IMPEDIMED LIMITED — Annual Report 2013

Aug 27, 2013

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ASX: IPD
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28 August 2013

ASX RELEASE

ASX ANNOUNCEMENT – ANNUAL FINANCIAL REPORT – FISCAL YEAR ENDED 30 JUNE 2013

- ImpediMed dramatically improves its financial position -

Brisbane, Australia – ImpediMed Limited (ASX: IPD) (“the Company”) is pleased to provide the attached Appendix 4E, Preliminary Financial Report for the fiscal year ended 30 June 2013.

Newly developed strategy and execution, expansion beyond solo practices in the US and a move towards a consumable model internationally, has dramatically improved the Company’s financial position. Focusing, this last year, on the Company’s core business has resulted in global lymphoedema revenue growth of 35%, including 51% in the US market. This revenue growth, coupled with significantly lower expenses, has resulted in a reduction of losses by $3.9 million, or 31%.

President and CEO Richard Carreon stated, “With this degree of focus on our core business and with strong financial controls, we have extended our cash on hand without raising additional capital. We continue to deliver on our commitments and execute on our strategy. We enter FY2014 as a more effective, leaner, and much more focused organisation.”

For further information contact:

Richard Carreon, ImpediMed CEO Morten Vigeland, ImpediMed VP of Global Finance T: +1 (760) 585-2100

L-Dex® is a trademark of ImpediMed Limited.

The L-Dex scale is a tool to assist in the clinical assessment of unilateral lymphoedema of the arm and leg in women and the leg in men by a medical provider.

About ImpediMed

ImpediMed Limited is the world leader in the development and distribution of medical devices employing Bioimpedance Spectroscopy (BIS) technologies for use in the non-invasive clinical assessment and monitoring of fluid status. ImpediMed’s primary product range consists of a number of medical devices that aid surgeons, oncologists, therapists and radiation oncologists in the clinical assessment of patients for the potential onset of secondary lymphoedema. Pre-operative clinical assessment in cancer survivors, before the onset of symptoms, may prevent the condition from becoming a lifelong management issue and thus improve the quality of life of the cancer survivor. ImpediMed has the first medical device with an FDA clearance in the United States to aid health care professionals clinically assess secondary unilateral lymphoedema of the arm and leg in women and the leg in men.

For more information, visit www.impedimed.com.au

Appendix 4E Preliminary final report Period ending 30 June 2013

ImpediMed Limited - Appendix 4E ABN 65 089 705 144 Preliminary final report

1 Current Financial Period Ended: 30 June 2013 Previous Corresponding Reporting Period: 30 June 2012

The information contained in this document should be read in conjunction with the ImpediMed Limited Financial Report for the year ended 30 June 2013 and any public announcements made by ImpediMed Limited and its controlled entities during the year in accordance with continuous disclosure obligations arising under the ASX Listing Rules.

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2 Results for announcement to the market
Previous
Current reporting corresponding
period period
$000 $000
2.1 Revenue from ordinary activities $ 2,925 $ 3,184
Increase (decrease) in revenue ($000): $ (259)
Percentage increase (decrease): -8%
Note : With respect to the decrease in revenue from ordinary activities:
- global lymphoedema revenue for the Group increased by 35% year-over-year, including a U.S.
lymphoedema increase of 51% over the period, while the decrease from the prior period was
primarily due to a decrease in the test & measurement division of $0.3 million from $1.1 million to
$0.8 million.
- body composition revenue decreased $0.2 million from $0.9 million to $0.7 million.
2.2 Profit/(loss) from ordinary activities after tax
attributable to members (8,464) (12,342)
Increase/(decrease) in profit from ordinary
activities after tax attributable to members ($000): $ 3,878
Percentage increase/(decrease): 31%
Note : Refer to the Directors' Report for a more extensive analysis; however, in summary, in
addition to the decrease in revenue above:
- foreign currency exchange loss increased by $0.6 million
- salaries and benefits expense decreased by $0.5 million
- advertising and promotion costs decreased by $0.3 million
- consultants and professional fees decreased by $0.7 million
- research and development expense decreased by $2.2 million
2.3 Net profit/(loss) for the period attributable to members (8,464) (12,342)
Increase/(decrease) in net profit for the period
attributable to members ($000): $ 3,878
Percentage increase/(decrease): 31%
Note: Refer to 2.2 above and to the Directors' Report in the 2013 Financial Report.
3 Dividends
3.1 Dividends NIL
There were no dividends declared and paid during the reporting period on ordinary shares.
There were no dividends proposed and not yet recognised as a liability during the reporting period.
3.2 Dividend Record Date Not applicable
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Appendix 4E Preliminary final report Period ending 30 June 2013

4 Financial Statements

4.1 Statement of comprehensive income

Refer to the Consolidated Statement of Comprehensive Income in the 2013 Financial Report.

4.2 Statement of financial position

Refer to the Consolidated Balance Sheet in the 2013 Financial Report.

4.3 Statement of cash flows

Refer to the Consolidated Cash Flow Statement in the 2013 Financial Report.

4.4 Statement of retained earnings

Refer to the Consolidated Statement of Changes in Equity in the 2013 Financial Report for movements in retained earnings.

• 5 Net tangible assets per security

					Previous
		Current reporting			corresponding
			period		period
5.1	Net tangible assets ($000)		8,560		15,457
	Issued share capital at reporting date ($000)		106,100		106,101
					Previous
		Current reporting			corresponding
			period		period
	Number of shares on issue at reporting date		181,314,055		181,314,055
	Net tangible assets per security	$	0.05	$	0.09
6	Earnings per security
					Previous
		Current reporting			corresponding
			period		period
6.1	Weighted average number of ordinary shares (excluding		181,314,055		181,314,055
	reserved shares) for basic earnings per share (EPS)
	Loss per share from continued operations
	Basic EPS	$	(0.05)	$	(0.08)
	Loss per share from profit attributable to ordinary shares
	Basic EPS	$	(0.05)	$	(0.08)
	Diluted earnings per share has been determined to be the	same as basic earnings per share as
	the actual calculation is anti-dilutive for both periods presented.
	Refer t_o_Note 12_o_f the attached Financial Report for additional information pertaining to EPS
	for the current reporting period.
7	Acquisitions and divestments
	There were no entities over which control has beengained or lost duringthe current reporting
8	Foreign entities
	Not applicable.
9	Associates and joint ventures
	Not applicable.
10	Commentary on results for the financial year
	Refer to the 2013 Financial Report.
11	Results of segments
	Refer to Note 6 operating segments in the 2013 Financial Report.
12	Audited Report
	The report is based on audited accounts which contain an	emphasis of matter		for going concern.