impedimed.com
AnnualReport
2024
Revolutionising
patient care
Contents
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.
Patient-centric innovation, 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, through innovation in the design and delivery
of fluid and body composition analytics. Our newly appointed Board and Executive Leadership
team is leading a refined strategy focused on sales execution and innovation.
Our mission: To improve patient outcomes by setting new standards of care in fluid and
body composition management.
Overview
AnnualReport
2024
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Overview
Letter to shareholders
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
1
Platform
technology
Revolutionising
patient care
AnnualReport
2024
2
Today’s measurement provided a detailed breakdown of this patient’s fluid
levels and body composition. This information is being used to proactively
manage her care. Remeasure this patient at her next visit to track her
progress.
Mar 5, 2023 at 13:56
Notes for the patient
JD
Mar 5, 2023 at 13:56
JD
Patient received taxane-based chemotherapy today.
Feb 7, 2023 at 17:27
MD
Patient received physical therapy within past 5 days.
Aug 5, 2022 at 12:52
JD
Patient’s medication changed today.
SOZO Core Business quarterly Total Contract Value (TCV)
$A millions
FY23 Q1
2.8
FY23 Q2
3.5
FY23 Q3
3.2
FY23 Q4
3.8
FY24 Q1
2.2
FY24 Q2
1.6
FY24 Q3
2.2
FY24 Q4
3.4
Focus on commercial
execution with urgency
Gaining momentum
AnnualReport
2024
Letter to shareholders
As we conclude the 2024 financial year, we are proud to reflect on a year of significant progress and achievement for
ImpediMed. Our commitment to advancing patient-centric innovation continues to drive what we do, reinforcing our
position as a leader in the medical technology field.
This year, we have made significant strides in addressing the critical needs of patients suffering from secondary
lymphoedema, particularly breast cancer-related lymphoedema (BCRL). Our SOZO® Digital Health Platform and
L-Dex® technology continue to set new standards in the early detection and management of BCRL, distinguishing
ImpediMed as the sole provider of FDA-cleared BIS technology.
A key highlight of 2024 has been the substantial progress in increasing reimbursement for our platform technology.
Starting the financial year with zero covered lives and ending the year with 140 million covered lives in the United States,
our solutions are now more accessible than ever, ensuring that a greater number of patients can benefit from early
detection and prevention of chronic lymphoedema, a debilitating and potentially life-long condition.
The opportunity for our solutions in breast cancer-related lymphoedema and other cancer-related lymphoedema is
compelling. We have continued to see adoption of our digital health platform in leading cancer centres, underscoring the
unmet needs and significant market opportunities that lie ahead.
FY2024 saw the appointment of a new Board in September 2023, McGregor Grant as interim CFO in November 2023
and Dr Parmjot Bains as interim CEO in January 2024. In July 2024, the CEO and CFO roles were appointed on an
ongoing basis.
In February 2024, Christine Emmanuel-Donnelly was appointed Chair of the Board and Chair of the Nomination
Committee, in addition to her role as Chair of the Remuneration Committee. In June 2024, Ms Fiona Bones, was
appointed to the Board as a Non-executive Director and subsequently Chair of the Audit and Risk Management
Committee.
Since the appointment of the new Board, ImpediMed has leveraged the significant experience of the Directors. In April
2024, Director Andrew Grant was appointed to the role of Vice President of Product Development and Customer
Solutions in an interim capacity, for a maximum of six months, with the key responsibility to lead the development of
ImpediMed’s new product roadmap, together with ensuring an appropriate organisational structure is in place to deliver
on its plans. Andrew’s executive appointment will end in October, after which he will continue as a Non-executive
Director. Janelle Delaney has visited the software team in Greece to review the software development processes and
made a number of recommendations to improve quality and speed of outputs, which are now being implemented.
Christine Emmanuel-Donnelly's IP experience is being leveraged to strengthen our IP portfolio.
