ImpediMed is the world leader in the development and distribution of medical solutions employing bioimpedance spectroscopy (BIS) technologies for use in the noninvasive clinical assessment and monitoring of fluid status. Pulse 2.0 interviewed ImpediMed CEO Dr. Parmjot Bains to learn more about the company.
Dr. Parmjot Bains’ Background
What is your background? Bains said:
“Growing up on a dairy farm in New Zealand, I was surrounded by the country’s stunning green landscapes and immersed in its resilient ‘can-do’ spirit, known as the ‘number eight wire culture.’ As one of four siblings, I learned the value of self-reliance and developed a belief that anything is achievable with determination. These early experiences shaped my aspirations, and from the age of eight, I dreamed of becoming a doctor. My passion for learning and reading, fostered by my upbringing, was a cornerstone of my journey towards a career in medicine.”
“Looking back, the most remarkable aspect of my career has been its non-linear progression, which we often referred to as a ‘zigzag growth journey’ when I worked for Pfizer. My path has taken me from medicine to international relations and then back to medicine. Driven by curiosity and a quest for growth, I joined McKinsey & Company, a management consultancy, where I was introduced to entirely new financial concepts and business. This trajectory continued through various roles in biotech and drug development, each time embracing the unfamiliar and leveraging my willingness to ask questions and learn. Now I am with ImpediMed, sharing how the SOZO Digital Health Platform can support women with breast cancer to improve cancer survivorship, including preventing lymphedema, as well as managing overall body composition.”
“My career has been a testament to the importance of being open to new experiences and believing in one’s capacity for change and growth. The values and environment in which I was raised have been instrumental in shaping my journey, and I continue to draw upon those early lessons as I navigate the ever-evolving landscape of my professional life.”
“My primary responsibilities at this point are leading the company and refocusing our people on specific commercial growth initiatives. We have an immediate need to not only drive general awareness of lymphedema among patients and providers but also to elevate the profile of our SOZO Digital Health Platform and its benefits among patients, physicians, cancer center directors, and administrators in key states throughout the U.S. As a physician with extensive experience in marketing, sales, strategy, and commercial execution, I am directly involved in these efforts. At the same time, we are laser-focused on ramping up sales of SOZO, and we are seeing positive momentum in this area as we are ending Q1 of our fiscal year. And to support all of this, I am working across the organization to align team capabilities and oversee key account management. It’s really an exciting time to be working with ImpediMed and helping to improve overall cancer survivorship, including lessening the burden of lymphedema for patients who are already facing overwhelming physical challenges and treatment regiments.”
Favorite Memory
What has been Bains’ favorite memory working for the company so far? Bains reflected:
“One of my favorite memories working for ImpediMed so far has been engaging with healthcare providers and doctors to discuss how our technology can make a real impact on patients’ lives. A particularly memorable experience was meeting Dr. Lynch, a breast surgeon at Yale New Haven Health System, who is a former breast cancer survivor and suffers from lymphedema herself. She shared stories about her own patients and the potential impact our technology could have on screening and early detection.”
“Dr. Lynch’s insights deeply resonated with me, especially when she recounted the story of a young breast cancer survivor. The survivor’s reluctance to be screened for lymphedema stemmed from a profound fear of encountering yet another health issue following her arduous battle with breast cancer surgery and treatment. It turned out that this young woman had developed lymphedema, underscoring the critical importance of early screening for all patients.”
“With data suggesting that women are being diagnosed with cancer at younger ages, it’s becoming increasingly crucial to address the needs of these patients throughout their journey. Hearing firsthand from Dr. Lynch about the challenges her patients face and the difference our technology can make in their lives was an incredibly powerful and motivating experience. It’s moments like these that remind me of the real human impact of our work and reinforce my dedication to improving patient outcomes.”
Core Products
What are the company’s core products and features? Bains explained:
“ImpediMed’s core product is the SOZO Digital Health Platform, which focuses on measuring fluid and tissue. The initial focus is on addressing cancer-related lymphedema, with a first focus on breast cancer patients. Lymphedema is a serious side effect of breast cancer treatment, affecting up to 20% of survivors, and can significantly impact their quality of life if not detected and treated early. There is increasing awareness around the need to maintain muscle mass, and poor outcomes related to a reduction in muscle mass. The SOZO platform also measures body composition, providing data which can help direct patients into personalized rehabilitation, exercise, and diet programs to help improve cancer outcomes.”
