Want to see AU:IPD full AI Analyst Report?
Top Page
Impedimed Limited
(Sydney:IPD)
Select Model
Select Model
Rating:46Neutral
Price Target:
AU$0.01
â–²(40.00% Upside)
Action:Reiterated
Date:08/04/26
The score is primarily constrained by weak profitability and negative/worsening cash flow despite revenue growth and strong gross margins. Valuation is difficult to support due to negative earnings (negative P/E), and technical conviction is limited by missing indicators alongside high volatility (beta 2.14).
Positive Factors
High gross margins
An 86.25% gross margin indicates strong product-level economics and pricing power for its bioimpedance devices and consumables. High gross margins provide durable upside to operating leverage as revenue scales, supporting long-term profitability prospects if operating costs are controlled.
Negative Factors
Negative operating and free cash flow
Negative operating and free cash flow with worsening FCF growth indicate the core business currently consumes cash. Over months this reduces financial flexibility, increases reliance on external funding, and constrains the company’s ability to invest in sales, R&D, or pursue profitable scale without addressing cash burn.
Read all positive and negative factors
Positive Factors
Negative Factors
High gross margins
An 86.25% gross margin indicates strong product-level economics and pricing power for its bioimpedance devices and consumables. High gross margins provide durable upside to operating leverage as revenue scales, supporting long-term profitability prospects if operating costs are controlled.
Read all positive factors
Impedimed Limited (IPD) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$16.48M
Dividend YieldN/A
Average Volume (3M)853.05K
Price to Earnings (P/E)―
Beta (1Y)2.14
Revenue Growth23.30%
EPS Growth-14.29%
CountryAU
Employees77
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-0.01
Shares Outstanding3,662,493,700
10 Day Avg. Volume551,953
30 Day Avg. Volume853,052
Financial Highlights & Ratios
PEG Ratio-0.20
Price to Book (P/B)3.45
Price to Sales (P/S)5.55
P/FCF Ratio-4.52
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$0.01Price Target Upside33.33% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)>-0.01
Revenue Forecast (FY)AU$20.34M
Impedimed Limited Business Overview & Revenue Model
Company Description
Operating as a medical software technology provider, ImpediMed Limited is responsible for the development, production, and global sales of bioimpedance spectroscopy (BIS) instruments and accompanying software solutions, serving markets in Australi...
How the Company Makes Money
Impedimed Limited makes money primarily by selling and supporting its bioimpedance spectroscopy-based medical device systems and associated consumables and software used in clinical workflows.
Key revenue streams include:
- Capital equipment sale...
Impedimed Limited Earnings Call Summary
Earnings Call Date:Feb 20, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Aug 27, 2026
Earnings Call Sentiment Positive
The call balanced several strong operational, clinical and regulatory advances (93% reimbursement coverage, record revenue of $3.9M, ARR growth to $14.4M, FDA clearance, SOZO Pro launch, and major YoY and QoQ improvements in several metrics) against near‑term commercial execution challenges in the U.S. (weaker BCRL device sales, a decline in TCV, sales conversion delays due to hospital budget pressures, and elevated staff/FX headwinds). Financial discipline and cash flow improvement were emphasized, and a sizable pipeline and go‑to‑market initiatives position the company for potential recovery and growth.Positive Updates
Reimbursement Coverage Expansion
National reimbursement coverage increased to 93%, representing 323 million covered lives (+5 percentage points QoQ). States with >90% coverage rose from 7% to 39% since the start of the financial year (fivefold increase), bringing the company closer to its 100% coverage goal for BCRL.
Negative Updates
Disappointing U.S. BCRL Sales
U.S. breast cancer‑related lymphedema (BCRL) sales were softer than anticipated this quarter; overall sales metrics were below internal expectations despite a strong pipeline of opportunities.
Read all updates
Q2-2026 Updates
Positive
Negative
Reimbursement Coverage Expansion
National reimbursement coverage increased to 93%, representing 323 million covered lives (+5 percentage points QoQ). States with >90% coverage rose from 7% to 39% since the start of the financial year (fivefold increase), bringing the company closer to its 100% coverage goal for BCRL.
