update on latest thoughts below from Sc Po from *..
Sales build for ImpediMed’s SOZO device Power says Impedimed posted a Q4 FY24 cashflow result which demonstrates sales momentum is starting to build with its new leadership starting to deliver.
However, he says IPD’s share price has not reacted positively to the news, down more than 8% in the past five days. IPD designs and manufacture medical devices employing bioimpedance spectroscopy (BIS) technologies for use in the noninvasive clinical assessment and monitoring of fluid status and tissue composition. The company’s SOZO device is the only FDA-cleared BIS solution for the clinical assessment of lymphoedema. BIS for prevention of breast cancer-related lymphoedema is now included in the globally referenced National Comprehensive Care Network (NCCN) guidelines and the Multinational Association of Supportive Care in Cancer (MASCC) guidelines.
Morgans says as a result and with US insurers in the process of updating their medical policies it expects the installed base of the 570 SOZO units to increase across the US hospital network. During the quarter, IPD sold 38 SOZO units of which 23 were sold in the US. This compares with 18 units sold in the previous quarter, of which 13 were sold in the US. A total of 68 units were sold in FY24 and Morgans forecast this will grow to 200 units in FY25.“We expect subsequent quarters to show strong growth,” Power says.
IPD recorded unaudited total revenue of $2.9m for Q4 FY24, up from $2.6m for Q3 FY24.The core business total contracted value (TCV) signed during the quarter was $3.4m compared with TCV of $2.2m signed during Q3 FY24.After a volatile 2023, IPD has a new board and management team. In its Q4 FY24 results announcement IPD says the new executive team “remains laser-focused on driving growth through targeted sales and marketing execution”.READ:ImpediMed’s new leadership team looks to grow the companyIPD has a cash balance at the end of Q4 FY24 of $24.6m with growth in the installed base forecast to see the company achieve break-even within two years. Morgans maintains a speculative buy recommendation and 20 cent target price with Power noting the share price has not reacted as he’d have thought to the update: “We are surprised with where the share price is trading at the moment but we maintain a positive stance on ImpediMed.”
next report to come is the Ann Report out this month..
staying tuned..
cheers ..
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