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Here’s why this healthcare stock rocketed up 30% yesterday: Is there more to come?

Impedimed Limited (ASX: IPD) has a focus on developing medical applications. The company’s technology has numerous medical and non-medical uses. Management has been anticipating that it will execute solid growth upon developing its first commercial opportunity.

Despite the S&P/ASX 200 Index (Index: ^AXJO) (ASX: XJO) falling marginally yesterday, Impedimed rose 12 cents or over 30% to close at 51 cents.

Yesterday’s game-changing announcement:

The company was granted reimbursement status in the U.S. for all relevant cancer types using the L-Dex procedure for the assessment of lymphedema. This is a progressive swelling that may occur in patients following cancer treatment. The reimbursement status enables all Medicare eligible patients to be reimbursed by the U.S. government.

CEO Richard Carreon said: “This is a real game-changer for Impedimed”. The new addressable market is estimated to be in excess of US$ 350 million per annum as lymphedema affects nearly 1 in 3 cancer survivors and there are over 900,000 new cancer cases per year.

Are there catalysts for further share price upside?

A number of positive potential tailwinds include:

1. A strong pipeline of product opportunities.

2. Additional non-medical applications.

3. Expanding into new geographies.

4. Creating new and leveraging existing partnerships.

5. Targeting top 200 practices in key Medicare states. Already 7 out of 10 U.S. cancer institutions have commenced using L-Dex.

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Motley Fool contributor Mark Woodruff does not own shares in any of the companies mentioned in this article.