April 2024 saw the establishment of a new Executive Leadership team with world-class capabilities, a renewed focus
and refined strategy, centering on sales execution and operational excellence. Forty-four percent of our team are now in
roles that face customers directly, driving this customer and sales execution focus. Our team's dedication and expertise
have positioned us for sustainable growth and lay a solid foundation for achieving our financial targets. Revenue growth
for the first 3 quarters of the financial year was slow, but Q4 results were encouraging, showing signs of the emerging
impact of the focus on sales and marketing execution, with 12% growth in revenue, 135% growth in the leads pipeline,
and a 7.5% increase in patient measurements over the previous quarter.
Total revenue in FY24 was $10.3 million, compared with $11.3 million in FY23. Revenue associated with the SOZO-Core
business was $9.7 million, an increase of 14% compared with FY23 SOZO-Core business revenue of $8.5 million.
3
Dr Parmjot Bains
Managing Director and CEO
Christine Emmanuel-Donnelly
Chair
AnnualReport
2024
Letter to shareholders
In Q4 FY24 actions were taken to reduce the Company’s cash burn rate. As a result, FY25 operating cash expenditure is
forecast to be 10% lower compared with FY24 (after allowing for one-off costs and other normalisation adjustments)
mainly as the net result of adjustments to headcount, salaries and investment in customer facing roles.
FY24 saw numerous publications supporting BIS technology for prevention of lymphoedema, which is critical to driving
medical awareness. These publications build on more than 500 peer-reviewed, published articles on our BIS technology
and over 40 different disease states or medical conditions.
At ImpediMed, we pride ourselves on the diversity and inclusivity of our Board and Executive Leadership team. Our
leadership comprises individuals from a wide array of backgrounds, experiences, and perspectives, reflecting our
commitment to fostering an environment where innovation thrives. Gender diversity on our Board is 67% female and
33% male, and Executive Leadership team 44% female and 56% male, and our team comes from a diverse range of
backgrounds and experiences. This diversity enables us to better understand and address the needs of the global
markets we serve. By incorporating varied insights and expertise, we drive more effective decision-making and
strategic planning, ultimately leading to improved patient outcomes and commercial success. Our diverse team is a
cornerstone of our strength, fueling our mission to revolutionise medical technology and enhance the lives of patients
worldwide.
Looking ahead to FY25, we are well-positioned to continue our growth trajectory. Our focus remains on expanding our
market presence, driving revenue growth, and moving towards cash-flow break-even. We are confident that our
strategic initiatives in lymphoedema, and building new indications will continue to deliver value to our shareholders and
improve the lives of patients worldwide.
We extend our deep gratitude to our dedicated employees, whose hard work and passion drive our success, and to our
shareholders for their continued support and confidence in ImpediMed. Together, we are making a difference in the lives
of patients and shaping the future of medical technology.
Thank you for being part of our journey.
4
AnnualReport
2024
SOZO, utilising cutting-edge 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 valuable insights for personal health management. BIS provides highly accurate
metrics for routine monitoring and patient health management.
The World’s Most Advanced Non-Invasive
Bioimpedance Spectroscopy (BIS) System
5
A single SOZO
measurement provides:
L-Dex® lymphoedema analysis
HF-Dex® heart failure analysis
BodyCompTM analysis
Hy-Dex® hydration analysis
One device, multiple
FDA 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
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.
AnnualReport
2024
ImpediMed, through its parent company and subsidiary ImpediMed, Inc., is a global provider of medical
technology for measuring, monitoring, and managing tissue composition and fluid status using BIS.
Revenue is generated through the system sale of medical devices like SOZO and subscription services
for SOZO devices. In the U.S., a direct sales force focuses on SOZO health system contracts, while
independent distributors manage sales outside the U.S.
Strong Adoption and Validated Technology
1,000+ SOZO Systems
placed globally
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.
THE UNIVERSITY OF TEXAS
WEXNER MEDICAL CENTER
San Diego’s Health Care Leader
6
1. Referenced with permission from the NCCN Clinical Practice Guidelines in Oncology (NCCN Guidelines®) for Survivorship V.1.2024. © National Comprehensive Cancer Network, Inc. 2024.
