ImpediMed 2024 half-year financial results overview

ImpediMed Limited (ASX: $IPD) has reported its 2024 half-year financial results, with a half-year revenue of $4.8 million, down from $5.7 million in the previous corresponding period. The reduction is primarily attributed to the anticipated conclusion of the AstraZeneca clinical trial program. The company also disclosed the appointment of Dr Parmjot Bains as Managing Director and Interim CEO, and McGregor Grant as Executive Chair and Interim CFO, along with a cash balance of A$36.9 million as of 31 December 2023.

Executive commentary on business performance and strategic initiatives

Since commencing as CEO in January this year, Dr Bains has been actively engaging with key account executives and visiting numerous customers across 8 states to understand customer needs and the nature of SOZO usage. The company has prioritized activities to focus on 11 key states, segmented and prioritized customer lists, and aligned on actions to accelerate leads and execute on sales. ImpediMed remains confident that adoption of its technology will accelerate as reimbursement continues to expand across all states in the US, supported by pricing, clinical education, and focused execution. The company is introducing a SaaS patient-based pricing model within high reimbursement states and accounts, with a recent focus on breast cancer lymphoedema prevention, supported by the PREVENT Trial protocol.

Summary of ImpediMed's 2024 half-year financial results and outlook

ImpediMed reported a half-year revenue of $4.8 million, reflecting a decrease from the previous corresponding period, mainly due to the conclusion of the AstraZeneca clinical trial program. The company is prioritizing high reimbursement states and actively working to streamline the sales process to shorten lead times. With a cash balance of A$36.9 million, ImpediMed aims to reduce annualized operating costs by 10%-15% by the end of FY24. The company is optimistic about the expansion of reimbursement coverage by Private Payors and Medicare, particularly with the recent policy changes and the achievement of 'critical mass' in 14 states. ImpediMed is focusing on 11 high-priority states and anticipates these to achieve critical mass by April 2024, which will be a key focus for the company's near-term sales and marketing efforts.