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.
NEW. The Motley Fool AU Releases Five Cheap and Good Stocks to Buy for 2020 and beyond!….
Our experts here at The Motley Fool Australia have just released a fantastic report, detailing 5 dirt cheap shares that you can buy in 2020.
One stock is an Australian internet darling with a rock solid reputation and an exciting new business line that promises years (or even decades) of growth… while trading at an ultra-low price…
Another is a diversified conglomerate trading over 40% off it's high, all while offering a fully franked dividend yield over 3%...
Plus 3 more cheap bets that could position you to profit over the next 12 months!
See for yourself now. Simply click here or the link below to scoop up your FREE copy and discover all 5 shares. But you will want to hurry – this free report is available for a brief time only.
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.