All rights reserved. Accessed April 15, 2024. 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.
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_Description_
and_Link_to_Online_Application.pdf. Accessed August 6, 2021. National Lymphedema Network Position Statement: The Diagnosis and Treatment of Lymphedema. February 2011.
Guidelines Support Subclinical Detection,
Intervention and BIS
National Comprehensive Cancer Network® (NCCN®)
For patients and survivors at risk for lymphoedema:
• Recommends regular screening for lymphoedema by
bioimpedance spectroscopy if available1
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
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
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
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
AnnualReport
2024
In March 2024, 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. 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.
New clinical guidance published in eClinicalMedicine by the Multinational Association of Supportive
Care in Cancer (MASCC) highlights early detection and prevention strategies, emphasising the
importance of regular monitoring for lymphoedema.
Clinical Practice Guidelines Support BIS
NCCN
7
AnnualReport
2024
Since June 2023, ImpediMed has secured coverage with a number of private payors, including two of the top five
private payors and several regional payors. As a result, over 140 million lives are covered in the U.S with sixteen states
reaching over 80% coverage, reflecting significant payor adoption, and supporting increasing patient access.
Operating and financial review
Continued momentum with private payors
Since the launch of SOZO, over 900,000 patient tests have been conducted, with 250,000 in FY24, representing an
18% year-over-year increase. Q4 FY24 saw a record 68,000 tests, a 22% increase compared with the same quarter of
the previous year. This patient database, which has grown at a 3-year CAGR of 24%, has enhanced the accuracy of
SOZO, automated key protocols, improved algorithms, and provided real-world data for regulatory clearances.
Technology adoption – increased patient testing
With increasing payor coverage, ImpediMed is seeing growth in adoption of SOZO by health systems. The growth was
evident in Q4 FY24 with expansion into a number of large Integrated Delivery Networks (IDNs) along with sales to new
customers and renewals of existing contracts.
During Q4 FY24, expansions into key IDNs included:
• A Texas oncology group expansion with 6 new devices increasing to 8 in total;
• A national plastics and breast surgical group expanded its pilot of 3 SOZOs in December '23 with additional 5 units in
Q4; and
• A Connecticut large IDN continued system expansion to 9 units in total.
With a strong presence in top-tier customers, including 23 of 33 NCCN Institutions, 17 of the top 25 IDNs, and over
150 of the top 500 U.S. Cancer Centers, ImpediMed is well-positioned for continued growth.
Expanded customer footprint – poised for growth
SOZO Patient Tests (000s)
1. Compound Annual Growth Rate (based on annual totals)
Thousands
8
50
100
150
200
250
300
0
FY18
FY19
FY20
FY21
FY22
FY23
FY24
24%
3-year CAGR1
Follow-up
New
Global installed base grew 9% over the year finishing FY24 with 1,083 SOZO systems installed.
In the U.S., installed base grew in FY24 by 42 units or 8% to 570 units. In FY24 a total of 68 new units were installed,
down 13% compared with 78 new units installed in FY23. In Q4 FY24 a total of 23 new units were placed in the U.S.,
an increase of 77% 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 9% to 513 units, a net increase of 44 units over FY23.
Total new placements for the year were 45, highlighting very low churn in the region. The majority of ROW sales were
made in Australia via the Company’s distribution partner.
FY23 H1 FY23 H2 FY24 H1 FY24 H2
64
71
57
56
1,083
933
997
1,041
ImpediMed is finalising development of a new software release that will further enhance the functionality and user
experience of the SOZO Digital Health Platform and SOZO Pro, the next generation of the SOZO system which
includes an integrated scale and the removal of the contra-indication for patients with pacemakers and implantable
defibrillators.
As part of ImpediMed's R&D strategy, Andrew Grant, interim VP Product Development, is leading a review of new
market opportunities, including oncology related body composition and heart failure/acute care, with the aim of
incorporating the results of this review into an updated product development roadmap in H1 FY25.
