foot and Ankle’ division and has subsequently prepared a supply chain to be ready to meet demand in FY2024, anticipating the US Stryker launch with financing options for the HiRise.
On top of these milestones, CurveBeam’s corporate team closed the pre-IPO capital raising to fund the supply chain build up and working capital.
Moving onto business objectives
“These major corporate transactions demanded focus from the board and management team, and having achieved that level of commitment I am delighted to report that we now move onto the business objectives outlined in the company’s prospectus,” Mr Lilley said.
“Through the IPO process the company has taken steps to continue to build an appropriately experienced board to meet the governance requirements of a listed company.”
“The Board is committed to the creation of shareholder value and has worked with Remuneration Governance Advisory experts to establish appropriate oversight of Remuneration Policies and execution.”
Since July, medical technology company and HiRise distributor Stryker Corporation has taken new orders for HiRise devices through its Foot and Ankle division.
CurveBeam said it would continue to work closely with Stryker to drive HiRise sales to hospitals and group orthopaedic practices, which sit within a $10 billion US addressable market.
The company recently sold and installed a HiRise system at the Hospital for Special Surgery in New York City, which is a globally-recognised orthopaedic specialty centre.
HiRise improvements being developed
CurveBeam is also developing improvements to the HiRise platform including a stronger X-ray source to enable higher-resolution imaging of the hip and knee joints required for key surgical robotic systems.
The enhanced capabilities are expected to be available from late 2024 and will allow HiRise scans to be used routinely for all lower limb, patient-specific joint replacement planning and instrumentation.
Mr Lilley said that as CurveBeam begins its first year of operations as a listed company, the company’s directors are 100% focused on fulfilling the potential of the business that its shareholders have invested in.
“The merged group has exciting growth potential underpinned by immediate revenues and several existing products in the market.”