ImpediMed Limited (ASX.IPD) today released its Appendix 4C – Quarterly Cash Flow report for the period ended 30 September 2021. A summary of the quarterly results was released on 27 October 2021 as part of the Capital Raising Presentation.
Highlights
Quarterly Results
• Total Revenue for Q1 FY’22 of $2.6 million, +71% on the previous corresponding period (pcp).
• Record quarter for SOZO® Revenue for Q1 FY’22 of $2.5 million, +76% pcp.
• Record quarter for cash receipts of $2.5 million.
• Largest US customer renewed SOZO agreement for an additional 3 years, integrating SOZO into their EPIC EHR system.
• Corporate Accounts:
-- ICON Group contract for initial 13 units.
-- Advocate Aurora Health imitated Heart Failure program.
Subsequent Events
• PREVENT Results Released:
-- Primary endpoint met with statistical and clinical significance achieved.
• AstraZeneca (AZ) contract extension and expansion – estimated value of over $500k in additional revenue to be recognised in coming quarters.
• Capital Raising:
-- $35 million Placement to new and existing institutional and sophisticated investors, increasing the pro forma cash balance to approximately $48 million, net of fees.
-- Sufficient capital raised to achieve breakeven while still allowing for investment in key growth initiatives.
-- Additional $5 million Share Purchase Plan (SPP) announced for eligible shareholders.
Revenue Summary:
• Total Revenue for Q1 FY’22 of $2.6 million, +71% pcp (Q1 FY’21: $1.5 million) and +1% quarter over quarter.
• Record quarter for SOZO® Revenue for Q1 FY’22 of $2.5 million, +76% pcp (Q1 FY’21: $1.4 million) and +8% quarter over quarter.
• Record quarter for SOZO SaaS Revenue for Q1 FY’22 of $2.1 million, +95% pcp and +10% quarter over quarter.
-- SOZO SaaS Revenue of $1.3 million from Core Business.
-- SOZO SaaS Revenue of $0.8 million from Clinical Business.
Cash Flow Summary:
• Cash on hand as at 30 September 2021 of $15.4 million.
• Record quarter for cash receipts from customers of $2.5 million.
• Net operating cash outflows for the quarter of $3.3 million.
• Related Parties: During the quarter, the Company Directors received a combination of cash remuneration, as well as issued shares as equity-based remuneration in lieu of cash, as described in Item 6 of the Appendix 4C.
• These payments to directors consisted of cash payments of $63,000 as well as $89,000 in Directors’ fees accrued and unpaid at 30 September 2021 related to equity-based remuneration.
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