ImpediMed reports key milestones across oncology, heart failure & renal failure in 1H21

February 23, 2021 12:14 PM AEDT
Sukriti

Author Sukriti
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Sukriti is a Senior Financial Analyst at Kalkine Media Pty Ltd. She has experience of over 3.8 years in the field of finance, research, reporting standardisation and process developments. She has interned with brands like PepsiCo, Vogue, JBL and Dell...

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?

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.

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

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.