Read all positive updates
Company Guidance
Management guided that the company will prioritize converting a pipeline of over 700 validated opportunities and expanding reimbursement (now 93% national coverage representing 323 million covered lives, with states >90% coverage up fivefold from 7% to 39% and a target of 100%), while accelerating growth in BCRL, heart health and wellness/weight‑management (30,000 identified sites, a wellness addressable market >$200m, >3,000 wellness leads and a 3‑rep body‑composition team); they highlighted product and regulatory progress (600 devices in the U.S., in 18 of the top 25 hospitals, 27 MSAs, FDA bilateral lymphedema clearance received and a new 510(k) filed). Financially the focus remains on discipline and runway extension with operating cash outflow improving to $2.9m (from $5.6m), cash receipts rebounding to $3.8m, Q2 revenue a record $3.9m (up 18% YoY, 8% QoQ), TCV $4.1m, ARR expected to be $14.4m for the 12 months to 31 Dec 2026 (+15% YoY), a cash balance of $18.9m (6.5 quarters), average renewal price increases of 14%, patient testing up 1% QoQ (3‑yr CAGR 15%), but with near‑term U.S. sales headwinds and quarterly staff costs of $5.3m.Impedimed Limited Financial Statement Overview
Summary
Income Statement
45
Neutral
Balance Sheet
50
Neutral
Cash Flow
40
Negative
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 14.23M | 12.72M | 10.32M | 11.34M | 10.57M | 8.41M |
| Gross Profit | -832.00K | 10.97M | 9.01M | -13.65M | -13.35M | -12.20M |
| EBITDA | -15.69M | -17.55M | -22.05M | -20.49M | -18.65M | -20.70M |
| Net Income | -24.37M | -23.24M | -19.79M | -20.52M | -19.87M | -20.71M |
Balance Sheet | ||||||
| Total Assets | 38.36M | 41.66M | 46.99M | 68.74M | 58.70M | 34.20M |
| Cash, Cash Equivalents and Short-Term Investments | 18.85M | 22.18M | 24.63M | 45.71M | 40.73M | 19.68M |
| Total Debt | 21.93M | 14.49M | 1.14M | 1.45M | 170.00K | 474.00K |
| Total Liabilities | 29.34M | 21.16M | 6.24M | 7.86M | 7.66M | 8.69M |
| Stockholders Equity | 9.02M | 20.50M | 40.74M | 60.88M | 51.04M | 25.51M |
Cash Flow | ||||||
| Free Cash Flow | -8.01M | -15.63M | -20.89M | -24.09M | -20.89M | -15.71M |
| Operating Cash Flow | -17.45M | -14.64M | -17.79M | -18.05M | -15.66M | -13.26M |
| Investing Cash Flow | -873.00K | -989.00K | -3.10M | -6.04M | -5.22M | -2.46M |
| Financing Cash Flow | 21.94M | 13.64M | -481.00K | 27.93M | 39.92M | 16.47M |
Impedimed Limited Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
46 Neutral | AU$16.48M | -0.38 | -165.13% | ― | 23.30% | -14.29% | |
44 Neutral | AU$42.87M | -8.96 | -547.06% | ― | -19.47% | 62.28% | |
44 Neutral | AU$148.26M | -13.57 | -70.29% | ― | ― | -62.15% | |
43 Neutral | AU$3.12M | -1.56 | -1788.57% | ― | -52.22% | 44.79% | |
42 Neutral | AU$44.95M | 562.50 | 0.48% | ― | 24.45% | ― | |
41 Neutral | AU$20.20M | -1.49 | -180.06% | ― | 74.74% | 4.32% |
* Healthcare Sector Average
AU:IPD
Impedimed Limited
0.01
-0.03
-68.89%
AU:CMP
Compumedics Limited
0.24
-0.09
-27.69%
AU:UCM
Uscom Limited
0.01
<0.01
9.09%
AU:HMD
HeraMED Ltd.
0.03
0.02
78.95%
AU:MX1
Micro-X Ltd.
0.03
-0.05
-63.75%
AU:EMV
EMvision Medical Devices Ltd.
1.62
-0.11
-6.36%
Impedimed Limited Corporate Events
ImpediMed Releases Investor Presentation on Q4 FY26 Results
Jul 27, 2026
ImpediMed Limited has released an investor presentation outlining its Q4 FY26 financial results to the market. The presentation, approved by the board, is being delivered to investors and analysts, signalling the company’s continued engageme...
ImpediMed lifts Q4 revenue as SOZO footprint and BCRL reimbursement expand
Jul 27, 2026
ImpediMed reported Q4 FY26 revenue of $3.6 million, with annual recurring revenue at $14.4 million and SOZO core business total contract value of $5.4 million, alongside cash receipts of $4.3 million and a quarter-end cash balance of $15.3 million...
ImpediMed schedules Q4 FY26 cash flow release and investor webinar
Jul 23, 2026
ImpediMed Limited will release its Appendix 4C quarterly cash flow report for the period ending 30 June 2026 on 28 July 2026, providing investors with an update on the company’s financial position and cash usage for the fourth quarter of fis...
Impedimed director boosts shareholding via equity‑based fees
Jul 3, 2026
Impedimed Limited has disclosed a change in director Andrew Grant’s interests, with his direct holding increasing by 595,000 ordinary shares to a total of 8,790,048 shares, alongside existing option holdings. The shares were issued at $0.006...
