The Impedimed Limited (ASX: IPD) share price is appreciating after the company released its full-year results for FY21.
At the time of writing, shares in the healthcare company are trading for 13 cents each – up 4%. For context, the ASX All Ordinaries Index (ASX: XAO) is 0.25% higher.
Let's take a closer look at today's announcement.
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Impedimed share price lifts with reduction in losses
- Revenue of $8.4 million – up 46.5% on the prior corresponding period (pcp). This includes a 64% growth in revenue from its SOZO software, which totalled $7.6 million.
- Loss from ordinary activities of $20.7 million, which is down 3% on the pcp.
- Net operating cash outflows for the period of $13.3 million. This is down from the $19.2 million outflow in the pcp.
- Nil dividend paid for the year, which is the same as FY20.
What happened in FY21 for Impedimed?
The Impedimed share price rocketed 13% in November when AstraZeneca plc (LSE: AZN) announced it was using SOZO for phase II clinical trials. The product was used for measuring fluid volumes in patients with chronic kidney disease.
Besides SOZO, Impedimed also announced news in relation to its 'Prevent' treatment and 'HF-Dex' system.
What did management say?
Impedimed CEO and Managing Director, Richard Carreon, said
Our transition to a connected digital health platform put the Company in a strong position to thrive during a very turbulent year. We have built a strong and resilient business, with quarter-over-quarter record results. Throughout the past year, our Company continued to prove its resilience, as we signed SOZO contracts in excess of $12.0 million, had a churn rate of just 1%, and a contract renewal rate of 100% throughout the entire financial year.
What's next for Impedimed?
Just in the last 2 days, Impedimed released 2 statements that were material to the Impedimed share price.
The first relates to designation of a product in the US and the second on an R&D tax rebate.
On the first matter, SOZO received "Breakthrough Device Designation" from the US Food and Drug Administration (FDA) for use in renal patients. The product will be used to measure fluids in patients undergoing dialysis. The company says the designation is the "perfect forum" to ultimately get FDA clearance.
On the second, the company received a $1.8 million research and development (R&D) from the Australian government. Last year the company received a $2.6 million refund.
Impedimed share price snapshot
Over the past 12 months, the Impedimed share price has increased 62.5%. Year-to-date, however, it is only up 8.33%. This is below the All Ords Index. Impedimed has a market capitalisation of about $187 million.
