Impedimed Limited (AU:IPD)
ASX:IPD
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Impedimed Limited
(Sydney:IPD)
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Rating:45Neutral
Price Target:
AU$0.01
â–¼(-35.00% Downside)
Action:ReiteratedDate:03/23/26
The score is held back primarily by weak profitability and negative, deteriorating cash flows despite revenue growth and strong gross margins. Technicals add downside risk as the stock trades below key moving averages with negative MACD, while valuation is hard to support given negative earnings and no dividend data.
Positive Factors
High gross margin
Sustained gross margin of ~86% indicates the BIS device business has high structural product-level profitability and pricing power versus direct costs. That margin buffer supports reinvestment in sales, clinical validation and product development over the next 2–6 months.
Negative Factors
Negative operating and free cash flow
Persistent negative operating and free cash flows and a deteriorating FCF growth rate (-20.73%) signal structural cash burn. This constrains ability to self-fund commercialization or R&D and increases reliance on external financing over the coming months.
Read all positive and negative factors
Positive Factors
Negative Factors
High gross margin
Sustained gross margin of ~86% indicates the BIS device business has high structural product-level profitability and pricing power versus direct costs. That margin buffer supports reinvestment in sales, clinical validation and product development over the next 2–6 months.
Read all positive factors
Impedimed Limited (IPD) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$30.58M
Dividend YieldN/A
Average Volume (3M)853.05K
Price to Earnings (P/E)―
Beta (1Y)1.80
Revenue Growth23.31%
EPS Growth-17.35%
CountryAU
Employees83
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)>-0.01
Shares Outstanding2,038,747,700
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$0.04Price Target Upside108.99% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)-0.01
Revenue Forecast (FY)AU$16.48M
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 ...
How the Company Makes Money
Impedimed makes money primarily by selling its bioimpedance spectroscopy-based medical devices and associated offerings to customers such as hospitals, clinics, and other healthcare providers. Revenue is generated from (1) device/equipment sales (...
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 Technical Analysis
Negative
0.02
Price Trends
0.02
Negative
0.03
Negative
0.03
Negative
Market Momentum
>-0.01
Negative
45.44
Neutral
20.00
Neutral
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 above the 20-day moving average (MA) of 0.02, above the 50-day MA of 0.02, and below the 200-day MA of 0.03, indicating a bearish trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 45.44 is Neutral, neither overbought nor oversold. The STOCH value of 20.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:IPD.
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% | |
49 Neutral | AU$53.13M | -9.32 | -417.72% | ― | -34.06% | 75.47% | |
45 Neutral | AU$30.58M | -1.41 | -165.13% | ― | 23.31% | -17.35% | |
44 Neutral | AU$145.91M | -10.00 | -70.29% | ― | ― | -257.32% | |
43 Neutral | AU$3.12M | -0.88 | -358.43% | ― | -30.80% | -38.95% | |
42 Neutral | AU$54.93M | 62.66 | 0.48% | ― | 2.23% | -263.16% | |
41 Neutral | AU$40.66M | -2.66 | -180.06% | ― | -14.25% | -22.83% |
* Healthcare Sector Average
AU:IPD
Impedimed Limited
0.01
-0.02
-57.58%
AU:CMP
Compumedics Limited
0.28
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-3.45%
AU:UCM
Uscom Limited
0.01
-0.01
-52.00%
AU:HMD
HeraMED Ltd.
0.05
0.03
221.43%
AU:MX1
Micro-X Ltd.
0.06
>-0.01
-6.67%
AU:EMV
EMvision Medical Devices Ltd.
1.57
-0.33
-17.37%
Impedimed Limited Corporate Events
Impedimed Options Lapse, Trimming Potential Future Dilution
Apr 13, 2026
Impedimed Limited has announced the cessation of 13,642,113 options, designated as IPDAAB, which were set to expire on various dates at various exercise prices. These securities lapsed on 31 March 2026 after the conditional rights attached to them...
ImpediMed Director Parmjot Bains Steps Down, Retains Significant Equity Interests
Apr 8, 2026
ImpediMed Limited has announced that Dr Parmjot Bains has ceased to be a director of the company as of 7 April 2026, with the notice lodged under ASX listing rule requirements. At the time of cessation, Dr Bains held 21,673 ordinary shares, 8.5 mi...
ImpediMed names new CEO to drive next phase of U.S.-focused growth
Apr 6, 2026
ImpediMed Limited has appointed Erik Anderson as managing director and chief executive officer, effective 7 April 2026, as it seeks to accelerate commercial execution, particularly in the United States. Outgoing CEO Dr Parmjot Bains will remain wi...
ImpediMed Releases 1H FY26 Results Investor Presentation
Mar 2, 2026
ImpediMed Limited has released an investor presentation detailing its first half FY26 financial results to the market. The company advised that the presentation will be delivered to investors and confirmed the disclosure was approved for release b...
ImpediMed Appoints Erik Anderson as Director With No Initial Equity Holding
Feb 25, 2026
ImpediMed Limited has appointed Erik Anderson as a director of the company, effective 25 February 2026, as disclosed in an initial director’s interest notice lodged with the ASX. At the time of his appointment, Anderson holds no direct or in...
ImpediMed strengthens board with U.S. medtech veteran to drive survivorship growth
Feb 25, 2026
ImpediMed Limited has appointed U.S. medtech veteran Erik Anderson as an independent non-executive director, adding deep commercial experience from his tenure leading major business units at Hologic, including Breast Skeletal Health and Cynosure....
ImpediMed Director Lifts Indirect Stake With On-Market Share Purchase
Feb 9, 2026
ImpediMed director Christine Emmanuel-Donnelly has increased her indirect stake in the company through an on-market purchase executed via the Donnelly Superannuation Fund. The fund acquired 1.5 million ImpediMed ordinary shares at $0.019573 per sh...
ImpediMed Releases Q2 FY26 Investor Presentation
Jan 28, 2026
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...
ImpediMed lifts quarterly revenue as SOZO expansion accelerates
Jan 28, 2026
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 lau...
ImpediMed Schedules Investor Webinar to Present Q2 FY26 Cash Flow Results
Jan 26, 2026
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 Dir...
Impedimed Corrects Details in ASX Securities Quotation Application
Jan 16, 2026
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 s...
ImpediMed Director Increases Stake Through Fee-for-Shares Arrangement
Jan 16, 2026
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 direct...
ImpediMed Director Increases Equity Stake Through Fee-For-Shares Arrangement
Jan 16, 2026
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 ...
ImpediMed Director Janelle Delaney Increases Shareholding Through Fee-in-Shares Arrangement
Jan 16, 2026
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...
ImpediMed Issues Shares to Director as Part of Fee Arrangement
Jan 16, 2026
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 fe...
Impedimed Seeks ASX Quotation for Shares Issued to Non-Executive Directors
Jan 16, 2026
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...
Impedimed Trims Potential Dilution as Options and Performance Rights Lapse
Jan 14, 2026
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 condit...
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.