Medical technology company ImpediMed (ASX:IPD) continues to make strides with its SOZO® Digital Health Platform, reporting significant progress in its Q1 FY25 results. The company’s pipeline for SOZO units increased by 34%, with 28 units sold in the US, a notable rise from the previous quarter’s 23 units. SOZO, which uses bioimpedance spectroscopy (BIS), is gaining traction in both the oncology and broader health markets.
A key highlight for the quarter was the increase in payor coverage, adding 6.6 million covered lives. With new payors on board, total coverage now stands at 146.6 million lives across 16 US states. This aligns with ImpediMed’s focus on expanding its footprint in the lymphoedema and heart failure sectors, bolstered by strategic partnerships such as a new trial with AstraZeneca.
CEO Dr Parmjot Bains said, “Our continued progress in expanding payor coverage and clinical adoption of SOZO is critical to our growth strategy. This quarter’s results highlight our focus on driving sales execution while improving reimbursement outcomes.”
Despite a slight dip in quarterly revenue to $2.7 million, down from $2.9 million in Q4 FY24, ImpediMed remains optimistic about its long-term prospects. The company has also forecast lower cash outflows in the upcoming quarter.