Quarterly Activities Report and Appendix 4C - Mar-2026 Qtr
Released
Released
Announcement PDF
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ImpediMed Limited
Suite 31C, 12-18 Tryon Rd
Lindfield NSW 2070
Australia
E: investorrelations@impedimed.com
W : impedimed.com
30 April 2026
Companies Announcements Office
Australian Securities Exchange
Quarterly Activity and Cash Flow Report
Key highlights for Q3 FY26
• Revenue of $3.5 million
• Annual Recurring Revenue of $14.1 million ($14.9 million constant currency)
• SOZO®
Core Business TCV of $5.4 million
• Cash receipts of $3.3 million
• Net operating cash outflows of $4.5 million
• Cash balance of $12.7 million
• BCRL – Reimbursement continues to increase with, 328M U.S. covered lives, 94.3%
national coverage, up from 92.8% at Q2 FY26
• Commercial activities in Heart Health and Weight Management commenced in the US
with initial sales in both markets
• Appointment of new Managing Director / CEO, Erik Anderson, on 7 April 2026
ImpediMed Limited (ASX.IPD) (ImpediMed or the Company) announces the release of the
Quarterly Activities Report and Appendix 4C Cash Flow Report for the quarter ending 31
March 2026 (Q3 FY26).
ImpediMed continues to be well positioned to capitalise on opportunities across multiple
indications, leveraging its investment in a world-class digital health platform, FDA clearances
in Breast Cancer Related Lymphoedema (BCRL), Heart Health and Body Composition,
alongside growing patient needs in cancer survivorship, GLP-1 driven weight management
and heart failure.
Supported by NCCN and NAPBC guidelines, SOZO drives strong clinical demand by
enabling early detection and timely intervention that prevents lymphoedema progression —
with expanding reimbursement continuing to accelerate commercialisation.
Reimbursement continued to increase during the quarter. National coverage now stands at
94.3%, representing 328 million covered lives - up from 92.8% reported with Q2 FY26
results. Significantly, the number of states with coverage above 95% has grown to 37, an
increase of 17 states since 1 December 2025. There are now 49 states with coverage above
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80% and 45 states above 90%, This progress fuels both new customer acquisition and re-
engagement with existing accounts, giving our clinical teams a concrete reason to help our
customers unlock additional utilisation across the installed base.
617 SOZO units are installed at leading US hospitals, and Master Services Agreements
(MSAs) have been signed with 27 major Integrated Delivery Networks (IDNs), streamlining
IT approvals and enabling the Company to rapidly access opportunities in BCRL, Heart
Health and Body Composition.
Heart Health
Commercialisation of SOZO Pro into the highly attractive Heart Health market commenced
with the establishment of a small, dedicated team with initial sales recorded in the quarter.
SOZO Pro is the only FDA-cleared BIS device for patients with cardiac implantable devices
and commercialisation efforts are initially focused in select states where the SOZO Pro is
reimbursed by private payers. SOZO Pro has also received a Medicare National Coverage
Determination (~75% heart failure patients on Medicare).
The US outpatient heart failure fluid monitoring market represents a total addressable
market of US$600 million with demand driven by urgent need to reduce readmissions and
monitor Body Composition. There are 6.7 million US patients with heart failure with
approximately 1 million new heart failure patients diagnosed each year.
Weight Management
Body composition monitoring represents a significant and expanding opportunity, and as
GLP-1 therapies drive unprecedented patient volumes, clinicians are discovering that weight
alone is an insufficient measure of treatment success. SOZO fills that gap with precision.
Sales activities in the Weight Management market have commenced following the
establishment of a small, dedicated team, with initial sales recorded in the quarter.
Appointment of new CEO
On 7 April 2026, Mr Erik Anderson commenced as Managing Director and Chief Executive
Officer. Prior to joining ImpediMed, Mr Anderson served as Division President of Hologic's
Breast and Skeletal Health business, a global leader across the breast cancer care
continuum — spanning detection, intervention and surgery, with strong engagement across
breast radiologists and surgeons in US health systems.
Mr Anderson brings proven expertise across US healthcare delivery, including hospital
procurement, clinical adoption, reimbursement, and health system relationships, combined
with a track record of building high-performing teams and translating strategic vision into
commercial results. His experience spans not only revenue growth and market development,
but the operational and organisational foundations that make growth sustainable.
