Impedimed reckons it’s found gold measuring body fluid for US fitness freaks
Health & Biotech
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Since entering the US market in October, medtech Impedimed has built a pipeline that’s approaching its last full year of revenue.
ImpediMed (ASX:IPD) develops diagnostic devices that measure how a patient’s body impedes electric current flow to detect things like fluid status and body composition.
The company introduced a new product in the US last year called SOZO which can measure body fluid and compare data to the general population to give a health rating. That’s particularly useful in the fitness industry.
“It is designed to fit into the user’s lifestyle and create a customised plan around individual patients, athletes, coaches, physicians and anyone looking to improve their overall health and wellness,” the company says.
The stock lost 75 per cent of its value this year from January to last week — falling from about $1 to 26c.
But it has recovered strongly in the past week, almost doubling to around 50c afte a positive trial result (which also attracted an ASX speeding ticket).
In the annual report chief Richard Carreon said in eight months he had built a contracted revenue pipeline of $3.5 million and annual recurring revenue of $1.3 million.
The company made $5.2 million in revenue in fiscal 2018 — down 17 per cent from last year’s take.
The loss dropped from $29.7 million to $26.3 million.
The dip in revenue was led by the medical division, which saw its income drop to $3.5 million as the company shifted its main business from selling a range of body fluid measuring devices to a subscription ‘lifestyle’ product.
It also earns money from selling test and measurement devices.
The company has $31.3 million and dropped its wages bill to $16.8 million. It paid its board members, past and present, $3.9 million in salaries and short term incentives in 2018.
Impedimed shares were flat at 50c on Thursday morning.