Impedimed Director Boosts Indirect Holding Through Share-Based Fees
Jul 3, 2026
Impedimed Limited operates in the medical technology sector, focusing on diagnostic and monitoring solutions that use bioimpedance to assess fluid status and body composition. Its products are primarily used in clinical settings to support the man...
ImpediMed director boosts stake through equity-based fee payment
Jul 3, 2026
ImpediMed has disclosed a change in director Fiona Bones’ holdings, with the non-executive director receiving 595,000 new ordinary shares. The issuance represents 15% of her non-executive director fees for the quarter ended 30 June 2026, pai...
ImpediMed boosts director equity stake through fee-for-shares arrangement
Jul 3, 2026
ImpediMed Limited has reported a change in the equity holdings of non-executive director Erik Anderson, reflecting the company’s practice of partially compensating board members in equity rather than cash. The adjustment underscores ImpediMe...
Impedimed Issues New Shares to Non-Executive Directors Under Fee Plan
Jul 3, 2026
Impedimed Limited has issued 2,688,338 fully paid ordinary shares to its non-executive directors under the company’s Non-Executive Director Share Plan. The shares represent 15% of director fees for the quarter ended 30 June 2026, converting ...
Impedimed cancels lapsed options and performance rights, clarifying capital structure
Jul 3, 2026
Impedimed Limited has announced the cessation of 11,642,750 options and 8,529,911 performance rights after the conditions attached to these securities were not met or became incapable of being satisfied by 30 June 2026. The lapse of these conditio...
Australian Ethical exits substantial holder position in Impedimed
Jul 3, 2026
Australian Ethical Investment Ltd has lodged a notice with the ASX confirming it has ceased to be a substantial holder in Impedimed Limited. The change reflects a reduction in its voting interest in the medical technology company below the substan...
Impedimed Issues 1.8 Billion Follow-On Options in Major Capital Move
Jun 26, 2026
Impedimed Limited has notified the market of the issue of 1.8 billion unquoted follow-on options, exercisable at $0.015 and expiring on 31 December 2027, contingent on the exercise of attaching options. The large volume of low-exercise-price optio...
ImpediMed Director Increases Stake via Tranche 2 Placement
Jun 16, 2026
ImpediMed Limited has disclosed a change in the holdings of director Andrew Grant following his participation in the company’s latest capital raising. Grant acquired 5,000,000 new ordinary shares at $0.01 per share, along with 5,000,000 atta...
ImpediMed director boosts stake via placement-linked share and option issue
Jun 16, 2026
ImpediMed director Ms Janelle Delaney has significantly increased her indirect holding in the company through the Delaney Family Superannuation Fund, following participation in a recently approved capital placement. Her indirect interest rose with...
ImpediMed Director Deepens Stake via Tranche 2 Share Placement
Jun 16, 2026
ImpediMed has disclosed a significant change in the holdings of director Fiona Bones, who has substantially increased her equity stake through participation in a recent capital placement. Bones acquired 20,000,000 new ordinary shares at $0.01 per ...
ImpediMed director vastly increases stake through approved share placement
Jun 16, 2026
ImpediMed Limited has disclosed a substantial change in the holdings of director Erik Anderson, who participated in Tranche 2 of a previously approved share placement. His direct interest increased from 69,690 to 15,069,690 ordinary shares, alongs...
ImpediMed Reveals Top Holders for Newly Quoted ASX Options
Jun 16, 2026
ImpediMed Limited has released details of its two new classes of quoted options, IPDO and IPDOA, following recent applications for quotation on the ASX. The disclosure includes lists of the top twenty option holders and distribution schedules, hig...
ImpediMed Confirms Compliance as It Issues 1.32 Billion New Shares
Jun 16, 2026
ImpediMed Limited has issued 1,320,433,800 new fully paid ordinary shares at $0.01 per share, including 1,020,433,800 shares placed with institutional, professional and sophisticated investors as the second tranche of a previously announced capita...
Impedimed Seeks ASX Quotation for Massive New Share and Option Issuance
Jun 16, 2026
Impedimed Limited has applied for quotation on the ASX of 1.32 billion new fully paid ordinary shares and a total of 3.6 billion options with expiries in March 2027 and December 2027. The substantial issuance of equity and options, following previ...
ImpediMed raises A$2.1m in oversubscribed share purchase plan
Jun 9, 2026
ImpediMed Limited has completed an oversubscribed share purchase plan for retail investors in Australia and New Zealand, raising A$2.1 million following a prior A$13.2 million institutional placement. The offer, priced at A$0.007 per share at a sm...
ImpediMed Director Receives Equity in Lieu of Board Fees
Jun 3, 2026
ImpediMed Limited has issued 69,690 ordinary shares to non-executive director Erik Anderson, marking his first direct holding in the company. The shares were priced at $0.0161 each and represent 15% of his non-executive director fees for the quart...
