ImpediMed (IPD) H2 2025 earnings summary

Executive summary

• Achieved 23% year-over-year revenue growth to $12.7 million, driven by SOZO® system sales and recurring revenue in North America.

• SOZO Core Business revenue grew 25% to $12.1 million; annual recurring revenue (ARR) reached $14.0 million, up from $11.0 million.

• Installed base expanded 14% globally to 1,139 units, with U.S. installations up 19%.

• Record 287,000 patient tests in FY25, a 15% increase year-over-year; 1.19 million tests since launch.

• Expanded reimbursement coverage to 82% of the U.S. population, doubling covered lives to 286 million.

• Secured a $15 million capital facility, with $10 million drawn in February 2025 and $5 million in July 2025.

Financial highlights

• Total revenue: $12.7 million (up 23% year-over-year).

• SOZO Core Business revenue: $12.1 million (up 25%).

• North America revenue: $11.6 million (up 26%).

• Gross margin: 86% (down from 87%).

• Net loss: $23.2 million (vs. $19.8 million prior year).

• Operating expenses: $35.2 million (up $2.2 million).

• Cash and cash equivalents: $22.2 million at year-end.

• Net cash used in operations: $14.3 million (improved from $17.8 million).

Outlook and guidance

• Focus on accelerating revenue growth in breast cancer-related lymphoedema (BCRL) and expanding reimbursement.

• Continued investment in heart failure and body composition markets.

• Targeting profitability through revenue growth and financial discipline.