IR-Med, Inc. reported a significant reduction in its operating losses for the fiscal year ending December 31, 2024, with a net loss of approximately $1.9 million, down from $4.9 million in the previous year. The company attributed this improvement to a decrease in research and development expenses, which fell from $2.1 million to $710,000, primarily due to the completion of the PressureSafe™ device's development and cost-cutting measures. Marketing expenses also decreased significantly, from $822,000 to $220,000, reflecting reduced professional services and stock-based compensation costs. General and administrative expenses were cut from $2 million to $1 million, further contributing to the overall reduction in losses.
In terms of strategic developments, IR-Med has made notable progress with its PressureSafe™ device, which received FDA listing certification on April 9, 2024. This device is designed to provide early assessment of pressure injuries, a significant healthcare concern that incurs substantial costs annually. The company is currently focused on completing the commercial version of PressureSafe™, with initial sales expected in the second half of 2025. Additionally, IR-Med is developing a second product, DiaSafe™, aimed at assessing diabetic foot ulcers, which is in the planning stages for clinical trials.
Operationally, IR-Med has been working to expand its market presence and improve product adoption rates. The company has engaged in usability studies to validate the effectiveness of PressureSafe™, achieving a reported efficacy of 92% in detecting pressure injuries. The studies are being conducted in collaboration with leading medical centers, including Methodist Healthcare in San Antonio, Texas, which aims to address healthcare disparities in assessing pressure injuries across different skin tones. As of April 2025, the company had three full-time employees, reflecting a significant reduction in workforce due to financial constraints.
Looking ahead, IR-Med faces challenges related to its financial stability, as it reported an accumulated deficit of $16.7 million as of December 31, 2024. The company has indicated that it will require substantial additional funding to continue operations and support product development. It has raised approximately $755,000 through private placements in 2024 and is exploring further capital-raising options, including potential equity offerings and strategic partnerships. The company’s ability to secure funding will be critical to its plans for commercialization and growth in the competitive medical device market.
About IR-Med, Inc.
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