Impedimed Limited (IPD) AI Stock Analysis

• Market Cap: AU$65.24M
• Dividend Yield: N/A
• Average Volume (3M): 853.05K
• Price to Earnings (P/E): ―
• Beta (1Y): 2.15
• Revenue Growth: 23.31%
• EPS Growth: -17.35%
• Country: AU
• Employees: 83
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Devices
• EPS (TTM): N/A
• Shares Outstanding: 2,038,747,700
• 10 Day Avg. Volume: 551,953
• 30 Day Avg. Volume: 853,052
• 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 Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: AU$0.07
• Price Target Upside: 250.00% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 47 Neutral
• Price Target: AU$0.02 ▲(10.00% Upside)

The score is primarily held back by weak financial quality (ongoing losses and negative operating/free cash flow) and poor technical condition (price below key moving averages with negative MACD and very weak momentum). Valuation is difficult to support with a negative P/E and no dividend data, while the latest earnings call adds some support via revenue/ARR growth and reimbursement progress but is tempered by U.S. sales softness and cash flow concerns.

Positive Factors

Reimbursement expansion

Significant, broadening reimbursement materially raises the addressable market and lowers adoption friction for BIS. Durable payor recognition supports sustained hospital purchasing, recurring utilization, and long-term revenue visibility as clinical programs scale across covered states.

Recurring revenue growth (ARR)

Healthy ARR expansion indicates growing recurring, predictable cash flows from installed customers. Durable ARR growth supports valuation resilience, funds product development and commercialization, and reduces revenue volatility compared with one-time device sales.

Clinical penetration in top hospitals

Deep penetration in leading hospitals provides clinical validation and referenceability, creating barriers to entry and facilitating wider adoption. A sizeable installed base supports accessory/software upsell, recurring usage-driven revenue, and long-term customer relationships.

Negative Factors

Negative cash generation

Persistent negative operating and free cash flow constrain the company's ability to invest, scale commercialization, and absorb shocks without external financing. Over months this increases dilution risk or forces spending cuts that could slow adoption and revenue momentum.

Profitability and ROE weakness

Negative ROE and ongoing net losses indicate the business struggles to convert revenue into shareholder returns. Structurally weak profitability undermines internal capital generation, may require recurring capital raises, and limits resources for product and commercial investment.

U.S. sales execution delays

Repeated deal delays in the core U.S. market suggest go-to-market or contracting frictions that can persistently slow revenue realization. Over several months this limits ARR acceleration, weakens forecast reliability, and raises questions about sales scalability in key segments.

Impedimed Limited Business Overview & Revenue Model

Company Description

ImpediMed Limited, a medical software technology company, develops, manufactures, and sells bioimpedance spectroscopy (BIS) devices and software services in Australia, North America, and internationally. The company offers SOZO, a noninvasive BIS device for the assessment of lymphedema and fluid status monitoring of heart failure patients; SFB7, a single-channel, tetrapolar BIS device to analyze body composition in healthy individuals; and ImpediVET, a single-channel, tetrapolar (BIS) device that measures fluid status and tissue composition for veterinary applications. It sells its devices to hospitals and clinics. The company was incorporated in 1999 and is headquartered in Pinkenba, Australia.

How the Company Makes Money

Impedimed generates revenue primarily through the sale of its medical devices and related software solutions. The company operates a recurring revenue model by offering subscription services for its SOZO platform, which provides ongoing monitoring and data analytics for healthcare providers. Additionally, revenue is supplemented through partnerships with hospitals and clinics, which often involve training and support services for the implementation of its technology. Key partnerships with healthcare institutions and participation in clinical studies also enhance its market reach and credibility, contributing to its earnings.

Impedimed Limited Financial Statement Overview

Summary

Impedimed Limited faces significant financial challenges. Despite revenue growth, the company struggles with profitability and cash flow generation. The balance sheet is relatively stable with low leverage, but the negative return on equity and cash flow issues highlight the need for improved operational efficiency and cost management.

Income Statement

Impedimed Limited shows a mixed performance in its income statement. The company has achieved a revenue growth rate of 10.23% in the latest year, indicating positive sales momentum. However, the company struggles with profitability, as evidenced by negative net profit margins and EBIT margins. The gross profit margin remains high at 86.25%, suggesting efficient cost management at the gross level, but the overall profitability is hindered by high operating expenses.

Balance Sheet

The balance sheet of Impedimed Limited reflects moderate financial stability. The debt-to-equity ratio is relatively low at 0.71, indicating manageable leverage. However, the return on equity is negative, highlighting challenges in generating returns for shareholders. The equity ratio is not explicitly provided, but the company maintains a reasonable level of equity compared to its assets.

