The ImpediMed Limited share price has jumped: Here’s why
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.
Foolish takeaway
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.
Where to invest $1,000 right now
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.
*Returns as of June 30th
Motley Fool writer/analyst Mike King doesn't own shares in any companies mentioned. You can follow Mike on Twitter @TMFKinga
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.
With 13 years behind him at one of Australia’s largest domestic banks, Mike’s passion for stocks led him to join a boutique funds management firm, where he stayed for four years. A seven-year stint in equity research at one of the largest investment banks in the world followed that, giving Mike a thirst to pursue his passion further.
Mike holds a Diploma in Applied Finance and Investment and a Graduate Certificate in Financial Planning. His passion is to help retail investors invest better, and that passion was one of his primary reasons for joining The Motley Fool Australia in late 2011. Mike has written thousands of articles since joining, including for Fairfax Media, Yahoo!7, Ninemsn and has also appeared on ABC’s The Business.
You can see all of Mikes’ holdings here
- Why PWR Holdings Ltd could see its share price rise from here – July 21, 2017 12:11pm
- Fortescue Metals Group Limited share price sinks on native title decision – July 20, 2017 4:23pm
- 5 overlooked finance shares to add to your watchlist – July 20, 2017 2:33pm