New market opportunities and development activities
AnnualReport
2024
Operating and financial review
Installed base growth
Global
Installed Base Units1
Opening IB2
New devices added
U.S.
FY23 H1
489
FY23 H2
528
FY24 H1
547
FY24 H2
570
Rest of World
FY23 H1
444
FY23 H2
469
FY24 H1
494
FY24 H2
513
9
32
46
32
36
32
25
25
20
Up 9%
vs FY23
Up 9%
vs FY23
Up 8%
vs FY23
1. Review of installed base underway
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].
8.2
9.3
10.1
11.0
FY23 H1
FY23 H2
FY24 H1
FY24 H2
SOZO Core Business TCV
AnnualReport
2024
Operating and financial review
Total revenue in FY24 was $10.3 million, a decrease of 9% or $1.0 million compared with FY23. In constant currency1
total revenue was down 11% compared with the previous year. The decrease in revenue was mainly due to the com-
pletion of clinical trials conducted by AstraZeneca, which contributed revenue of $0.1 million in FY24 compared with
$2.0 million in FY23. Significantly, revenue associated with SOZO Core Business2 in FY24 was $9.7 million, up $1.2
million or 14% compared with FY23.
Revenue in North America was $9.3 million, an increase of $1.0 million or 12% compared with FY23.
Global revenue
SOZO Core Business Annual Recurring Revenue (ARR3)
on contracts was $11.0 million at 30 June 2024, com-
pared with $9.3 million at 30 June 2023. Churn rate4
<3%.
SOZO Core Business Total Contract Value (TCV5) signed
in FY24 was $9.4 million, compared with $13.3 million
signed in FY23. TCV signed in H2 FY24 was up $1.8
million or 47% compared with H1 FY24.
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 0.6553 (2023: 0.6729).
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 0.66699 (2023: 0.66387).
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.
SOZO Core Business ARR
$A millions
Clinical
Legacy/other
SOZO Core Business
3.3
2.0
0.8
0.5
0.1
9.7
8.5
0.7
6.5
10.6
10.3
11.3
Global Revenue by Category
Global Revenue by Geography
FY22
FY23
FY24
$A millions
Unallocated
(Clinical)
ROW
North America
3.3
2.0
1.0
0.9
0.1
9.3
8.3
1.1
6.1
10.6
10.3
11.3
FY22
FY23
FY24
$A millions
$A millions
6.3
7.0
3.8
5.6
FY23 H1
FY23 H2
FY24 H1
FY24 H2
10
AnnualReport
2024
Gross margin
Gross profit margin was 87% for the year, compared with 86% in FY23.
Finance and other income
Total finance income for the year was $1.5 million, an increase of $0.7 million compared with FY23 driven by higher
interest income. Total other income for the year was $2.8 million, an increase of $1.2 million compared with FY23 driven
by a non-recurring U.S. Government grant of $1.9 million offset by a lower Australian R&D tax incentive credit of $0.7
million due to lower R&D expenditure.
Operating expenses
Total operating expenses for the year were $33.0 million, an increase of $0.3 million compared with FY23 operating
expenses of $32.7 million.
Salaries and benefits in FY24 were $21.5 million, an increase of $1.3 million compared with the salaries and benefits
expense in FY23 of $20.2 million. Salaries and benefits in FY24 comprise 65% of total operating expenses and include
$2.1 million related to severance payments. In FY23 salaries and benefits included $2.8 million in termination
payments. Share-based payments was a credit of $0.7 million, $1.4 million lower than the expense of $0.8 million in
FY23 driven by forfeitures related to former employees.
Administration and governance expenses were $3.2 million for the year, an increase of $0.5 million, mainly driven by
costs associated with the general meeting of shareholders held in September 2023.
Operating result
Net loss from continuing operations was $19.8 million in FY24, compared with $20.5m in FY23. The decreased loss
was driven by higher finance and grant income and lower share-based payments, partially offset by lower gross profit
following the completion of AstraZeneca clinical trials, and higher salaries and benefits expense.
