The Impedimed share price is shooting higher today, up 5% in morning trade. We take a look at what’s moving the shares.
The post Why the Impedimed (ASX:IPD) share price shot higher this morning appeared first on The Motley Fool Australia. –
The Impedimed Ltd (ASX: IPD) share price shot higher this morning, up 5% in morning trade.
This came after the ASX medical technology company reported a significant uptick in the number of tests conducted with one of its leading medical devices.
What testing results did Impedimed report?
The Impedimed share price is surging after the company reported its customers had conducted more than 28,000 patient tests with its SOZO device in the second quarter of the 2021 financial year (Q2 FY21). That brings the total number of patient tests since SOZO’s commercial launch in October 2017 to more than 200,000.
The company noted that the pace of testing is picking up speed, with 100,000 tests in the past 13 months compared to the 100,000 tests in the first 32 months. It forecasts the SOZO testing rate will continue to increase.
SOZO is an FDA cleared “non-invasive bioimpedance spectroscopy (BIS) device”. According to the company, the device provides a “precise snapshot of fluid status and tissue composition in less than 30 seconds”. Those results can then be posted directly online, enabling the information to be shared amongst medical professionals.
Commenting on the testing numbers, Impedimed CEO Richard Carreon said:
This is a significant milestone for our company, but more importantly for the patients whose lives have been dramatically impacted by the reduction in lymphoedema rates from SOZO testing.
For the company, we are building a large dataset which will be very valuable in providing new insights into the course and care of a large number of chronic disease states.
Carreon added that COVID-19 had seen testing numbers fall in US cancer centres as the pandemic spread in late December and into January. With testing numbers having since improved, he expects testing numbers to pick up in March and that this trend “importantly, points to a strong recovery in patient testing heading into the fourth quarter”.
Impedimed share price snapshot
Over the past full year, the Impedimed shares have gained 44%. That compares to a 10% gain on the All Ordinaries Index (ASX: XAO).
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Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.