2025 Annual Report
Released
Released
Announcement PDF
ImpediMed Limited
Suite 31C, 12-18 Tryon Rd
Lindfield NSW 2070
Australia
E: investorrelations@impedimed.com
W : impedimed.com
28 August 2025
Companies Announcements Office
Australian Securities Exchange
2025 Annual Report
ImpediMed Limited (ASX:IPD) is pleased to release its Annual Report for the financial year
ended 30 June 2025.
Approved for release by the Board of ImpediMed Limited.
For more information, contact Leanne Ralph, Company Secretary, at
leanne.ralph@bellev.com.au
Transforming
Patient-Centred Care
AnnualReport
2025
impedimed.com
01
Overview
ImpediMed is a leading global medical technology company that manufactures and sells
innovative medical devices employing bioimpedance spectroscopy (BIS) technology. These
devices are used for the non-invasive clinical assessment and monitoring of fluid status and
tissue composition in patients.
ImpediMed is primarily addressing the significant challenges and burdens of secondary
lymphoedema, with a particular focus on breast cancer-related lymphoedema (BCRL).
Through the SOZO® Digital Health Platform and L-Dex®, ImpediMed offers the only
FDA-cleared technology utilising BIS, becoming the standard of care for the early detection
and management of BCRL.
Our commitment is to address significant unmet patient needs in breast cancer-related
lymphoedema and cancer-related lymphoedema, improving cancer survivorship through
innovation in the design and delivery of fluid and body composition analytics. Our Board and
Executive Leadership team are leading a refined strategy focused on sales execution and
customer-centric innovation.
Our mission: To improve patient outcomes by setting new standards of care in fluid and body
composition management.
Contents
01
03
04
06
09
13
15
16
18
24
39
40
81
82
83
87
89
90
Overview
Message from the Chair
Message from the CEO
SOZO® Digital Health Platform
Operating and financial review
Environmental, Social and Governance
Board of Directors
Executives
Directors’ report
Remuneration report
Auditor's independence declaration
Financial statements
Consolidated entity disclosure statement
Directors' declaration
Independent auditor's report
Shareholder information
Glossary
Corporate directory
02
Platform
Technology
Transforming
Patient-Centred
Care
SOZO® Core Business quarterly
Total Contract Value (TCV)
6.3
4.9
4.8
3.4
3.2
$A millions
2.2
FY24 Q3
FY24 Q4
FY25 Q1
FY25 Q2
FY25 Q3
FY25 Q4
03
Message from the Chair
Christine Emmanuel-Donnelly
Chair of the Board
On behalf of the Board of Directors and Management, I am pleased to present the Annual Report for ImpediMed Limited
for the 2025 financial year. Thank you to our shareholders for your continued support.
I am extremely proud of the management team and staff who have put patients first, focusing on preventing the
development of the painful condition of secondary lymphoedema in breast cancer survivors. At the same time, executing
on the commercial opportunities available to the Company for the benefit of our shareholders.
Revenue growth of 23% from last year is encouraging. With reimbursement steadily increasing to 82%, together with
increased investment in our sales capability, we forecast further acceleration in growth. This momentum is strengthened
by the recruitment of Scott Long, as our new Senior Vice President of Sales.
In parallel, the team has continued to advance the strategic direction set in 2024. We successfully completed an
observational trial in the heart failure application and commenced commercial execution of our body composition offering.
Increased investment in product development is supported by the recruitment of Scott Savage, new Chief Product Officer.
These initiatives are being delivered while reducing overall cash cost base by 16% underpinned by a deliberate refresh of
the team skill set.
In February 2025, ImpediMed secured a capital injection via a loan facility that supports its growth and commercialisation
activities as it executes on the opportunity and path to profitability. This provides confidence to our CEO and refreshed
executive team, who are committed to balancing innovation, growth, and prudent financial management.