Cash
Cash and cash equivalents were $24.6 million at 30 June 2024 compared with $45.7 million at 30 June 2023.
Net cash used in operating activities during FY24 was $17.8 million compared with $18.0 million in the prior year. The
net cash used in operating activities in the period includes receipts from government grants/tax incentives of $3.4
million compared with $1.7 million in FY23, and interest received of $1.6 million compared with $0.7 million in the prior
year. Net cash flows used in investing activities during FY24 was $3.1 million compared with $6.0 million in FY23. The
decrease is primarily related to lower expenditure on the development of SOZO Pro, as this work nears completion.
FY25 cash expenditure is forecast to be 10% lower compared with FY24 (after allowing for one-off costs and other
normalization adjustments) mainly as the net result of adjustments to headcount, salaries and investment in customer
facing roles.
Operating and financial review
Other financial results
11
Dr Parmjot Bains
Managing Director and CEO
AnnualReport
2024
CEO Statement
ImpediMed’s mission is to improve patient outcomes by
setting new standards of care in fluid and body composition
management.
ImpediMed is committed to a sustainable future and recognises that to achieve its mission we must understand and
minimise our environmental impacts; meet our social responsibilities to our employees, customers and the broader
community; and maintain high standards of corporate governance.
We are focused on the health and well-being of patients, with our vision to revolutionise patient care with innovative
fluid and body composition analytics, enhancing health outcomes through validated, guideline-supported platform
technology. Our technology provides clinically relevant insights that hospitals and providers around the world are using
to gain a deep understanding of the human body. As our technology becomes the standard of care in oncology care,
we believe the positive impact it will have on healthcare and on patients’ lives will be transformational. Over the last 3
years the number of patients tested using the SOZO platform technology has increased 24% each year. Since the
SOZO was introduced, over 900,000 patient tests have been completed with 250,000 patient tests completed in FY24.
ImpediMed is in the early stages of its ESG journey, and as the business evolves, we will continue to develop our ESG
framework and disclosures. Further, as we continue to develop our strategic goals, we will ensure they are aligned with
ESG principles, while staying true to our commitment to creating long-term value for our stakeholders, including our
employees, our patients and our shareholders.
Diversity is a cornerstone of our strength. ImpediMed’s Board and Executive Leadership team includes individuals from
a wide array of backgrounds, experiences, and perspectives. Our Board comprises 67% female and 33% male
Directors, and the Executive Leadership team comprises 44% females and 56% males. This diversity enables us to
better understand and address the needs of the global markets we serve.
The new Board, established in September last year, is committed to strong corporate governance with 3 Non-execu-
tive Independent Directors. Since September the composition of the Board has evolved, most recently with the
appointment of Ms Fiona Bones, who also Chairs the Audit and Risk Management Committee. With her experience as
Vice President of Finance, International Controller at Google Fiona brings a wealth of global experience in finance,
corporate governance and systems information. Andrew Grant’s executive appointment will end in October 2024, and
he will then resume his role as a Non-executive Director, increasing the number of Non-Executive Directors to 4, with 2
Executive Directors.
Environmental, Social and Governance
12
AnnualReport
2024
Environmental, Social and Governance
At ImpediMed, our commitment to Environmental, Social, and Governance (ESG) principles is integral to our
operations and corporate culture. We continue to refine our ESG journey, and integrate Environmental, Social, and
Governance (ESG) principles into our operations and culture. Over the next 12 months, we are committed to making
meaningful progress in alignment with leading ESG frameworks and addressing the factors most material to our business.
Environmental
We are dedicated to minimising our environmental footprint through sustainable practices, including reducing waste,
optimizing energy usage, and ensuring responsible sourcing of materials. Our commitment in the environmental space
begins with working with our contract manufacturers and largest suppliers to ensure these partners have robust
policies in place, as well as our focus on end-of-life recycling on equipment and parts. All of our end-of-life parts and
scrap are disposed of through certified methods. We continue to review our processes and our manufacturing and
supply chains to identify risks and opportunities for our business to have a positive impact on the environment through
energy and waste reduction.