Cash Flow

The cash flow statement reveals significant challenges for Impedimed Limited. The company has negative operating cash flow and free cash flow, indicating cash outflows from operations. The free cash flow to net income ratio is slightly above 1, suggesting that the company is generating some cash relative to its net losses. However, the negative free cash flow growth rate of -20.73% indicates worsening cash flow conditions.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	11.54M	12.72M	10.32M	11.34M	10.57M	8.41M
Gross Profit	10.14M	10.97M	9.01M	-13.65M	-13.35M	-12.20M
EBITDA	-21.08M	-17.55M	-22.05M	-20.49M	-18.65M	-20.70M
Net Income	-21.22M	-23.24M	-19.79M	-20.52M	-19.87M	-20.71M
Balance Sheet
Total Assets	39.19M	41.66M	46.99M	68.74M	58.70M	34.20M
Cash, Cash Equivalents and Short-Term Investments	17.69M	22.18M	24.63M	45.71M	40.73M	19.68M
Total Debt	1.05M	14.49M	1.14M	1.45M	170.00K	474.00K
Total Liabilities	6.87M	21.16M	6.24M	7.86M	7.66M	8.69M
Stockholders Equity	32.32M	20.50M	40.74M	60.88M	51.04M	25.51M
Cash Flow
Free Cash Flow	-19.72M	-15.63M	-20.89M	-24.09M	-20.89M	-15.71M
Operating Cash Flow	-18.29M	-14.64M	-17.79M	-18.05M	-15.66M	-13.26M
Investing Cash Flow	-2.02M	-989.00K	-3.10M	-6.04M	-5.22M	-2.46M
Financing Cash Flow	-462.00K	13.64M	-481.00K	27.93M	39.92M	16.47M

Impedimed Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.02
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:IPD, the sentiment is Negative. The current price of 0.02 is below the 20-day moving average (MA) of 0.03, below the 50-day MA of 0.04, and below the 200-day MA of 0.04, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 14.37 is Positive, neither overbought nor oversold. The STOCH value of 16.18 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:IPD.

Impedimed Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
EYE	51 Neutral	AU$55.54M	-4.51	-44.16%	―	25.47%	14.08%
CMP	48 Neutral	AU$85.90M	-62.32	-6.35%	―	2.23%	-263.16%
IPD	47 Neutral	AU$65.24M	-1.91	-74.00%	―	23.31%	-17.35%
CYC	46 Neutral	AU$125.58M	-10.18	-31.98%	―	34.20%	-23.90%
EMV	44 Neutral	AU$164.50M	-15.34	-70.55%	―	―	-257.32%
MX1	41 Neutral	AU$65.35M	-3.76	-128.19%	―	-14.25%	-22.83%

Impedimed Limited Corporate Events

ImpediMed Releases Q2 FY26 Investor Presentation

ImpediMed Limited has released an investor presentation outlining its Q2 FY26 results, which will be delivered to investors and analysts, signalling ongoing engagement with the market about its financial and operational performance. While specific figures are not disclosed in the release, the scheduled presentation underscores the company’s efforts to maintain transparency with stakeholders and could shape investor perceptions of its near-term outlook and strategic progress.

The most recent analyst rating on (AU:IPD) stock is a Sell with a A$0.03 price target. To see the full list of analyst forecasts on Impedimed Limited stock, see the AU:IPD Stock Forecast page.

ImpediMed lifts quarterly revenue as SOZO expansion accelerates

ImpediMed reported record Q2 FY26 revenue of $3.9 million, ARR of $14.4 million, and $18.9 million in cash, while expanding SOZO unit sales and achieving near-national lymphoedema reimbursement, supporting commercial pilots in heart health and launches in wellness and weight management with a strong U.S. pipeline. Management emphasized the SOZO Pro rollout, strategic conference presence, and discussions with partners to accelerate growth across BCRL, heart failure, and weight-loss indications, suggesting improving operating momentum despite ongoing cash outflows.

The most recent analyst rating on (AU:IPD) stock is a Sell with a A$0.03 price target. To see the full list of analyst forecasts on Impedimed Limited stock, see the AU:IPD Stock Forecast page.

