Why the Impedimed (ASX:IPD) share price is rocketing 9% today

The Impedimed Limited (ASX: IPD) share price is on the move during mid-afternoon trade. This comes as the medical technology company announced a positive update in regards to its SOZO Heart Failure Program.

At the time of writing, Impedimed shares are up 9.52% to 11.5 cents.

What did Impedimed announce?

According to the release, Impedimed advised it has established its SOZO Heart Failure Program at Advocate Health Care’s Heart Institute located in Chicago Illinois.

The program will be guided by Dr Ali Valika, MD, a specialist certified in Advanced Heart Failure and Transplant Cardiology.

Advocate Aurora Health comprises 26 hospitals and over 500 sites of patient care. The building in Illinois represents one of two premier, not-for-profit health systems in the United States. It’s worth noting that 350 specialists perform more than 20,000 heart procedures each year, mostly in Illinois.

Dr Ali Valika aims to optimise fluid levels in heart failure patients both in clinic and after discharge.

ImpediMed stated that it was able to use its existing footprint within the Advocate Aurora Health system to move forward with the new program. The Advocate Aurora Health system currently has 10 SOZO devices under a Lymphoedema Prevention Program.

Impedimed managing director and CEO, Richard Carreon commented:

After the significant COVID-19 delays it is fantastic to initiate the SOZO heart failure program at such a highly respected/credentialed medical institution. We are looking forward to working with Dr. Valika and his team in advancing the use of SOZO and improving outcomes in the heart failure patients.

We are expecting other hospitals to initiate SOZO heart failure programs shortly, adding to the clinical and reimbursement evidence required to underpin widespread commercialisation.

Impedimed share price summary

Over the past 12 months, Impedimed shares have pushed almost 90% higher. However, year-to-date, its shares have fallen close to 10% for the 9 months.

Based on today’s price, Impedimed commands a market capitalisation of roughly $171.9 million, with approximately 1.5 billion shares on issue.

The post Why the Impedimed (ASX:IPD) share price is rocketing 9% today appeared first on The Motley Fool Australia.

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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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