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Highlights
- ImpediMed saw record results for total revenue and SOZO SaaS revenue in Q3.
- Micro-X achieved good growth in Mobile DR unit sales with expanded network, distributors and inventory on hand.
- MedAdvisor reported a 96.1% YoY surge in operating revenue in the March quarter.
Medical technologies assist healthcare professionals in diagnosing and treating patients with a higher level of accuracy and on time. The next generation of medical technologies holds great potential in advancing the entire health care industry.
This article will discuss three medical technology companies and their updates from the quarter ended 31 March 2022.
Do read: MX1, MDR, and OSX: Medical technology stocks from ASX
ImpediMed Limited, a medical software technology company, reported a strong turnaround in patient testing and sales in the month of March. Based in Australia, the company produces a range of FDA cleared, and CE Marked medical devices, including SOZO® for multiple indications including heart failure, lymphoedema, and protein-calorie malnutrition. These devices are sold in select markets globally. IPD has its operations in the US and Europe.
Major highlights of the March quarter
- Record quarter for SOZO® Revenue and SOZO SaaS Revenue
- ImpediMed registered 18% year-on-year (YoY) growth in total revenue to AU$2.7 million
- The company recorded 28% YoY growth in SOZO® SaaS Revenue
- The first two months of the quarter witnessed significant disruptions in the US due to Omicron
- The quarter saw expanded and extended second AstraZeneca contract, using SOZO for a Phase IIb trial
- In the March quarter, more than 39,000 patient tests were conducted, up 12% YoY
- The company had AU$9 million of cash at March-end.
Do read: AGN, PYC, KZA: An insight into key highlights of healthcare therapeutics from March quarter
MedAdvisor is a world-class medication management platform that uses a highly automated and intuitive software system. It empowers patients to manage their medication and improve adherence in a simple way by connecting patients to tools and education materials from their preferred pharmacy.
MDR reported a 96.1% surge in 3Q FY22 YTD operating revenue compared to prior corresponding period.
The company has delivered more than 4.5 million COVID-19 vaccinations to date through its network of pharmacies.
Micro-X Ltd is a hi-tech company specialising in a range of products for the global health and security markets. The company has a production facility in Adelaide, Australia, and a growing technical and commercial team in Seattle to expand its business in the US.
Key achievements during the three-month period ended 31 March
- Revenue stood at AU$3.5 million
- Sales of Mobile DR units resulted in revenues of AU$1.8 million
- The quarter saw partnership with DMS Imaging, SA, a major X-ray manufacturer based in France
- Major DHS prototype design milestone achieved by miniature CT baggage scanner, which has an addressable market of nearly US$24 billion
- Brain CT stroke imager demonstrated its potential to produce images to best practice clinical standards for stroke detection. It resulted in a payment of AU$0.9 million to Micro-X
- The company ended the period with cash of AU$16.1 million
Also read: NSB, FRE, MDR: Latest updates from 3 ASX healthcare penny stocks
