Brisbane-based medical technology company ImpediMed Limited (ASX:IPD) reports that customers for its SOZO system have collectively taken over 200,000 patient tests since commercial launch in October 2017. In the prior quarter more than 28,000 patient tests were conducted in the one quarter alone.
SOZO is a non-invasive bioimpedance spectroscopy (BIS) device, which delivers a precise snapshot of fluid status and tissue composition in less than 30 seconds.
Managing Director and CEO, Richard Carreon, said it took the company 32 months to achieve the milestone of the first 100,000 patient tests. The next 100,000 patient tests took just 13 months.
We expect testing rates to continue to accelerate as we gain reimbursement for Lymphoedema and commercialise the Heart Failure and Renal Failure indications,” Mr Carreon said.
“This is a significant milestone for our company, but more importantly for the patients whose lives have been dramatically impacted by the reduction in lymphoedema rates from SOZO testing.
“For the company, we are building a large dataset which will be very valuable in providing new insights into the course and care of a large number of chronic disease states.”
Mr Carreon said patient testing dropped significantly in cancer centres as COVID-19 cases in the US spiked.
“This falloff in testing occurred in the closing weeks of December and carried over through January. For the past several weeks, as COVID-19 cases subsided, patient testing noticeably improved, indicating March should be a strong month for testing.
“Although the quarter (Q3 FY’21) is likely only to show modest growth versus the previous quarter (Q2 FY’21), the data demonstrates significant year on year growth and, importantly, points to a strong recovery in patient testing heading into the fourth quarter.
Founded and headquartered in Brisbane, with US and European operations, ImpediMed is a medical technology company that uses bioimpedance spectroscopy (BIS) technology to generate powerful data to maximise patient health.
ImpediMed produces a family of FDA cleared and CE Marked medical devices, including SOZO for multiple indications including heart failure, lymphoedema, and protein calorie malnutrition sold in select markets globally.