I would like to acknowledge my fellow directors, whose expertise and growth mindset provide valuable guidance in
balancing risk and opportunity. The 2025 financial year represents our first full cycle under this renewed strategy, and I am
encouraged by both the progress made and the momentum for the year ahead.
On behalf of the Board, I would like to thank our ImpediMed employees whose passion for bringing the benefits of
bioimpedance spectroscopy to breast cancer survivors—and determination to expand its application across ImpediMed’s
SOZO® Digital Health Platform—continues to inspire and drive our shared success.
Sincerely
Christine Emmanuel-Donnelly
Chair
04
Message from the CEO
Dr Parmjot Bains
Managing Director and CEO
At the heart of everything we do at ImpediMed is the patient
For someone recovering from cancer, survivorship is not just about remission—it’s about living well. Yet too often,
secondary lymphoedema emerges silently in 1 in 5 breast cancer patients1, reducing quality of life, and increasing
healthcare burden and costs. Other cancer patients face unplanned weight loss or muscle loss during treatment, lowering
survivorship rates. Clinicians, despite their best efforts, are limited by reactive tools and fragmented data.
SOZO® is changing that...
Our digital health platform empowers clinicians to monitor cancer survivors with precision, enabling early detection of
lymphoedema and tracking changes in muscle mass and hydration. These insights support clinical decisions around early
detection and prevention of chronic lymphoedema, exercise, nutrition, and recovery—key components of survivorship.
With SOZO, we’re not only improving outcomes, we are forging new standards of care.
This year, we were proud to see many more leading U.S. healthcare systems adopt SOZO as part of their standard cancer
survivorship programs. These systems are not only improving patient care—they are building scalable, reimbursed
programs that align clinical, operational, and financial value. This progress reaffirms our vision:
To revolutionise patient care with fluid and body composition algorithms, enhancing health outcomes through
clinically validated, secure platform technology.
Extending impact: Heart Failure and Body Composition management
While our leadership in cancer survivorship continues to grow, FY25 also marked the strategic extension of SOZO into
cardiac care and planned weight management.
We introduced SOZO Pro, our next-generation platform designed to support advanced fluid and body composition
monitoring across broader clinical settings. This expansion was underpinned by the successful completion of a
116-patient investigator-initiated observational trial in heart failure, demonstrating SOZO’s potential to support fluid status
monitoring in this high-burden population. We also appointed a dedicated heart failure product lead to guide commercial
and clinical execution in this space.
At the same time, we advanced our work in planned and unplanned weight loss, with a particular focus on measuring
muscle and fat mass—using SOZO’s FDA-cleared, non-invasive measurement to provide clinicians with objective, reliable
data to personalise nutrition, exercise, and care planning in alignment with emerging clinical practice guidelines. These
developments reflect the scalability of our platform and the value of our core technology across multiple disease states.
A clear strategy, executed with discipline
FY2025 marked a year of disciplined focus and strong foundational execution. With our new strategy defined in February
2024, we targeted the U.S. breast cancer-related lymphoedema (BCRL) market, prioritising lead generation, sales
execution, and customer-facing investments.
We ended the year with a record number of SOZO devices sold in the U.S. and 82% of the population now covered by
insurance for SOZO use—up from 140 million to 286 million covered lives. This growth is a result of both commercial
efforts and ongoing clinical validation, including strong endorsement from NCCN Guidelines and the National
Accreditation Program for Breast Centres, which are now supporting routine lymphoedema screening.
1. Letellier, ME., Ibrahim, M., Towers, A. et al. Incidence of lymphedema related to various cancers. Med Oncol 41, 245 (2024).
05
Message from the CEO
FY 2025 showed encouraging momentum from our focus on front line sales execution:
• 48% of ImpediMed team is focused towards front line execution
• 60% growth in SOZO® opportunity pipeline versus FY24
• 23% revenue growth vs FY24
• 15% increase in patient measurements.
FY25 total revenue was $12.7 million, with SOZO-Core business revenue growing 25% year-on-year to $12.1 million.