“The SOZO platform uses bioimpedance spectroscopy (BIS), a quick, non-invasive, and painless method that sends a mild electrical current through the body to measure fluid and tissue status. Patients simply remove their shoes and socks and stand on what looks like a scale. BIS, being highly sensitive, can detect fluid shifts as small as 36 mL (about two tablespoons) in a limb, allowing healthcare professionals to identify and intervene in cases of lymphedema at a very early stage, before the patient even notices swelling. This early detection helps support early intervention before lymphedema can progress to a chronic, lifelong condition.”
“One of the key advantages of the SOZO platform is its cloud-based design, which allows it to be used across various healthcare settings, from breast surgeons’ offices to cancer centers and rehabilitation therapy clinics. This enables the aggregation and sharing of patient data among clinicians throughout the patient’s survivorship journey.”
“The efficacy of the technology has been validated through extensive research. The results of PREVENT, the largest randomized trial to assess breast cancer-related lymphedema detection and prevention, involving 1,200 patients over a three-year period, showed a 92% reduction in lymphedema progression when using BIS versus traditional methods for early detection combined with at-home intervention using a compression garment for the arm.”
Challenges Faced
What challenges have Bains and the team faced in building the company? Bains acknowledged:
“We have faced a couple of primary challenges in our sector recently. The first is raising awareness about lymphedema and the technology we’ve developed to detect it early. We’ve undertaken an aggressive schedule of speaking at conferences, contributing articles and commentary in the trade press, holding webinars, and seeking strategic partnerships (such as with Susan G. Komen Foundation) to elevate awareness.”
“The second challenge is securing reimbursement coverage so that patients can access our technology. We’ve been working hard to address this issue, engaging with payors to ensure that patients seeking treatment can receive the care they need, and minimize the financial burden on patients. Managing chronic lymphedema is expensive to both patients and healthcare systems. It is important that we can detect this early and minimize the long-term financial burden. While there’s still a lot of work to be done, we’ve made great progress with national and regional commercial payors in addition to Medicare, with over 143 million covered lives to date.”
“Our goal is to reach as many healthcare providers and patients as possible and to ensure the delivery of the highest quality of care. By addressing these challenges head-on – raising awareness about lymphedema and our technology and working to secure reimbursement coverage – we’re making strides towards achieving that goal. It’s an ongoing effort, but one that we’re deeply committed to, and we’ll continue to work tirelessly to ensure that patients have access to the care they need.”
Evolution Of ImpediMed’s Technology
How has the company’s technology evolved since launching? Bains noted:
“Our technology has undergone significant evolution since its initial launch when electrodes had to be placed on patients manually. While we still use that approach in research settings, the SOZO platform itself has evolved into a standing platform that’s much more convenient and comfortable for patients. We’ve been continuously developing and optimizing our technology to provide the best possible user experience for patients and healthcare providers alike.”
“One of the key aspects of our technology is the use of a higher frequency, 256 Hertz, which allows for more accurate measurements compared to other devices. This enables us to detect even the smallest changes in fluid levels, which is crucial for the early detection and management of lymphedema.”
“As the only FDA-cleared platform using bioimpedance spectroscopy (BIS) technology for the clinical assessment of lymphedema, we’re constantly working to improve our software and digital interface to make it even more user-friendly and effective.”
“Overall, we’re committed to continuously improving our technology to provide the best possible survivorship for oncology patients with lymphedema, including supporting physicians to leverage the full breadth of data available in the platform. By staying at the forefront of innovation and listening to the needs of our customers, we’re confident that we can make a real difference in the lives of those affected by this condition.”
Significant Milestones
What have been some of the company’s most significant milestones? Bains cited:
“There have been several significant milestones for our company, but I’d say the most pivotal one was the completion of the PREVENT clinical trial. This study involved 1,200 women with breast cancer and demonstrated the clear benefit of using our BIS technology for the early detection of lymphedema, with 92% of patients using our technology and intervention not progressing to chronic lymphedema through three years.”