Mr Anderson's appointment represents a step change in the Company’s ‘on the ground’
leadership presence in the critical United States market, with a clear mandate to accelerate
revenue, strengthen health system engagement, control costs, and drive the Company
toward cash flow break-even and long-term value creation.
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Key sales and financial metrics
Unaudited total revenue for the quarter was $3.5 million, down 10% compared with Q2
FY26. The lower revenue was due to ROW distributor restocking in the previous quarter and
the impact of a stronger Australian dollar. On a constant currency basis U.S. revenue was up
2% compared with Q2 FY26.
A total of 36 SOZO units were sold in the quarter with 30 units sold in the US (19 units in Q2
FY26) and 6 units sold in the ROW markets (38 units in Q2 FY26). The reduction in unit
sales in the ROW markets was due to a stocking order of SOZO Pro units in the previous
quarter by ImpediMed’s Australian distributor in preparation for the Company’s expansion
into Heart Health.
Core Business Total Contracted Value (TCV) signed during the quarter was $5.4 million,
compared with $4.1 million achieved in Q2 FY26.
Core Business Annual Recurring Revenue (ARR) was $14.1 million for the 12 months to 31
March 2027. ARR was impacted by a relatively stronger Australian dollar and on a constant
currency basis ARR was $14.9 million.
Summary of cash receipts and outflows
During Q3 FY26 the Company had net cash outflows from operating activities of $4.5 million,
net of cash receipts from customers of $3.3 million.
Most of the cash outflows for the quarter relate to staff costs, which totaled $4.5 million,
down $0.8 million compared with the previous quarter. The reduction in staffing costs is
predominantly due the impact of a relatively stronger Australian dollar as well as the
Company’s ongoing program to reduce operating costs.
At 31 March 2026, ImpediMed had a total cash balance of $12.7 million representing 2.9
quarters of operating cashflow. Strengthening of the Australian dollar resulted in an
unrealised FX loss of $0.7 million. The Company has a fully drawn loan facility of US$15.0
million.
Payments to related parties and their associates during the quarter disclosed in Section 6 of
the Appendix 4C totaled $96,000 and comprised payments to Non-Executive Directors.
For more information, contact Investor Relations at investorrelations@impedimed.com.
Approved for release by the Board of ImpediMed Limited
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About ImpediMed
Founded and headquartered in Brisbane, Australia 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 the
SOZO®
Digital Health Platform, which is FDA-cleared, CE-marked, and ARTG-listed for
multiple indications, including lymphoedema, heart failure, and protein calorie malnutrition and
sold in select markets globally.
In March 2024, the NCCN Clinical Practice Guidelines In Oncology (NCCN Guidelines®
) for
Survivorship continue to reference bioimpedance spectroscopy as the recommended
objective tool to screen at-risk cancer patients for early signs of lymphoedema. With the SOZO
Digital Health Platform and L-Dex®
, ImpediMed is the only company to offer FDA-cleared
technology that uses bioimpedance spectroscopy for the clinical assessment of
lymphoedema. The connected digital health platform and large, attractive cancer-related
lymphoedema market present an opportunity for continued strong growth through
ImpediMed’s SaaS subscription-based business.
For more information, visit www.impedimed.com.
Forward looking statements
This announcement contains or may contain forward-looking statements that are based on
ImpediMed Limited (ImpediMed) management’s beliefs, assumptions and expectations and
on information currently available to management.
All statements that address operating performance, events or developments that we expect
or anticipate will occur in the future are forward-looking statements, including without
limitation our expectations with respect to our ability to expand sales and market acceptance
in the US and Australia including our estimates of potential revenues, costs, profitability and
financial performance; our ability to develop and commercialise new products including our
ability to obtain reimbursement for our products; our expectations with respect to our clinical
trials, including enrolment in or completion of our clinical trials and our associated regulatory
submissions and approvals; our expectations with respect to the integrity or capabilities of
our intellectual property position. Any forward-looking statements, including projections,
guidance on future revenues, earnings and estimates, are provided as a general guide only
and should not be relied upon as an indication or guarantee of future performance.