During the year, we took prudent steps to improve working capital efficiency. In Q4 FY24, we implemented measures to
reduce our cash burn. As a result, FY25 operating cash expenditure was 16% lower than FY24, compared with our original
forecast of a 10% reduction. The majority of the reduction was from senior management remuneration.
A world-class leadership team to drive growth
FY25 marked the first full year with a revitalised Executive Team. During the year, we welcomed:
• Scott Savage as Chief Product Officer
• Scott Long as Senior VP of Sales
• Mike Bassett as Head of Business Development and Investor Relations.
Together, our leadership team brings deep expertise from global leaders including Pfizer, Nanosonics, Google, and Becton
Dickinson, as well as decades of experience in U.S. breast cancer care, sales, marketing, and digital health.
Our Board also continues to play a critical role in steering strategy, strengthening governance, and supporting our mission.
With our Board comprising 67% females and a diverse Executive Team (40% female, 60% male), we are proud to lead
with inclusion and innovation.
Committed to our Mission, guided by our Values
At ImpediMed, our Mission is clear:
To improve patient outcomes by setting new standards of care in fluid and body composition management.
We are guided by customer-centric innovation, grounded in integrity, and committed to excellence and accountability. Our
Values shape not only how we serve patients and clinicians — but how we empower our people to grow and lead with
purpose.
Looking ahead
In FY2026, we will continue to execute with focus. Our priorities are clear:
• Accelerate revenue growth through strong sales performance in BCRL
• Expand reimbursement coverage and clinical adoption
• Deliver new commercial and clinical milestones in heart failure and body composition
• Profitability through revenue growth and financial discipline.
With a growing pipeline, expanding reimbursement, and the right team in place, we are confident in our trajectory.
To our employees—thank you for your passion and purpose.
To our clinicians and patients—you are our North Star.
To our shareholders—thank you for your continued support as we deliver impact, innovation, and long-term value.
Thank you for being part of our journey.
Dr Parmjot Bains
Managing Director and CEO
06
Transforming cancer survivorship:
A patient-centred approach with SOZO®
For many breast cancer survivors, completing treatment does not mark the end of
their health journey. Up to 1 in 5 women will go on to develop secondary
lymphoedema—a painful, chronic condition that can dramatically impact quality of
life. Others face muscle wasting, fatigue, and a heightened risk of recurrence without
effective tools to track and manage body composition. Patients often lack early
warning systems and clinicians struggle with limited and imprecise tools.
Designed to meet the unmet needs of survivorship care, SOZO is a non-invasive,
FDA-cleared, and reimbursed digital health platform that enables clinicians to detect
subclinical lymphoedema before symptoms appear, monitor muscle mass and
hydration, and promote exercise-based recovery programs. From a single 30-second
scan, clinicians gain precise, actionable data that supports proactive, personalised
care—empowering survivors to regain strength, confidence, and control over their
health.
One device. Multiple FDA-cleared applications. Proven outcomes.
A single SOZO
measurement provides:
L-Dex® lymphoedema analysis
HF-DexTM heart failure analysis
BodyCompTM analysis
Hy-Dex® hydration analysis
One solution, multiple regulatory
authority cleared applications
Lymphoedema - FDA clearance, CE Mark
Body composition - FDA clearance, CE Mark
Heart failure - FDA clearance, CE Mark
Protein calorie malnutrition - FDA clearance, CE Mark
The world’s most advanced non-invasive
bioimpedance spectroscopy (BIS) system
SOZO, utilising cutting-edge bioimpedance spectroscopy (BIS) technology, delivers a comprehensive snapshot of fluid
status and tissue composition in under 30 seconds. ImpediMed’s proprietary technology sends 256 unique frequencies
through the body to assess both intra and extracellular fluid. This precise detection of fluid changes aids healthcare
providers in managing chronic diseases and offers individuals personalised insights for health and wellness management.
BIS provides highly accurate indicators for routine monitoring and patient health management.
