Imricor Medical Systems (ASX:IMR) fell past 4% in Friday trade, a "complete overreaction", after the company reported a delay in US regulatory progress, despite positive developments in Europe, according to a Thursday note by Morgans Financials.

On Wednesday, the company said it received European medical device regulation approval for its products, including its NorthStar mapping system, ablation catheter, and capital equipment.

The company added that the US Food and Drug Administration has reassigned the reviewer for its second Premarket Approval (PMA) module, which covers only the ablation catheter and RF generator.

However, the company said it does not expect the PMA delay to materially impact its commercial trajectory.

Morgans said the company has several upcoming catalysts over the next few quarters, including expected US approval of NorthStar, which will drive the share price.

Morgans Financial maintained Imricor's speculative buy rating.