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Impedimed Reports Strong Lymphoedema Revenue Growth

Tuesday, 23 July 2013
Impedimed Reports Strong Lymphoedema Revenue Growth

ASX RELEASE

ASX ANNOUNCEMENT - APPENDIX C - QUARTER ENDED JUNE 2013

Strong Lymphoedema Revenue Growth

Brisbane, Australia - ImpediMed Limited (ASX:IPD) (the Company) is pleased to provide its Appendix 4C quarterly cash flow report (unaudited) for the quarter ended 30 June 2013.

ImpediMed announces lymphoedema revenue growth for the quarter of 74% in the U.S., which is a record, and 28% in the Australian and International markets compared to the same period last year. For financial year 2013, lymphoedema revenue was up 51% in the U.S., and 35% on a global basis compared to financial year 2012.

Operating cash burn for the quarter was $1.56 million, down 48% versus the same period last year. Ending cash and cash equivalents was $7.32 million as of 30 June 2013, compared to $8.16 million as of 31 March 2013.

Key highlights from the quarter: 

  • 510(k) clearance received, strengthening the L-Dex® U400 franchise in the U.S.
  • Record number of new customers acquired globally.
  • Orders from new customers and expanded ordering from key multi-site customers resulted in strong growth in the U.S. lymphoedema revenue quarter over quarter, both compared to same quarter last year and 3rd quarter of financial year 2013.
  • Continued expansion in Australia and New Zealand through collaboration with 3M and the Australasian Lymphology Association (ALA) resulted in strong revenue growth quarter over quarter, both compared to same quarter last year and 3rd quarter of financial year 2013.

President and CEO Richard Carreon stated, “For four consecutive quarters we have considerably improved our financial position with strong revenue growth in our core lymphoedema business. We continue to focus on the long-term health of our core markets while eliminating expenses that do not support these goals. For the financial year 2013, our global lymphoedema revenue is up over 35%. Our expenses in the same period were down over 28%. I am very pleased with the new team’s accomplishments in financial year 2013, and the improved position in which we have entered financial year 2014.”

Cash Flow Report Commentary

Cash on hand as of 30 June 2013 was $7.32 million as compared with $8.16 million at 31 March 2013 and $14.51 million at 30 June 2012. Receipts from customers for the quarter ending 30 June 2013 were $0.82 million, or higher by 20% compared to the corresponding quarter ending 30 June 2012 and higher by 40% when compared to the most recent quarter ending 31 March 2013. Net operating cash flows for the quarter were down considerably at $1.56 million compared to $2.99 million used in same quarter in financial year 2012, and up $0.16 million compared to the most recent quarter ending 31 March 2013.

Richard Carreon
CEO

ENDS

For further information, contact: 

Richard Carreon, ImpediMed CEO

Morten Vigeland, ImpediMed VP of Global Finance

T: +1 (858) 412-0200

L-Dex® is a trademark of ImpediMed Limited. The L-Dex scale is a tool to assist in the clinical assessment of unilateral lymphoedema of arm and leg in women and the leg in men by a medical provider. The L-Dex scale is not intended to diagnose or predict lymphoedema of an extremity.

About ImpediMed

ImpediMed Limited is the world leader in the development and distribution of medical devices employing Bioimpedance Spectroscopy (BIS) technologies for use in the non-invasive clinical assessment and monitoring of fluid status. ImpediMed’s primary product range consists of a number of medical devices that aid surgeons, oncologists, therapists and radiation oncologists in the clinical assessment of patients for the potential onset of secondary lymphoedema. Pre-operative clinical assessment in cancer survivors, before the onset of symptoms, may prevent the condition from becoming a lifelong management issue and thus improve the quality of life of the cancer survivor. ImpediMed has the first medical device with an FDA clearance in the United States to aid health care professionals, clinically assess secondary unilateral lymphoedema of the arm and leg in women and the leg in men.

For more information, visit: www.impedimed.com.au