07
Results are instantly available at the point of care through cloud-based software, allowing for aggregation and trending
across the healthcare system. This FDA-cleared, CE-marked, and ARTG-listed digital health platform supports early
detection of secondary lymphoedema, monitors fluid status in heart failure patients, and aids in overall health
maintenance from a single measurement.
Actionable
Aggregates and trends
patient data for actionable
insights
Quick
30-second,
non-invasive test
Scalable
Patient data accessible
by care teams across
the health system
Secure
Controlled access to the HITRUST
certified SOZO network with
unique security settings
Strong adoption and validated technology
ImpediMed is a global provider of medical technology for measuring, monitoring, and managing tissue composition using
BIS. Revenue is generated through the system sale of medical devices and subscription services for the SOZO® platform
technology. In the U.S., a direct sales force focuses on SOZO health system contracts, while independent distributors
manage sales outside the U.S.
1,100+
THE UNIVERSITY OF TEXAS
SOZO Systems placed globally
1,100,000+
patient tests
San Diego’s Health Care Leader
WEXNER MEDICAL CENTER
08
Clinical practice guidelines
support BIS
In May 2025, the NCCN Clinical Practice Guidelines in
Oncology (NCCN Guidelines®) for Survivorship
reaffirmed BIS as the recommended tool for screening
at-risk cancer patients for early signs of lymphoedema,
and
further
emphasised
recommendation
for
pre-operative baseline measurement to help prevent
misdiagnosis. ImpediMed, with its SOZO® Digital Health
Platform and L-Dex®, remains the sole provider of
FDA-cleared BIS technology for lymphoedema
assessment. The guidelines advocate regular screening
for cancer survivors at risk.
Standards point to these
clinical practice guidelines for
breast centre accreditation
In September 2024, the American College of Surgeons
National Accreditation Program for Breast Centres
(NAPBC) released Accreditation Standards for
Survivorship, recommending use of evidence-based
guidelines to implement protocols for survivorship, which
can include a lymphedema prevention program for regular
symptom assessment and clinical evaluation using
bioimpedance spectroscopy.
Guidelines support subclinical
detection, intervention and BIS
National Comprehensive Cancer Network® (NCCN®)
For patients and survivors at risk for lymphoedema:
• Recommends pretreatment baseline objective measurements
be obtained using validated tools that measure extracellular
fluid, such as bioimpedance spectroscopy.
• Recommends regular lymphoedema screening for
lymphedema by validated tools that measure extracellular fluid,
such as bioimpedance spectroscopy1
American Society of Breast Surgeons
For breast cancer patients:
• Recommends prospective surveillance
• Recommends baseline and follow-up measurements
International Society of Lymphology (ISL)
For cancer patients at risk for lymphoedema:
• Recommends prospective surveillance
• Recommends bioimpedance spectroscopy (BIS) as an option
for early detection
Multinational Association of Supportive Care in Cancer
For cancer patients at risk for lymphoedema:
• Recommends prospective surveillance
• Recommends bioimpedance spectroscopy (BIS) as an option
for early detection
American Physical Therapy Association
For breast cancer patients:
• Recommends prospective surveillance
• Recommends monitoring with BIS
For diagnosis of upper quadrant lymphoedema:
• Recommends L-Dex to detect subclinical lymphoedema
1. Referenced with permission from the NCCN Clinical Practice Guidelines in Oncology (NCCN
Guidelines®) for Survivorship V.2.2025. © National Comprehensive Cancer Network, Inc. 2025. All
rights reserved. Accessed June 3, 2025. To view the most recent and complete version of the
guidelines, go online to NCCN.org. NCCN makes no warranties of any kind whatsoever regarding
their content, use or application and disclaims any responsibility for their application or use in any
way.
American College of Surgeons National Accreditation Program for Breast Centers (NAPBC)
Optimal Resources for Breast Care 2024 Standards, updated September 2024. Used with
permission of the American College of Surgeons, Chicago, Illinois. The original source for this
information is the American College of Surgeons. Content does not reflect the views or
interpretations of the American College of Surgeons.