While management has prepared this information based on its current knowledge and
understanding and in good faith, there are risks and uncertainties involved which could
cause actual results to differ from projections. You should not place undue reliance on
forward-looking statements which speak only as of the date when made. Except as required
by law, ImpediMed does not assume any obligation to publicly update or revise any forward-
looking statements, whether as a result of new information, future events or otherwise.
ImpediMed may not actually achieve the plans, projections or expectations disclosed in
forward-looking statements. Actual results, developments or events could differ materially
from those disclosed in the forward-looking statements and no representation, warranty or
assurance (express or implied) is given or made in relation to any forward-looking statement
by any person (including ImpediMed Limited).
Rule 4.7B
ASX Listing Rules Appendix 4C (17/07/20) Page 1
+ See chapter 19 of the ASX Listing Rules for defined terms.
Appendix 4C
Quarterly cash flow report for entities
subject to Listing Rule 4.7B
Name of entity
ImpediMed Limited
ABN Quarter ended (“current quarter”)
65 089 705 144 31 March 2026
Consolidated statement of cash flows Current quarter
$A’000
Year to date
(9 months)
$A’000
1. Cash flows from operating activities
3,268 10,496
1.1 Receipts from customers
1.2 Payments for
(48) (235)
(a) research and development
(b) product manufacturing and operating
costs
(484) (2,517)
(c) advertising and marketing (387) (840)
(d) leased assets - -
(e) staff costs (4,513) (14,752)
(f) administration and corporate costs (2,286) (6,344)
1.3 Dividends received (see note 3) - -
1.4 Interest received - -
1.5 Interest and other costs of finance paid - -
1.6 Income taxes paid (11) (11)
1.7 Government grants and tax incentives - 1,228
1.8 Other (provide details if material) - 2
1.9 Net cash from / (used in) operating
activities
(4,460) (12,973)
2. Cash flows from investing activities
- -
2.1 Payments to acquire or for:
(a) entities
(b) businesses - -
(c) property, plant and equipment - -
(d) investments - -
(e) intellectual property - -
(f) other non-current assets (429) (904)
Appendix 4C
Quarterly cash flow report for entities subject to Listing Rule 4.7B
ASX Listing Rules Appendix 4C (17/07/20) Page 2
+ See chapter 19 of the ASX Listing Rules for defined terms.
Consolidated statement of cash flows Current quarter
$A’000
Year to date
(9 months)
$A’000
2.2 Proceeds from disposal of:
- -
(a) entities
(b) businesses - -
(c) property, plant and equipment - -
(d) investments - -
(e) intellectual property - -
(f) other non-current assets - -
2.3 Cash flows from loans to other entities - -
2.4 Dividends received (see note 3) - -
2.5 Other (provide details if material) 176 638
2.6 Net cash from / (used in) investing
activities
(253) (266)
3. Cash flows from financing activities
- -
3.1 Proceeds from issues of equity securities
(excluding convertible debt securities)
3.2 Proceeds from issue of convertible debt
securities
- -
3.3 Proceeds from exercise of options - -
3.4 Transaction costs related to issues of
equity securities or convertible debt
securities
- -
3.5 Proceeds from borrowings - 7,676
3.6 Repayment of borrowings - -
3.7 Transaction costs related to loans and
borrowings
- -
3.8 Dividends paid - -
3.9 Interest paid (733) (2,184)
3.10 Other (provide details if material) (91) (264)
3.11 Net cash from / (used in) financing
activities
(824) 5,228
Item 3.9: Cash outflows relate to costs recognised under AASB 16 Leases for the Group’s premises leases.
4. Net increase / (decrease) in cash and
cash equivalents for the period
18,912 22,249
4.1 Cash and cash equivalents at beginning of
period
4.2 Net cash from / (used in) operating
activities (item 1.9 above)
(4,460) (12,973)
Appendix 4C
Quarterly cash flow report for entities subject to Listing Rule 4.7B
ASX Listing Rules Appendix 4C (17/07/20) Page 3
+ See chapter 19 of the ASX Listing Rules for defined terms.