ImpediMed Schedules Investor Webinar to Present Q2 FY26 Cash Flow Results

ImpediMed will release its Appendix 4C quarterly cash flow report for the period ending 31 December 2025 on 29 January 2026 and will host an investor webinar the same day, led by CEO and Managing Director Dr Parmjot Bains and CFO and Executive Director McGregor Grant. The session, which requires pre‑registration via the company’s investor hub, will feature a management presentation followed by a live Q&A, signalling an ongoing effort to maintain transparent engagement with shareholders around the company’s financial performance and outlook.

The most recent analyst rating on (AU:IPD) stock is a Sell with a A$0.03 price target. To see the full list of analyst forecasts on Impedimed Limited stock, see the AU:IPD Stock Forecast page.

Impedimed Corrects Details in ASX Securities Quotation Application

Impedimed Limited has lodged an updated Appendix 2A application with the ASX seeking quotation of new securities under its issuer code IPD. The filing, dated 16 January 2026, corrects information in Part 5 of a previous Appendix 2A submitted the same day, signalling an administrative clarification rather than a change in capital-raising strategy or operational outlook for investors and other stakeholders.

The most recent analyst rating on (AU:IPD) stock is a Buy with a A$0.07 price target. To see the full list of analyst forecasts on Impedimed Limited stock, see the AU:IPD Stock Forecast page.

ImpediMed Director Increases Stake Through Fee-for-Shares Arrangement

ImpediMed Limited has disclosed a change in the holdings of director Andrew Grant, who received 100,563 new ordinary shares, increasing his direct interest to 2,973,309 shares. The shares were issued on 14 January 2026 in lieu of 15% of his director fees for the quarter ended 31 December 2025, indicating the company’s continued use of equity-based remuneration to align director incentives with shareholder interests; no trades occurred during a closed period, and there were no changes to any director-related contracts.

The most recent analyst rating on (AU:IPD) stock is a Buy with a A$0.07 price target. To see the full list of analyst forecasts on Impedimed Limited stock, see the AU:IPD Stock Forecast page.

ImpediMed Director Increases Equity Stake Through Fee-For-Shares Arrangement

ImpediMed Limited has disclosed a change in the securities held by director Ms Christine Emmanuel-Donnelly, reflecting an issuance of 146,408 ordinary shares to IDEAHL Pty Ltd, a trustee entity for the Donnelly Family Trust, in lieu of 15% of her director fees for the quarter ended 31 December 2025, at a deemed price of $0.0355 per share. Following this transaction, Emmanuel-Donnelly’s overall holding, including direct interests and those via the Donnelly Superannuation Fund and IDEAHL Pty Ltd, has increased, underscoring the company’s practice of partially remunerating directors in equity and modestly aligning board compensation with shareholder interests without cash outlay, though the change does not alter control or signal any broader strategic shift.

The most recent analyst rating on (AU:IPD) stock is a Buy with a A$0.07 price target. To see the full list of analyst forecasts on Impedimed Limited stock, see the AU:IPD Stock Forecast page.

ImpediMed Director Janelle Delaney Increases Shareholding Through Fee-in-Shares Arrangement

ImpediMed Limited has disclosed a change in the interests of director Janelle Delaney, who increased her direct holding in the company by 100,563 ordinary shares on 14 January 2026. The additional shares were issued at $0.0355 per share in lieu of 15% of her director fees for the quarter ended 31 December 2025, leaving her with 1,982,044 shares held directly and 2,921,387 shares held indirectly through the Delaney Family Superannuation Fund, signaling continued alignment of director compensation with shareholder equity.

The most recent analyst rating on (AU:IPD) stock is a Buy with a A$0.07 price target. To see the full list of analyst forecasts on Impedimed Limited stock, see the AU:IPD Stock Forecast page.

ImpediMed Issues Shares to Director as Part of Fee Arrangement

ImpediMed Limited has disclosed a change in the shareholding of director Fiona Bones, who received 100,563 ordinary shares on 14 January 2026, increasing her holding to 1,973,309 shares. The new shares were issued in lieu of 15% of her director fees for the quarter ended 31 December 2025, signalling continued alignment of board compensation with equity ownership, though the company reported no related changes in director interests in contracts or any trading during a closed period.

The most recent analyst rating on (AU:IPD) stock is a Buy with a A$0.07 price target. To see the full list of analyst forecasts on Impedimed Limited stock, see the AU:IPD Stock Forecast page.

Impedimed Seeks ASX Quotation for Shares Issued to Non-Executive Directors

Impedimed Limited has applied to the ASX for quotation of 448,097 ordinary fully paid shares issued to its non-executive directors under the company’s Non-Executive Director Share Plan, representing 15% of director fees for the quarter ended 31 December 2025. The move reflects the company’s ongoing practice of aligning board remuneration with shareholder interests by partially paying director fees in equity, modestly increasing the company’s quoted share capital and reinforcing governance incentives for its non-executive directors.