McLaughlin SA, et al. Considerations for Clinicians in the Diagnosis, Prevention, and Treatment of
Breast Cancer-Related Lymphedema: Recommendations from a Multidisciplinary Expert ASBrS
Panel. ASO 2017;DOI 10.1245/s10434-017-5982-4. The diagnosis and treatment of peripheral
lymphedema: 2020 Consensus Document of the International Society of Lymphology.
Lymphology. 2020;53:3-19. Wong HC, et al., Multinational Association of Supportive Care in
Cancer (MASCC) clinical practice guidelines for the prevention of breast cancer-related arm
lymphedema
(BCRAL):
international
Delphi
consensus-based
recommendations.
eClinicalMedicine 2024;68:102441. Davies C, et al. Interventions for Breast Cancer–Related
Lymphedema: Clinical Practice Guideline From the Academy of Oncologic Physical Therapy of
APTA. Physical Therapy 2020;100(7):1-17. Levenhagen K, et al. Diagnosis of Upper Quadrant
Lymphedema Secondary to Cancer: Clinical Practice Guideline From the Oncology Section of the
American Physical Therapy Association. Physical Therapy 2017;97(7):729-45. Armer J, et al. ONS
Guidelines™ for Cancer. Treatment-Related Lymphedema. Oncology Nursing Forum
2020;47(5):518-38. LE&RN Centers of Excellence Program Description and Link to Online
Application.https://lymphaticnetwork.org/documents/CoE_Program_Descrition_and_Link_to_On
line_Application.pdf. Accessed August 6, 2021. National Lymphedema Network Position
Statement: The Diagnosis and Treatment of Lymphedema. February 2011.
Oncology Nursing Society
For patients who have had cancer-related surgery:
• Recommends prospective surveillance
• Recommends lymphoedema education
Lymphatic Education & Research Network Center of
Excellence Program
• Requires risk assessment using perometry or bioimpedance
spectroscopy
National Lymphedema Network
• BIS provides reliable data and can detect early changes
associated with lymphoedema
09
Operating and financial review
Continued momentum with private payors
Since June 2023, ImpediMed has secured coverage for over 286 million lives in the U.S., doubling the number of covered
lives in the past twelve months. This includes eight of the top ten private payors and several regional payors. During the
year the number of states with coverage above 80% increased from 16 to 36 and of these 21 states have coverage above
90%.
Expanded customer footprint – poised for growth
With continued increase in payor coverage supported by clinical practice guidelines and accreditation standards,
ImpediMed is seeing growth in adoption of SOZO® by health systems. The growth was evident in Q4 FY25 with
expansion into a number of large Integrated Delivery Networks (IDNs) along with sales to new customers and renewals of
existing contracts.
During Q4 FY25, expansions into key IDNs included:
• 9-unit contract with Legacy Health, a six hospital health system serving the Pacific Northwest region
• Leading healthcare centres added and renewed in the quarter include: Yale New Haven, University of Texas MD
Anderson, Memorial Sloane Kettering, Mount Sinai Medical Centre, Corewell Health, Ascension, Northwell, University
of Virginia, University of North Carolina, Kansas University, University of Tennessee and University of Miami.
With a strong presence in top-tier customers, including 23 of 33 NCCN Institutions, 20 of the top 25 IDNs, and over 150
of the top 500 U.S. Cancer Centers, ImpediMed is well-positioned for continued growth.
Technology adoption – increased patient testing
Since the launch of SOZO, over 1.19 million patient tests have been conducted, with 287,000 in FY25, representing a
15% year-over-year increase. Q4 FY25 saw a record 74,000 tests, a 9% increase compared with the same quarter of the
previous year. This patient database, which has grown at a 3-year CAGR of 21%, has enhanced the accuracy of SOZO,
automated key protocols, improved algorithms, and provided real-world data for regulatory clearances.