ImpediMed Director Increases Shareholding Through Fee-in-Shares Arrangement
Jun 3, 2026
ImpediMed Limited has disclosed a change in director Fiona Bones’ interest in the company, reflecting an increase in her directly held ordinary shares. Bones’ holding rose from 1,973,309 to 2,195,048 shares following the latest issuanc...
ImpediMed director increases shareholding through fee-for-equity arrangement
Jun 3, 2026
ImpediMed Limited has disclosed a change in the securities held by non-executive director Janelle Delaney, reflecting both direct and indirect interests in the company’s ordinary shares. The indirect holdings are managed through the Delaney ...
ImpediMed director boosts indirect stake via fee-paid share issue
Jun 3, 2026
ImpediMed director Christine Emmanuel-Donnelly has increased her indirect shareholding in the company through the Donnelly Family Trust, which received an issue of ordinary shares. The additional 322,826 shares were allocated to IDEAHL Pty Ltd, li...
ImpediMed boosts director equity through fee-based share issuance
Jun 3, 2026
ImpediMed Limited has disclosed a change in director Andrew Grant’s holdings, with his direct ownership increasing from 2,973,309 to 3,195,048 ordinary shares. The additional 221,739 shares were issued at $0.0161 per share as part of the com...
Impedimed Seeks ASX Quotation for Director Fee Share Issuance
Jun 3, 2026
Impedimed Limited has applied to the ASX for quotation of 1,057,733 ordinary fully paid shares issued under its Non-Executive Director Share Plan. These shares represent 15% of director fees for the quarter ended 31 March 2026 and were issued to n...
ImpediMed Sets Closing Date for $2 Million Share Purchase Plan
Jun 2, 2026
ImpediMed Limited has reminded investors that its Share Purchase Plan closes at 5:00 p.m. Sydney time on 5 June 2026, following a A$13.2 million institutional placement at A$0.010 per share. The plan allows eligible shareholders in Australia and N...
ImpediMed targets growth with new leadership, stronger SOZO traction across key segments
Jun 2, 2026
ImpediMed has strengthened its leadership team with new roles for Head of Commercial Operations and Head of Customer Success and Strategic Accounts, aimed at boosting SOZO device sales, utilisation, and customer retention while maintaining previou...
ImpediMed Details Online Access for June Extraordinary General Meeting
May 12, 2026
ImpediMed Limited has released details for shareholders on how to participate in its upcoming Extraordinary General Meeting scheduled for 11 June 2026 in Sydney. The company has provided an online meeting guide outlining technical requirements, in...
ImpediMed Calls Extraordinary General Meeting for June 2026
May 12, 2026
ImpediMed Limited has called an Extraordinary General Meeting to be held on 11 June 2026 in Sydney, providing shareholders with formal notice and a voting form to consider resolutions put forward by the board. The meeting underscores the company&#...
ImpediMed launches share purchase plan as part of A$15.2m capital raise
May 11, 2026
ImpediMed Limited has launched a share purchase plan offering eligible shareholders the chance to acquire up to A$100,000 of new ordinary shares at the lower of A$0.01 per share or a 2.5% discount to the five-day VWAP, targeting proceeds of about ...
ImpediMed Issues 299.6 Million New Shares in Capital Raising Placement
May 8, 2026
ImpediMed has issued 299,566,200 fully paid ordinary shares at $0.01 each to institutional, professional and sophisticated investors under a placement announced earlier in May, expanding its share base and raising additional capital. The company c...
Impedimed Seeks ASX Quotation for 299 Million New Shares
May 8, 2026
Impedimed Limited has applied for quotation on the ASX of 299,566,200 fully paid ordinary shares under the code IPD, with an issue date of May 8, 2026. The application, lodged via an Appendix 2A, formalises the admission of these securities to tra...
ImpediMed launches equity raising with discounted SPP and multi-stage options
May 4, 2026
ImpediMed Limited has lodged a new prospectus with the Australian Securities and Investments Commission to support an equity raising, centred on a Share Purchase Plan for eligible shareholders. The plan offers up to 200 million new shares at the l...
Impedimed plans large equity raise with shares and options issue
May 4, 2026
Impedimed Limited has unveiled plans for a major capital raising via both a placement and a securities purchase plan, proposing to issue up to 1.62 billion new ordinary shares alongside substantial tranches of low‑exercise‑price option...
ImpediMed Flags New Equity Raising With Investor Presentation
May 4, 2026
ImpediMed Limited has announced the release of an equity raising investor presentation to the Australian Securities Exchange, signalling its intention to tap capital markets. The presentation, approved by the company’s board, is expected to ...
ImpediMed raises A$15.2m and cuts costs to fund SOZO growth push
May 4, 2026
ImpediMed has secured firm commitments for a A$13.2 million two‑tranche institutional placement at A$0.010 per share, supported by new and existing investors and directors, and will launch a share purchase plan of up to A$2.0 million for eli...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.