Polarean Imaging , a specialist in lung imaging using Xenon MRI, delivered strong financial and strategic progress in 2024. Revenue grew more than threefold to $3.1 million, beating guidance, driven by higher demand for its proprietary gas blend and consumables. Backed by a $12.6 million fundraising round led by strategic partners, the company now expects its cash runway to extend into Q2 2026.
Operational highlights include system upgrades at key academic centres, a new installation at the University of Alabama, and a pipeline of 22 active customers (up four clinical sites year-on-year). International growth began with a distribution deal in Taiwan and patent progress in China.
Polarean also reduced the projected cost of its upcoming gas exchange clinical trial from $9–11 million to $4–4.5 million, thanks to recent FDA feedback and a proof-of-concept study. It is pursuing FDA approval to lower the paediatric age limit for its XENOVIEW® agent from 12 to 6 years, potentially expanding its US market.
Despite macro headwinds, particularly funding cuts from the US National Institutes of Health, affecting academic budgets, Polarean reaffirmed its 2025 revenue guidance of $5–6 million, noting that sales are likely to be back-weighted towards the second half of the year. It enters the year with a strong order backlog and continues to build commercial momentum through strategic partnerships and sales team expansion.
View from Vox:
Polarean’s FY2024 results show strong commercial progress, with revenue more than tripling to $3.1 million and strategic backing from industry players like Bracco and NUKEM reinforcing confidence in its vision. Operational execution was solid, with system upgrades at leading US medical centres and a cost-efficient redesign of its upcoming gas exchange trial reducing clinical expenses by over 50%. The expected FDA approval to expand paediatric use of XENOVIEW® could significantly increase the addressable market, particularly as demand for radiation-free imaging grows.
Headwinds from recent NIH funding cuts have slowed purchasing decisions at academic centres, Polarean’s key customer base, meaning 2025 revenues are likely to be weighted towards the second half. Despite this, international expansion, a growing sales pipeline, and strategic collaborations point to a company laying firm groundwork for long-term growth in pulmonary imaging.