SOZO Patient Tests (000s)
21%
300
3-year CAGR1
250
Thousands
200
150
100
50
0
FY18
FY19
1. Compound Annual Growth Rate (based on annual totals)
FY20
FY21
FY22
FY23
FY24
FY25
10
Operating and financial review
Installed base growth
Global installed base grew 14% over the year finishing FY25 with 1,139 SOZO® systems installed.
In the U.S., installed base grew in FY25 by 94 units or 19% to 583 units. In FY25 a total of 114 new units were installed,
up 68% compared with 68 new units installed in FY24. In Q4 FY25 a total of 44 new units were placed in the U.S., an
increase of 100% compared with the previous quarter, demonstrating improved momentum resulting from the emerging
impact of the focus on sales and marketing execution.
In the Rest of World (ROW) markets, the installed base grew 8% to 556 units, a net increase of 43 units over FY24. The
majority of ROW sales were made in Australia via the Company’s distribution partner.
Installed Base Units1
GLOBAL
Up 14%
vs FY24
U.S.
REST OF WORLD
1,139
960
57
1,002
56
1,065
80
77
Up 19%
vs FY24
Up 8%
vs FY24
583
466
32
1H FY24 2H FY24 1H FY25 2H FY25
489
36
523
48
66
1H FY24 2H FY24 1H FY25 2H FY25
Opening IB2
494
25
513
20
542
29
556
14
1H FY24 2H FY24 1H FY25 2H FY25
New devices added
1. The installed base units in 1H FY24 and 2H FY24 were restated during the year to remove inactive units.
2. Net of churn in current quarter (FY24 global churn <3%) Churn = [Number of devices cancelled or not renewed in period] / [Average cumulative device placements in the period].
New market opportunities and development activities
ImpediMed is finalising development of a new software release that will further enhance the functionality and user
experience of the SOZO Digital Health Platform. SOZO Pro, the next generation of the SOZO system which includes an
integrated scale and enables the removal of the contra-indication for patients with pacemakers and implantable
defibrillators, was initiated into clinical research use in the heart failure and body composition spaces, under investigator
initiated studies, to support the generation of clinical use data.
11
Operating and financial review
Global revenue
Total revenue in FY25 was $12.7 million, an increase of 23% or $2.4 million compared with FY24. In constant currency1
total revenue was up 22% compared with the previous year. The increase in revenue was mainly due to new SOZO®
system sales and recurring revenue growth in the North America market. Significantly, revenue associated with SOZO
Core Business2 in FY25 was $12.1 million, up $2.4 million or 25% compared with FY24.
Revenue in North America was $11.6 million, an increase of $2.4 million or 26% compared with FY24.
Global Revenue by Category
3.4
11.3
10.3
0.5 0.1
$A millions
2.0
0.8
Global Revenue by Geography
12.7
0.6 0.1
11.3
10.3
0.9 0.1
2.0
1.1
$A millions
3.4
Clinical
Legacy/other
SOZO
Unallocated
ROW
North America
12.7
1.0 0.1
8.5
9.6
12.1
8.3
9.3
11.6
FY23
FY24
FY25
FY23
FY24
FY25
SOZO Core Business Total Contract Value (TCV5) signed
in FY25 was $19.2 million, compared with $9.6 million
signed in FY24. TCV signed in H2 FY25 was up $3.3
million or 41% compared with H1 FY25.
SOZO Core Business ARR
SOZO Core Business TCV
10.1
11.0
12.5
11.3
14.0
1H FY24 2H FY24 1H FY25 2H FY25
$A millions
$A millions
SOZO Core Business Annual Recurring Revenue (ARR3)
on contracts was $14.0 million at 30 June 2025,
compared with $11.0 million at 30 June 2024.
Churn rate4 <3%.