Social
We are committed to fostering a positive social impact by promoting diversity and inclusion within our workforce,
supporting community initiatives, and are continuing to ensure equitable access to our life-enhancing technology
platform. These efforts underscore our mission to drive meaningful progress while upholding our values and responsi-
bilities to all stakeholders.
ImpediMed is commited to advancing women in the workplace. Women represent 47% of our workforce and FY24
saw an increase in women across all areas of the business. In line with the ASX Principles and Recommendations (4th
edition), the following tables highlight the proportion of women and men on the Board, in the Executive Leadership
team and across the entire organisation as of 30 June 2024 and 30 June 2023.
Governance
The Board of Directors of ImpediMed is committed to high standards of corporate governance. The Board regularly
reviews the policies and practices applied by the Group to ensure they meet the interests of shareholders and other
key stakeholders, both for the present and as the Group grows in operational complexity.
Our governance framework emphasises transparency, ethical conduct, and robust risk management, with a diverse
and experienced Board overseeing our adherence to high standards of corporate integrity and accountability. Since the
Board changes during the year, the skills on the Board have been strengthened with the recent appointment of
Fiona Bones. Andrew Grant will resume his role as a Non-executive Director in October 2024.
Each year ImpediMed describes its corporate governance framework and its adherence to the ASX Corporate Gover-
nance Principles and Recommendations (4th Edition), in its Corporate Governance Statement, which is available in the
Investor section on ImpediMed’s website. Additionally, the Board and management are committed to continuing to
review the Company’s corporate governance practices in response to changes in market conditions or recognised best
practices.
Employee Category
2024
Male
%
Total
%
Female
Male
%
Total
%
Female
2023
Non-executive Directors
Executive team1
Company-wide2
3
4
39
100%
44%
47%
0
5
44
0%
56%
53%
3
9
83
1
2
37
20%
33%
49%
4
4
39
80%
67%
51%
53
6
76
1. Including Executive Directors
2. Excluding Non-executive Directors
3. Including 2 Non-executive Directors who were appointed on 1 July 2023
13
Christine Emmanuel-
Donnelly
Non-Executive Chair
Appointed Director 28 September
2023.
30 years in IP expertise through
commercialisation and strategic
in-house intellectual property roles.
4+ years in Board/healthcare
governance experience.
Appointed Interim CEO/MD
8 January 2024 and on an ongoing
basis on 22 July 2024.
Medical doctor with 30+ years’
diverse healthcare experience
including Pfizer and McKinsey
across the United States, Asia,
Middle East and Australia.
6 years Board/governance
experience.
Appointed Director 28 September
2023 and Interim CFO in November
2023 and on an ongoing basis on
22 July 2024.
Broad commercial and financial
experience in growing successful
global medical device businesses,
most recently Nanosonics Limited.
Board administration, governance
and investor relations experience.
Board of Directors
Parmjot Bains
Managing Director & CEO
McGregor Grant
Chief Financial & Operating
Officer/Executive Director
Janelle Delaney
Non-Executive Director
Appointed Director 28 September
2023.
30 years of project management
and execution at IBM, with
responsibility for the quality of
delivery across Asia Pacific’s portfolio
of several thousand projects.
Appointed Director 7 June 2024.
30+ years global experience in
finance, corporate governance and
systems transformation.
Extensive global governance gained
as Vice President of Finance,
International Controller of Google for
20 years.
Appointed Director 28 September
2023 and to Interim Executive role in
April 2024.
20+ years gaining deep understanding
and experience working with key US
customers and across global
healthcare markets.
Strategic planning experience and
delivery in healthcare working with
leading healthcare organisations
globally, including McKinsey and
ResMed.