The most recent analyst rating on (AU:IPD) stock is a Buy with a A$0.07 price target. To see the full list of analyst forecasts on Impedimed Limited stock, see the AU:IPD Stock Forecast page.

Impedimed Trims Potential Dilution as Options and Performance Rights Lapse

Impedimed Limited has notified the ASX that certain equity instruments on issue have lapsed, including 4,742,000 options with various expiry dates and prices, and 108,079 performance rights, all of which ceased on 31 December 2025 after the conditions attached to them were not met or became incapable of being satisfied. The cancellation of these conditional rights modestly reduces the company’s potential future share dilution, clarifies its capital structure for investors, and may reflect performance or milestone criteria that were not achieved under existing incentive arrangements.

The most recent analyst rating on (AU:IPD) stock is a Buy with a A$0.07 price target. To see the full list of analyst forecasts on Impedimed Limited stock, see the AU:IPD Stock Forecast page.

Impedimed Seeks ASX Quotation for Executive Remuneration Shares

Impedimed Limited has applied to the ASX for quotation of 870,255 new fully paid ordinary shares, which were issued to an executive as part of their base remuneration for the quarter ended 31 December 2025 under the company’s Executive Share Plan. The move modestly increases the company’s share count and reflects Impedimed’s continued use of equity-based compensation to remunerate senior management, aligning executive interests with shareholders while managing cash outflows.

The most recent analyst rating on (AU:IPD) stock is a Buy with a A$0.07 price target. To see the full list of analyst forecasts on Impedimed Limited stock, see the AU:IPD Stock Forecast page.

ImpediMed Expands U.S. Insurance Coverage for Lymphoedema Assessment

ImpediMed Limited has announced that additional U.S. insurers have initiated coverage for the use of bioimpedance spectroscopy (BIS) for lymphoedema assessment, expanding reimbursement to over 314 million covered lives. This development marks a significant milestone in providing broader access to early detection and monitoring of lymphoedema, enhancing patient care and potentially reducing long-term complications. The expanded insurance coverage is expected to boost the commercial viability of ImpediMed’s SOZO platform, facilitating its adoption and supporting the company’s mission to improve health outcomes for cancer patients at risk of lymphoedema.

The most recent analyst rating on (AU:IPD) stock is a Buy with a A$0.13 price target. To see the full list of analyst forecasts on Impedimed Limited stock, see the AU:IPD Stock Forecast page.

ImpediMed Strengthens Financial Position with R&D Tax Incentive Refund

ImpediMed Limited has received a $1.2 million R&D tax incentive refund for its research and development activities, which bolsters its cash position and supports the ongoing development and commercialization of its SOZO platform. The company’s cash balance at the end of Q2 FY26 was $23.0 million, indicating a strong financial position that aids its growth in the digital health market, particularly in cancer-related lymphoedema.

The most recent analyst rating on (AU:IPD) stock is a Buy with a A$0.13 price target. To see the full list of analyst forecasts on Impedimed Limited stock, see the AU:IPD Stock Forecast page.

ImpediMed Limited Successfully Concludes Annual General Meeting with All Resolutions Passed

ImpediMed Limited held its Annual General Meeting where all proposed resolutions were passed, including the remuneration report and the re-election of board members Ms. Christine Emmanuel-Donnelly and Mr. McGregor Grant. The successful passage of these resolutions indicates strong shareholder support and stability in the company’s governance, which could positively impact its strategic direction and stakeholder confidence.

The most recent analyst rating on (AU:IPD) stock is a Buy with a A$0.13 price target. To see the full list of analyst forecasts on Impedimed Limited stock, see the AU:IPD Stock Forecast page.

ImpediMed’s 2025 AGM: Advancing Healthcare Standards

ImpediMed Limited announced the CEO’s presentation for the 2025 Annual General Meeting, highlighting the company’s commitment to advancing healthcare standards through its proprietary technology. This announcement underscores ImpediMed’s strategic focus on enhancing its market position by setting new benchmarks in patient care, potentially impacting stakeholders by reinforcing the company’s leadership in medical technology innovation.

The most recent analyst rating on (AU:IPD) stock is a Buy with a A$0.13 price target. To see the full list of analyst forecasts on Impedimed Limited stock, see the AU:IPD Stock Forecast page.

