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How is SOZO® paving the success path for ImpediMed (ASX:IPD)?

Summary

  • ImpediMed Limited (ASX:IPD) designs and manufactures medical devices employing bioimpedance spectroscopy (BIS) technologies to monitor fluid status, tissue composition and noninvasive clinical assessment.
  • The Company launched SOZO®, the world’s most advanced BIS device in 2017.
  • Propelling ImpediMed’s growth, SOZO® revenue was up 58% in Q221 on a YoY basis.
  • FDA clearance on removing SOZO® contraindications for implantable pacing and cardioverter defibrillators devices is awaited; cardiologists and nephrologists will soon be experiencing SOZO® for the first time.

Medical software technology company ImpediMed Limited (ASX:IPD) is renowned for producing a family of FDA cleared and CE Marked medical devices. One such device- SOZO® deserves closer attention as it has been catalysing ImpediMed’s overall performance.

Acquainting with SOZO®

Expanding its applications, ImpediMed launched SOZO® in 2017. The world’s most advanced BIS device, SOZO® incorporates L-Dex® technology. Notably, a single reading enables clinicians across specialties with customized, pre-emptive care to improve patient outcomes.

GOOD READ: Walk Through ImpediMed’s (ASX:IPD) Sophisticated Medical Product- SOZO®

SOZO® serves the below key purposes-

  • Aids in the early discovery of secondary lymphedema.
  • Offers fluid status for heart failure patients.
  • Permits measurement and tracking of body composition parameters.

Copyright © 2021 Kalkine Media Pty Ltd, Source: IPD’s website

SOZO® Business Performance

ImpediMed recently released the results for Q221; the period ended 31 December 2020. Promising results were achieved despite the impact of COVID-19. The quarter saw total revenue of $ 2.1 million, up 40 % both on the previous corresponding period and quarter over quarter.

RELATED READ: How did med-tech company ImpediMed (ASX:IPD) perform in Q221?

Q221 was a record quarter for SOZO® with several milestones met-

  • Revenue of $1.9 million was up by a noteworthy 58 % over pcp (Q220: $ 1.2 million) and 36 % quarter over quarter.
  • SOZO® SaaS Revenue of $ 1.3 million soared 63 % over pcp and over 18 % quarter over quarter.
  • SOZO® SaaS Revenue of $ 1.1 million was derived from Core Business, up 17 % pcp and over 4 % quarter over quarter.
  • SOZO® SaaS Revenue of $ 0.2 million came from Clinical Business.
  • 78 new devices were sold, totalling over 680 SOZO® units sold since launch, an 81 % increase in units sold quarter over quarter.
    • 5 units were sold to Phoenix Healthcare Network, representing the first commercial heart failure sales.
    • 5 units were sold under Master Agreements, incl. additional devices to US Oncology and Ascension Health.

Q221 SOZO® business performance

Another milestone was met when AstraZeneca selected SOZO® for the 2nd large renal trial. 375 devices will be leased across 31 countries for the two trials, with the contracts valued at over $ 4.5 million.

MUST WATCH: ImpediMed Limited (ASX:IPD) Announces First Commercial Order For SOZO® Digital Health Platform

Way forward

As SOZO® continues to pave the path of success for ImpediMed, Q321 might see this momentum growing. For the heart failure market, the Company aims to obtain FDA clearance on removal of SOZO® contraindications for implantable pacing and cardioverter defibrillators devices.

For the renal failure market, ImpediMed is likely to continue deploying devices for the AstraZeneca trials in the US and internationally. Notably, in the coming months, nephrologists and cardiologists will be experiencing SOZO® for the first time at key centres globally.

GOOD READ: ImpediMed Limited (ASX:IPD) Signs Second Contract With AstraZeneca, Phase II Renal Trial Scheduled For January 2021

Looking at stock performance, IPD shares traded up 3.5 % at $ 0.145, mid-day on 12 February 2021.

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