The ImpediMed Limited (ASX: IPD) share price rose as high as 73 cents in morning trading and is currently up more than 10% at 68 cents.
The medical equipment manufacturer announced earlier today that its SOZO bioimpedance spectroscopy connected platform had achieved the CE Mark. The SOZO platform monitors fluid status in patients living with heart failure, assessment of lymphoedema, hydration monitoring and body composition.
The result means that ImpediMed can now make SOZO commercially available to physicians and patients throughout Europe as well as Australia.
Getting key regulatory approvals is a major milestone for healthcare companies, including those that manufacture equipment and supplies for the sector like ImpediMed.
Investors in the company will no doubt be somewhat relieved, as ImpediMed’s share price has tumbled more than 31% over the past 12 months, despite today’s gains. After hitting a high of $1.82 in August 2016, ImpediMed’s share price tumbled as low as 53.5 cents in May 2017.
It’s still early days for ImpediMed, but gaining CE Mark is a step in the right direction. Investors and shareholders following along might want to keep an eye out for announcements of commercial contracts – which would be the next logical step in SOZO’s path.
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The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.