Fiona Bones
Non-Executive Director
Andrew Grant
Executive Director, VP Product
Development & Customer Solutions
AnnualReport
2024
14
Parmjot Bains
Managing Director & CEO
Executives
McGregor Grant
Chief Financial & Operating
Officer/Executive Director
Steven Chen
Chief Medical Officer
Appointed Interim
CEO/MD 8 January 2024
and on an ongoing basis
on 22 July 2024.
Medical doctor with 30+
years’ diverse healthcare
experience including Pfizer
and McKinsey across the
United States, Asia, Middle
East and Australia.
6 years Board/governance
experience.
Appointed Director 28
September 2023 and
Interim CFO in November
2023 and on an ongoing
basis on 22 July 2024.
Broad commercial and
financial experience in
growing successful global
medical device businesses,
most recently Nanosonics
Limited.
Board administration,
governance and investor
relations experience.
Appointed in September
2023.
Nationally recognised
surgical oncologist/breast
surgeon.
10+ years’ industry
experience in oncology
drug and device product
development.
Most recently Chief
Medical Officer of Avelas
Biosciences.
Over 70 peer reviewed
publications.
Dennis Schlaht
SVP R&D and Technology
Julie Kuhlken
Senior Director,
Downstream Marketing
Director, Human Resources
Ashley Munoz
Tim Benkovic
SVP Sales & Customer
Success
Appointed in April 2024.
30+ years' experience in
the medical device, SaaS,
and distribution industries
with a proven history of
building top performing
sales teams, streamlining
sales operations, and
utilising data-driven
analytics, at leading
organisations such as
Nanosonics, Hillrom and
Fresenius Medical Care.
Appointed in October
2007.
40+ years’ experience
leading world-class global
product development,
including 20+ years in
medical device develop-
ment. Broad experience in
R&D leadership and global
technology implementa-
tions including Lockheed
Martin, Insight Electronics,
and XiTRON Technologies.
Appointed in September
2023.
25+ years’ experience in
marketing, leadership and
consulting in the medical
technology industry with
strong background in
developing and
commercialising healthcare
solutions to improve patient
care, within start-up as well
as large organisations
including Kimberly-Clark
and Becton Dickinson.
Appointed Director in July
2024.
8 years of experience
across diverse HR functions
including performance
management, employee
relations, organisational
design, talent acquisition,
learning & development,
onboarding, benefits,
compensation, project
management, and HRIS
implementations in the
medical device, environ-
mental and engineering
industries.
Andrew Grant
Executive Director, VP
Product Development &
Customer Solutions
Appointed Director 28
September 2023 and to
Interim Executive role in
April 2024.
20+ years gaining deep
understanding and
experience working with
key US customers and
across global healthcare
markets.
Strategic planning
experience and delivery in
healthcare working with
leading healthcare
organisations globally,
including McKinsey and
ResMed.
AnnualReport
2024
15
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Payments to Mr. Valencia Include $830,759 associated with the termination of his employment, including accrued annual leave.
Payments to Mr. Cruickshank include $658,985 associated with the termination of his employment, including accrued annual leave.
Payments to Mr. Tripathi include $475,911 associated with the termination of his employment, including accrued annual leave.
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Judgements
ii)
Financing component
(iii)
Warranty obligations
(iv)
Incremental costs of obtaining a contract
SOZO – Core business: The Core business refers to the commercialisation efforts from the Company’s core strategic focus
areas. To date, this primarily includes revenue from SOZO contracts in the Oncology market.
SOZO – Clinical business: The Clinical business refers to revenue generating contracts related to clinical trials. These
contracts are usually finite in nature, as they relate to clinical trials with specific end dates.
Employee Incentive Plan
Executive Share Plan
Non-executive Director Share Plan
Options
Performance Rights
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Description of the Group’s cash generating units (CGUs)
Impairment testing
Total intangible assets at net book value
Exposure
Sensitivity
Exposure
Sensitivity
≤
≤
Share-based payment reserve
Equity escrow reserve
Foreign currency translation reserve
AnnualReport
2024