“Another major milestone was being included in national and multinational clinical practice guidelines for lymphedema detection and management that specifically point to BIS technology. This recognition from such respected authorities in the field has been a real game-changer for us, and it’s played a key role in driving payor coverage for our technology.”
“Speaking of payor coverage, that’s another milestone we’re incredibly proud of. As of right now, we’ve achieved coverage for over 143 million covered lives in the United States. That’s a huge accomplishment and one that we believe will make a real difference in the lives of patients who need access to our technology.”
“So, if I had to sum it up, I’d say our three key milestones are: 1) the successful completion of the PREVENT trial driving clinical evidence for our solution, 2) our inclusion in clinical practice guidelines, and 3) achieving growing payor coverage for SOZO.”
Revenue
After asking Bains about the company’s revenue details, she revealed:
“In the past year, we achieved 11 million Australian dollars in recurring revenue, which is a testament to the value our customers see in our technology and the impact it’s having on patient care.”
“One of the most important indicators of our success is our customer retention rate. We’re proud to report that our global churn rate is just 3%, which means that the vast majority of our customers continue to use our devices year after year. This low churn rate is a clear sign that our customers see the value in our technology to make a meaningful difference in the lives of patients and healthcare providers alike.”
“Another metric we closely track is the growth of patient tests conducted using our system. Over the past five years, we’ve seen a compound annual growth rate (CAGR) of 38%, which is truly remarkable. This growth is driven by the increasing adoption of our technology around the world, with over 1,000 systems now installed across the globe.”
“We’re incredibly encouraged by these numbers, as they show that our technology is not only effective but also scalable. As more and more healthcare providers recognize the benefits of early detection and intervention for lymphedema, we expect to see continued growth in both our revenue and the number of patients we’re able to help.”
“Of course, we’re not resting on our laurels. We’re committed to investing in research and development to further improve our technology and expand its applications. By doing so, we believe we can not only grow our business but also make an even greater impact on the lives of patients around the world.”
Differentiation From The Competition
What differentiates the company from its competition? Bains affirmed:
“There are several key factors that set our company apart from the competition. First and foremost is our technology itself. Our SOZO platform is the only FDA-cleared system using BIS technology for the clinical assessment of lymphedema, and it’s backed by a rigorous 1,200-patient clinical trial that demonstrated its superiority over traditional methods like tape measurement. This level of clinical evidence is unmatched in the industry and gives healthcare providers the confidence they need to adopt our technology.”
“In addition to our technology, we’re also differentiated by bioimpedance spectroscopy’s (BIS) emergence as a key tool in this regard and has gained recognition in various national and international guidelines for survivorship. This recognition is a testament to the strength of our clinical evidence and the importance of early detection and intervention for lymphedema.”
“Another key differentiator is our success in securing reimbursement coverage for our technology. As I mentioned earlier, we’ve achieved coverage for over 143 million covered lives in the United States, which is a significant achievement in a challenging reimbursement landscape. This coverage is critical for ensuring that patients have access to our technology and that healthcare providers can adopt it without financial barriers.”
Future Company Goals
What are some of the company’s future goals? Bains concluded:
“As we look to the future, our company has several exciting goals and initiatives in the works. One of our primary areas of focus is expanding our technology’s applications to other indications and types of cancer, particularly those that impact muscle mass and body composition.”
“At the same time, we’re also deeply committed to advancing our understanding of the role that muscle mass plays in cancer care. We’ve conducted preliminary studies that show a clear link between decreasing muscle mass and patients discontinuing chemotherapy treatment. This is a critical issue, as disruptions to chemotherapy can have serious consequences for patient outcomes.”
“Building on this initial research, we’re working to develop strategies and partnerships to optimize cancer care by helping patients refer early into rehabilitation or even pre-habilitation to maintain muscle mass throughout their treatment. This could include everything from nutritional interventions to targeted exercise programs, all with the goal of improving patient resilience and treatment adherence.”