8.0
5.6
4.0
1H FY24 2H FY24 1H FY25 2H FY25
1. Constant currency removes the impact of foreign exchange rate movements to facilitate comparability of operational performance. This is done by converting the current year revenue of
entities that use currencies other than Australian dollars at the average rates that were applicable in the prior year. The average exchange rate used for the Company’s major foreign currency
(USD) for the year was 0.6459 (2024: 0.6553).
2. SOZO Core Business represents revenue from SOZO contracts in the Oncology/Lymphoedema market and excludes SOZO Clinical Business and legacy device/other revenues.
3. Annual Recurring Revenue (ARR) represents the amount of revenue reasonably expected to be recognised for the next 12-month period based on existing contracts, assuming installation
upon sale and no churn. The exchange rate used for ARR calculation was 0.6434 (2024: 0.6670).
4. Based on SOZO units globally. [Number of units cancelled or not renewed in the period] / [Average cumulative unit placements in the period].
5. SOZO Core Business Total Contracted Value (TCV) includes any consideration for the sale of SOZO units as well as the total licence fees for the duration of the signed contracts. Typically,
these contracts are for a period of three years.
12
Operating and financial review
Other financial results
Gross margin
Gross profit margin was 86% for the year, compared with 87% in FY24.
Finance and other income
Net finance income for the year was ($0.2) million, a decrease of $1.7 million compared with FY24 driven by interest
expense associated with the SWK credit agreement executed in FY25. Total other income for the year was $1.2 million,
a decrease of $1.6 million compared with FY24 driven by a non-recurring U.S. Government grant in FY24.
Operating expenses
Total operating expenses for the year were $35.2 million, an increase of $2.2 million compared with FY24 operating
expenses of $33.0 million.
Salaries and benefits in FY25 were $20.0 million, a decrease of $1.5 million compared with the salaries and benefits
expense in FY24 of $21.5 million. Share-based payments were $1.6 million, $2.3 million higher compared with the credit
of $0.7 million in FY24. Together salaries and benefits and share-based payments represent 62% of total operating
expenses (FY24: 63%).
Administration expenses were $3.2 million for the year, consistent with FY24.
Depreciation and amortisation expenses were $4.6 million, an increase of $2.3 million compared with FY24.
Operating result
Net loss from continuing operations was $23.2 million in FY25, compared with $19.8m in FY24. The increased loss was
driven by lower finance and grant income, higher share-based payments and higher finance expenses, partially offset by
higher gross profit resulting from new SOZO® system sales and recurring revenue growth, and lower salaries and benefits
expense.
Cash
Cash and cash equivalents were $22.2 million at 30 June 2025 compared with $24.6 million at 30 June 2024.
Net cash used in operating activities during FY25 was $14.3 million compared with $17.8 million in the prior year. The net
cash used in operating activities in the period includes receipts from government grants/tax incentives of $0.9 million
compared with $3.4 million in FY24, and interest received of $1.0 million compared with $1.6 million in the prior year. Net
cash used in investing activities during FY25 was $1.4 million compared with $3.1 million in FY24. The decrease is
primarily related to lower expenditure on the development of SOZO Pro, as this work has been completed.
13
Environmental, Social and Governance
CEO Statement
Commitment to Patient Outcomes,
Sustainability, and Good Governance
FY2025 impact and ESG update
At ImpediMed, our mission is to improve patient outcomes by forging new standards of care in fluid and body
composition management. In FY25, this mission guided our continued commitment to clinical excellence, compliance,
sustainability, social responsibility, and strong governance.
Our focus remains on the health and well-being of patients. We are revolutionising care with innovative, validated, and
guideline-supported technology that delivers meaningful insights across cancer survivorship, heart failure, and weight
management. As SOZO® becomes increasingly embedded in oncology care pathways, its ability to transform clinical
outcomes and improve lives is becoming more evident.
Since SOZO’s launch, more than 1.19 million patient tests have been completed globally, with 287,000 tests conducted
in FY25 alone. Over the past three years, patient testing volumes have grown at an average rate of 21% annually,
reflecting growing demand for proactive, data-
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