Source: IPD Website
Summary
- ImpediMed Limited (ASX:IPD) has revealed its report for the six months ended 31 December 2020.
- During the period, ImpediMed was involved in developing, manufacturing, and selling bioimpedance spectroscopy devices and software services.
- Several developments across oncology, heart failure and renal failure can unfold in the near term.
MedTech company ImpediMed Limited (ASX:IPD) continues to accomplish milestones across its three key strategic focus areas: oncology, heart failure and renal failure, which represent an annual addressable market of over $ 2 billion.
ImpediMed revealed encouraging results for the half-year ended 31 December 2020 (1H21). During the reporting period, the Company focused on developing, manufacturing, and selling bioimpedance spectroscopy (BIS) devices and software services.
ALSO READ: How did med-tech company ImpediMed (ASX:IPD) perform in Q221?
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1H21- Key financial highlights
Total revenue amounted to $ 3.6 million, 26% more than the previous corresponding period (pcp). Annual recurring revenue of $ 7.8 million was over 86% on pcp. Cash on hand amounted to $ 19 million (31 December 2020). Churn Rate remained low at merely 1%.
Cash receipts from customers amounted to $ 3.3 million. Besides, the receipt of an additional $ 8 million (before costs) from the exercise of options was issued to subscribers in the entitlement offer.
Net operating cash outflows worth $ 6.6 million was significantly better than the previously forecasted $ 8 million.
SOZO® accomplishments
SOZO® is the world’s most advanced, noninvasive BIS device that aids in detecting secondary lymphoedema, offers fluid status for heart failure patients, and can help monitor, maintain overall health. It is a digital health platform sold in select markets globally.
GOOD READ: How is SOZO® paving the success path for ImpediMed (ASX:IPD)?
In 1H21-
- Revenue was $ 3.3 million, +54% pcp.
- SOZO® SaaS revenue was $ 2.3 million, +48% pcp.
- More than 182k patient tests were recorded since the initial launch.
- Over 680 SOZO® units have been sold since launch, representing a 42% increase in the number of units sold compared to the pcp.
- AstraZeneca chose SOZO® for two Phase II clinical trials to assess fluid volume in patients with chronic kidney disease and heart failure.
MUST WATCH: ImpediMed Limited (ASX:IPD) Announces First Commercial Order For SOZO® Digital Health Platform
Oncology milestones
ImpediMed concluded the PREVENT trial during 1H21. The study investigators have begun work on a manuscript ahead of its planned submission by the end of February 2021.
The Company also achieved HITRUST® CSF Certification that gives it the highest level of assurance in systems integrity.
NSW Health expanded patient access to its lymphoedema prevention program using SOZO® by buying 25 additional units. 45 SOZO® units have been purchased to date.
During the reporting period, ImpediMed also announced the publication of a meta-analysis. Details can be read here- ImpediMed’s (ASX:IPD) BIS L-Dex® Technology Significantly Effective Against Lymphoedema.
ImpediMed also announced the publication of a Meta-analysis of the PREVENT trial, showing the benefits of BIS LDex in detecting subclinical breast cancer-related lymphoedema compared to tape measure.
Heart failure & renal failure milestones
In the heart and renal failure market, ImpediMed made significant accomplishments during the reporting period-
- Secured first commercial heart failure sales when Phoenix Healthcare Network initially purchased 5 SOZO® units.
- A poster presentation at the Heart Failure Society of America Virtual Annual Scientific Meeting was announced.
- AstraZeneca selected SOZO® for heart failure as well as renal trials.
- ImpediMed launched its fluid analysis for heart failure software for the SOZO® Digital Health Platform.
Achievements beyond 1H21
Developments continued to foster at the Company after 1H21.
In February 2021, an abstract assessing the use of SOZO®BIS technology in identifying heart failure patients at risk of hospital readmission at the time of discharge was accepted for poster presentation at the American College of Cardiology.
RELATED READ: ImpediMed’s SOZO ® Heart Failure Abstract Accepted For Poster Presentation At ACC
Way forward
IPD traded at $ 0.135, mid-day on 23 February 2021.
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