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Highlights:
- On Monday, ImpediMed Limited (ASX:IPD) announced an updated NCCN Guidelines® to recommend frequent screening of lymphoedema with BIS.
- The company has the only FDA-cleared BIS technology for the evaluation of lymphoedema.
- In 2Q FY23, IPD’s total revenue for the period rose 8% YoY and was unchanged on a constant currency basis.
The medical software technology company ImpediMed Limited (ASX:IPD), was up by 111.864% at AU$0.125 by the close on Monday, 27 March 2023, after it notified that National Comprehensive Cancer Network ® (NCCN®) declared a new version of the NCCN Clinical Practice Guidelines in Oncology (NCCN Guidelines®) for Survivorship on 24 March this year, which for the first time comprises of bioimpedance spectroscopy (BIS).
Let’s scan through IPD’s latest update now.
The updated NCCN Guidelines mention that cancer survivors at risk of lymphoedema should go through the screening of lymphoedema at frequent intervals to recognise initial indications of the disease through symptom assessment, clinical exam, and, if accessible, bioimpedance spectroscopy.
The company has the only FDA-cleared BIS technology for the evaluation of lymphoedema. IPD’s SOZO® Digital Health Platform is largely received and identified for efficient and precise screening of lymphoedema.
There are two key changes in the updated NCCN Guidelines compared to the previous version- first is the transition from performing clinical evaluation only on survivors reporting the symptoms of the disease to assessing all survivors at risk of the disease. The second change is the addition of a new step to screen patients utilising a clinical examination and recommends BIS, if available.
The recommendations made by the NCCN Survivorship Panel were Category 2A, implying that there was uniform NCCN consent for this fresh recommendation.
ImpediMed 2Q FY23 results
ImpediMed released its 2Q FY23 results ended 31 December 2022 in January this year. During the period, core business revenue increased 38% to AU$2.2 million over pcp and rose 30% on a constant currency basis. The total revenue for the period rose 8% YoY and was unchanged on a constant currency basis.
The core business increase is offset by an expected decline of 47% quarter on quarter (down 52% on a constant currency basis) in Clinical Business SaaS from the finalisation of 1 of 2 AstraZeneca trials. The rest of the AstraZeneca contract is expected to remain at the present level for around the next two quarters.
IPD’s cash balance as on 31 December last year was AU$26.2 million. The cash receipts from customers of IPD during the quarter period was AU$2.8 million.
On the operational front, record results for patient tests held in the 2Q FY23, with more than 50K tests held, more than 28% on pcp including above 500K patient tests since the unveiling of SOZO. More than 940 SOZO units were sold in core business at the time of this update, which included 14 units sold in the US and 32 units sale in the Asia Pacific region in 2Q FY23. There was also a 2% churn rate and above 95% customer renewal rate.