Impedimed Limited Reports Strong Growth and Strategic Focus at 2025 AGM

Impedimed Limited’s 2025 Annual General Meeting highlighted significant achievements, including a 23% revenue growth and increased payor coverage in 26 states, which is expected to boost BCRL sales. The company is strategically investing in sales capabilities and refining processes to enhance SOZO device utilization. The SOZO digital health platform, with FDA-cleared applications, presents substantial opportunities in heart failure and body composition markets, valued at $1.1 billion and $600 million respectively. The board supports exploring collaborations and acquisitions to maximize the platform’s value, while cost resizing efforts aim to secure future success.

The most recent analyst rating on (AU:IPD) stock is a Buy with a A$0.13 price target. To see the full list of analyst forecasts on Impedimed Limited stock, see the AU:IPD Stock Forecast page.

ImpediMed Director Increases Shareholding in Strategic Move

ImpediMed Limited announced a change in the director’s interest notice, revealing that Mr. Andrew Grant, a director, has increased his holdings in the company by acquiring 98,347 ordinary shares. This acquisition was made in lieu of 15% of his director fees for the quarter ended 30 September 2025, reflecting a strategic move to align interests with the company’s performance. This development may indicate confidence in the company’s future prospects and could potentially impact stakeholder perceptions positively.

The most recent analyst rating on (AU:IPD) stock is a Buy with a A$0.13 price target. To see the full list of analyst forecasts on Impedimed Limited stock, see the AU:IPD Stock Forecast page.

ImpediMed Director Increases Stake Through Share Acquisition

ImpediMed Limited announced a change in the director’s interest, with Ms. Christine Emmanuel-Donnelly acquiring additional ordinary shares through IDEAHL Pty Ltd. The acquisition was made in lieu of 15% of director fees for the quarter ended 30 September 2025, reflecting a strategic move to align director compensation with company performance. This change in shareholding may impact the company’s governance and stakeholder confidence by demonstrating the director’s commitment to the company’s growth and success.

The most recent analyst rating on (AU:IPD) stock is a Buy with a A$0.13 price target. To see the full list of analyst forecasts on Impedimed Limited stock, see the AU:IPD Stock Forecast page.

ImpediMed Director Increases Shareholding Through Fee Conversion

ImpediMed Limited has announced a change in the interests of its director, Ms. Janelle Delaney, who has acquired an additional 98,347 ordinary shares, bringing her direct holdings to 1,881,481 shares. This acquisition was made through the issuance of shares in lieu of 15% of her director fees for the quarter ended September 30, 2025. The announcement reflects the company’s ongoing practices in managing director compensation and may have implications for shareholder perceptions of director alignment with company performance.

The most recent analyst rating on (AU:IPD) stock is a Buy with a A$0.13 price target. To see the full list of analyst forecasts on Impedimed Limited stock, see the AU:IPD Stock Forecast page.

Impedimed Director Increases Shareholding Through Fee Conversion

Impedimed Limited announced a change in the director’s interest, with Fiona Bones acquiring 98,347 ordinary shares, increasing her total holdings to 1,872,746 shares. This acquisition was part of an issue of shares in lieu of 15% of director fees for the quarter ended 30 September 2025, indicating a strategic move to align director interests with company performance.

The most recent analyst rating on (AU:IPD) stock is a Buy with a A$0.13 price target. To see the full list of analyst forecasts on Impedimed Limited stock, see the AU:IPD Stock Forecast page.

Impedimed Limited Issues Shares to Non-Executive Directors

Impedimed Limited announced the issuance of 438,223 ordinary fully paid shares to its non-executive directors as part of the Non-Executive Director Share Plan, covering 30% of director fees for the quarter ending September 30, 2025. This move reflects the company’s ongoing commitment to aligning the interests of its directors with those of its shareholders, potentially impacting its market perception and stakeholder confidence positively.

The most recent analyst rating on (AU:IPD) stock is a Buy with a A$0.07 price target. To see the full list of analyst forecasts on Impedimed Limited stock, see the AU:IPD Stock Forecast page.

Impedimed Limited Issues Shares Under Executive Share Plan

Impedimed Limited announced the issuance of 843,574 fully paid ordinary shares to an executive as part of their remuneration under the Executive Share Plan for the quarter ended September 30, 2025. This move reflects the company’s strategic approach to executive compensation, potentially impacting its financial operations and signaling a commitment to aligning executive interests with company performance.

The most recent analyst rating on (AU:IPD) stock is a Buy with a A$0.07 price target. To see the full list of analyst forecasts on Impedimed Limited stock, see the AU:IPD Stock Forecast page.