30 April 2025 Companies Announcements Office Australian...

30 April 2025
Companies Announcements Office
Australian Securities Exchange
Quarterly Activity and Cash Flow Report
Key Highlights for the Third Quarter
• Record revenue of A$3.4m (vs A$3.3 million in Q2 FY25)
• Annual Recurring Revenue of A$13.7 million (vs A$12.5 million in Q2 FY25)
• SOZO Core Business TCV of A$4.9 million (vs A$3.2 million in Q2 FY25)
• Record cash receipts of A$4.1m (vs A$3.4 million in Q2 FY25)
• Net operating cash outflows of A$3.5 million for the quarter (vs A$2.5 million Q2 FY25 or
A$3.4m after adjusting for the Q2FY25 R&D tax credit)
• Cash balance of A$27.9 million equating to 8.1 quarters of operating cashflow


Key sales metrics and financial update
Implementing the new go to market strategy is continuing. Increased scheduled media
activity and conference attendance continues to drive awareness, lead generation and
supports clinical adoption. In the quarter, the Company experienced record lead generation,
with over 500 new leads identified. After successfully implementing changes to create and
build the Company’s pipeline it’s now focusing efforts on converting these opportunities into
sales. With the new sales leadership and a measured investment in sales related personal a
the Company expect a significant increase in SOZO unit sales over the balance of the
calendar year.
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ImpediMed recorded record unaudited total revenue of A$3.4 million for the quarter ending
31 March 2025 compared with A$3.3 million for the quarter ending 31 December 2024 (Q2
FY25). In total, 36 SOZO units were sold in the quarter compared with 49 units in Q2 FY25.
22 units were sold in the US, up 10% compared with Q2 FY25. The reduction in total units
was as a result of rest of the world unit sales dropping to 14 units from 29 in Q2 FY25, after
benefitting from distributor inventory restocking in the prior quarter (as reported in the Q2
FY25 Quarterly Activities and Cashflow Report). Churn remains low at 3%.
The Core Business Total Contracted Value (TCV) signed during the quarter was $4.9 million,
compared with $3.2 million for Q2 FY25. The increase was primarily due to an increase in
number of units due for renewal. The Company is pleased with the quality of accounts
initiated or renewed in the quarter with a significant number being Key Accounts, IDNs and
NCCN Centres, coupled with continued strong price increases on renewal, averaging 19%
for the quarter.
The additional TCV signed in the quarter grew the Core Business Annual Recurring
Revenue (ARR) to $13.7 million for the 12 months to 31 March 2026. This compares with an
ARR at the end of Q2 FY25 of $12.5 million.
Summary of cash receipts and outflows
During Q3 FY25 the Company had net cash outflows from operating activities of $3.5 million,
which is net of record cash receipts from customers of $4.1 million. The net cash outflows
from operating activities were an increase from the $2.5 million recorded in Q2 FY25, which
benefitted a positive impact from the R&D tax credit received in the quarter. After adjusting
for the R&D tax credit received in Q2 FY25, net operating cash outflows of $3.5 million was
in line with the previous quarter’s net operating cash outflow of $3.4 million.
The majority of the cash outflows for the quarter related to staff costs which totalled $4.8
million, in line with the previous quarter. The Company experienced higher advertising costs
as a result investments in conference expenditure, including the Company’s first
participation in the Oncology Nursing Society (ONS) Conference. Product manufacturing &
operating costs increased with a planned inventory build. The Company is forecasting an
additional one-off $1.2m payment in Q4 FY25 to purchase key electronic components at pre
tariff pricing, to ensure continuity of supply.
As at 31 March 2025, ImpediMed has a total cash balance of $27.9 million comprising $0.6
million cash in bank and $27.3 million in term deposits. The cash balance increased after the
Company drew down an initial US$10 million of a US$15million growth capital facility. Full
details of the facility were included in the ASX market release on 6 February 2025.
Payments to related parties and their associates during the quarter disclosed in Section 6 of
the Appendix 4C totalled A$93,000 and comprised payments to Non-Executive Directors.
Reimbursement
Coverage remained static with 25 states above 80% coverage and 75% of the population
covered equating to 258.5M covered lives. Reimbursement initiatives continue, as the
Company looks to support customers, update guidelines and enhance coverage. Despite
low reimbursement in some states, coverage is considered sufficient to achieve sales that
will meet the Company’s stated goals.