IMPEDIMED LIMITED (IPD)



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General Information
Company Name: ImpediMed Limited
Stock Code: IPD
Website: www.impedimed.com
GICS Sub-Industry: Health Care Equipment
Market Cap ($M): 14
Equiv. Shares (M): 181

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
$ 0.080 $ 0.000 $ 0.000 $ 0.000 $ 0.080 0 0%

Current Broker Consensus Recommendation more
Recommendation: Buy
Recommendation Date: 15th Feb 2013
12 Month Target Price (average): $0.37
Brokers Surveyed: 1

Company Overview

Business Description:
ImpediMed Limited (IPD) develops bioimpedance devices with a focus on medical applications for use in a variety of healthcare segments. These products have a range of potential commercial applications, notably in the assessment and monitoring of secondary lymphedema, general health assessment and weight management, muscle wasting, drug dosing and monitoring and sports medicine and fitness.

Strategy Analysis:
IPD plans a number of milestones for the coming year: build reimbursement coverage for the CPT-0239T code to support increasing demand ; expand clinical acceptance of the L-Dex technology and drive testing demand with key medical providers and governing societies; secure FDA clearance for the unilateral limb claim for L-Dex U400; launch the Stanford University School of Medicine registry; continue to build and publish outcomes data on the benefits of early detection/ intervention in breast cancer patients; establish a new BIS distribution channel in Germany; and meet key commercialisation milestones for the UB500. ImpediMed reported NPAT of $5.94m for the half-year ended 31 December 2011. Revenues from ordinary activities were $1.49m, down 25% from the same period last year. Basic and diluted EPS were (4) cents compared to (6) cents last year. The net operating cash outflow was $6.23m compared to an outflow of $5.91m in the pcp. No dividend was declared. ImpediMed reported NPAT of $5.94m for the half-year ended 31 December 2011. Revenues from ordinary activities were $1.49m, down 25% from the same period last year. Basic and diluted EPS were (4) cents compared to (6) cents last year. The net operating cash outflow was $6.23m compared to an outflow of $5.91m in the pcp. No dividend was declared.


Financial Summary
Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2012  A -12.3 -7.7 -- 0.0 0.0 0.0 --
2011  A -14.8 -10.1 -- 0.0 0.0 0.0 --
2010  A -11.4 -10.0 -- 0.0 0.0 0.0 --
Source: Aspect actuals / Thomson IBES estimates

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2010 A 2011 F 2012 F 2010 A 2011 F 2012 F 2010 A 2011 F 2012 F
Cochlear (COH) $4,020 M -0.0995 0.0014 0.1184 25.3671 25.3316 22.6507 0.0348 0.0359 0.0363
Impedimed (IPD) $14 M -- -- -- -- -- -- 0.0000 -- --
ResMed (RMD) $7,812 M 0.2200 0.2673 0.1489 29.6866 23.4251 20.3899 0.0000 0.0140 0.0174

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
IPD -- -- 0.84 -- 4.23
Market 0.83 14.9 1.29 1.81 1.77
Sector 0.72 18.4 2.71 1.55 1.87

Directors
Name Position Start Date
Mr Gregory Wayne Brown Executive Director 14 December 2001
Dr Walter A Taylor Medical Director 10 March 2010
Dr Cherrell Hirst Non-Executive Chairman 01 August 2005
Mr Martin Douglas Eberlein Kriewaldt Non-Executive Director 24 March 2005
Mr Michael Panaccio Non-Executive Director 25 January 2007
Mr James (Jim) Thomas Hazel Non-Executive Director 27 November 2006
Mr Melvyn John Bridges Non-Executive Director 27 September 1999

Management
Name Position
Richard Carreon Chief Executive Officer
Peggy Brooker Chief Operating Officer, Chief Financial Officer
Stephen Denaro Company Secretary
Jack Butler Senior VP Corporate Development, North America
William Gearhart Senior VP Sales and Marketing, North America

Substantial Shareholders
Holding Name
24,285,465 (13.40%) Starfish Technology Fund 1, LP
17,220,294 (9.50%) J P Morgan Nominees Australia Limited
13,081,641 (7.20%) National Nominees Limited
13,068,423 (7.20%) Citicorp Nominees Pty Limited
29,408,960 (16.22%) Orbis MIS

Calendar of Events
Date Event
26 February 2014 Report (Interim)
13 September 2013 Report (Annual)
29 August 2013 Report (Annual)
29 August 2013 Report (Prelim)
© 2011 Morningstar, Inc. All rights reserved. The data and content contained herein are not guaranteed to be accurate, complete or timely. Neither Morningstar, nor its affiliates nor their content providers will have any liability for use or distribution of any of this information. To the extent that any of the content above constitutes advice, it is general advice that has been prepared by Morningstar Australasia Pty Ltd ABN: 95 090 665 544, AFSL: 240892 (a subsidiary of Morningstar, Inc.), without reference to your objectives, financial situation or needs. Before acting on any advice, you should consider the appropriateness of the advice and we recommend you obtain financial, legal and taxation advice before making any financial investment decision. If applicable investors should obtain the relevant product disclosure statement and consider it before making any decision to invest. Some material is copyright and published under licence from ASX Operations Pty Limited ACN 004 523 782 ("ASXO"). DISCLOSURE: Employees may have an interest in the securities discussed in this report. Please refer to our Financial Services Guide (FSG) for more information at www.morningstar.com.au/fsg.asp.

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