Seeking Alpha
Editor's notes: New products should reaccelerate bookings growth for IMRS, leading to subsequent revenue growth. Hedge fund manager Marcel Herbst sees triple-digit upside if the new products meet expectations.

Summary

Imris (IMRS) is an early-stage Canadian medical equipment manufacturer and, as of this writing (6/24/13), is valued at $120 million or $2.32 per share. As of Q1/13, Imris is debt free with over $30M in cash on the balance sheet and has a backlog of $115.5M. Valuation is strongly driven by equipment bookings as those determine next year's revenue. Against a backdrop of global macroeconomic uncertainty, which in the United States was compounded by uncertainty over reimbursement, customer confidence has decreased. Hospitals delayed or froze spending on large capital equipment, which caused the company's 2011 bookings to decline to a modest $29 million and the stock price to decline by over 60%. In 2012, this spending freeze...

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