Consolidated statement of cash flows Current quarter
$A’000
Year to date
(9 months)
$A’000
4.3 Net cash from / (used in) investing activities
(item 2.6 above)
(253) (266)
4.4 Net cash from / (used in) financing activities
(item 3.11 above)
(824) 5,228
4.5 Effect of movement in exchange rates on
cash held
(663) (1,526)
4.6 Cash and cash equivalents at end of
period
12,712 12,712
5. Reconciliation of cash and cash
equivalents
at the end of the quarter (as shown in the
consolidated statement of cash flows) to the
related items in the accounts
Current quarter
$A’000
Previous quarter
$A’000
5.1 Bank balances 1,363 1,207
5.2 Call deposits 11,349 17,705
5.3 Bank overdrafts - -
5.4 Other (provide details) - -
5.5 Cash and cash equivalents at end of
quarter (should equal item 4.6 above)
12,712 18,912
6. Payments to related parties of the entity and their
associates
Current quarter
$A'000
6.1 Aggregate amount of payments to related parties and their
associates included in item 1.2
96
6.2 Aggregate amount of payments to related parties and their
associates included in item 2.3
-
Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an
explanation for, such payments.
Appendix 4C
Quarterly cash flow report for entities subject to Listing Rule 4.7B
ASX Listing Rules Appendix 4C (17/07/20) Page 4
+ See chapter 19 of the ASX Listing Rules for defined terms.
7. Financing facilities
Note: the term “facility’ includes all forms of financing
arrangements available to the entity.
Add notes as necessary for an understanding of the
sources of finance available to the entity.
Total facility
amount at quarter
end
$A’000
Amount drawn at
quarter end
$A’000
7.1 Loan facilities 21,880 21,880
7.2 Credit standby arrangements - -
7.3 Other (please specify) - -
7.4 Total financing facilities 21,880 21,880
7.5 Unused financing facilities available at quarter end -
7.6 Include in the box below a description of each facility above, including the lender, interest
rate, maturity date and whether it is secured or unsecured. If any additional financing
facilities have been entered into or are proposed to be entered into after quarter end,
include a note providing details of those facilities as well.
Secured facility with SWK Funding LLC, interest rate 9.5% + 3 months SOFR, maturing on
5 February 2030.
8. Estimated cash available for future operating activities $A’000
8.1 Net cash from / (used in) operating activities (item 1.9) (4,460)
8.2 Cash and cash equivalents at quarter end (item 4.6) 12,712
8.3 Unused finance facilities available at quarter end (item 7.5) -
8.4 Total available funding (item 8.2 + item 8.3) 12,712
8.5 Estimated quarters of funding available (item 8.4 divided by
item 8.1)
2.9
Note: if the entity has reported positive net operating cash flows in item 1.9, answer item 8.5 as “N/A”. Otherwise, a
figure for the estimated quarters of funding available must be included in item 8.5.
8.6 If item 8.5 is less than 2 quarters, please provide answers to the following questions:
8.6.1 Does the entity expect that it will continue to have the current level of net operating
cash flows for the time being and, if not, why not?
Answer: Not applicable
8.6.2 Has the entity taken any steps, or does it propose to take any steps, to raise further
cash to fund its operations and, if so, what are those steps and how likely does it
believe that they will be successful?
Answer: Not applicable
8.6.3 Does the entity expect to be able to continue its operations and to meet its business
objectives and, if so, on what basis?
Answer: Not applicable
Note: where item 8.5 is less than 2 quarters, all of questions 8.6.1, 8.6.2 and 8.6.3 above must be answered.
Appendix 4C
Quarterly cash flow report for entities subject to Listing Rule 4.7B
ASX Listing Rules Appendix 4C (17/07/20) Page 5
+ See chapter 19 of the ASX Listing Rules for defined terms.
Compliance statement
1 This statement has been prepared in accordance with accounting standards and policies
which comply with Listing Rule 19.11A.
2 This statement gives a true and fair view of the matters disclosed.
Date: 30 April 2026
Authorised by: Board of Directors
(Name of body or officer authorising release – see note 4)
Notes
1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the
entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An
entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is
encouraged to do so.
2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions
in, and provisions of, AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been
prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the
corresponding equivalent standard applies to this report.
3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities,
depending on the accounting policy of the entity.
4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”.
If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the
[name of board committee – eg Audit and Risk Committee]”. If it has been authorised for release to the market by a
disclosure committee, you can insert here: “By the Disclosure Committee”.
5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as
complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and
Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial
records of the entity have been properly maintained, that this report complies with the appropriate accounting standards
and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a
sound system of risk management and internal control which is operating effectively.
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