How Cardiex, ResMed, ImpediMed, and Volpara are shaping Australia’s MedTech future in 2025

Australia’s medtech sector has entered a new phase in 2025. Regulatory tailwinds, AI integration, and a shift toward remote diagnostics have prompted several ASX-listed players to redefine their strategies. Four companies in particular—Cardiex Limited (ASX: CDX), ResMed Inc. (ASX: RMD), ImpediMed Limited (ASX: IPD), and Volpara Health Technologies Ltd (ASX: VHT)—are emerging with differentiated approaches to chronic disease monitoring and diagnostic innovation.

While these firms differ in scale, product focus, and commercial maturity, they share a unifying thread: each is betting that clinically validated, digitally enabled platforms will power the next wave of personalized healthcare. This article examines their latest strategic updates, stock sentiment, and FY26 outlooks, offering investors a data-backed lens into the competitive positioning of Australia’s top medtech stocks.

Why Is Cardiex Betting on Vascular Biomarkers?

Cardiex Limited (ASX: CDX) made headlines on 2 June 2025 by securing TGA approval for its CONNEQT Pulse arterial health device, a clinical-grade monitor focused on central blood pressure and arterial stiffness. This follows prior FDA clearance in the U.S., giving the company regulatory access to two major OECD markets.

The CONNEQT Pulse, powered by the company’s SphygmoCor® technology, targets a niche segment of cardiometabolic diagnostics that remains under-penetrated in both clinical and remote settings. Cardiex has emphasized early commercial focus on pharmaceutical trials, research settings, and specialist clinician channels, rather than consumer retail.

With a market capitalization around AUD 18.27 million and a 52-week trading range of AUD 0.042–0.175, CDX remains a speculative play. However, the 7% intraday stock bump after the TGA news suggests renewed interest. Investors will watch for revenue conversion from institutional channels and the potential expansion into cloud-linked or AI-integrated vascular platforms.

Expert Sentiment: Analysts view Cardiex as a niche innovator with a strong IP foundation but note that execution risk remains high without near-term revenue contracts or reimbursement traction.

How Is ResMed Reinventing Sleep Health with AI?

ResMed Inc. (ASX: RMD) remains the most established of the group, with a market capitalization exceeding AUD 45 billion and global dominance in sleep apnea devices, respiratory care, and cloud-connected CPAP systems. In FY25, ResMed accelerated its integration of AI-based sleep analytics, building on its Brightree and AirView ecosystems to deliver real-time sleep health management to millions of users.

Its recent launch of ResMed SensorIQ—an AI-driven sleep behavior prediction engine—is aimed at reducing therapy dropouts and improving adherence, a critical KPI in chronic respiratory care. The company also expanded its digital therapeutics partnership with Alphabet’s Verily, exploring behavioral interventions for sleep and mental health comorbidities.

Financially, ResMed delivered Q3 FY25 revenue of USD 1.34 billion, with net income up 7% YoY. However, investor sentiment has been volatile due to macro pressure on durable medical equipment (DME) reimbursements in the U.S. and rising R&D costs. Still, institutional buy-hold conviction remains high.

Expert Sentiment: ResMed is viewed as a medtech blue-chip with strong defensive characteristics, though some funds are rotating capital to smaller growth plays like Fisher & Paykel or niche AI diagnostics.

Can ImpediMed Convert Reimbursement into Recurring Revenue?

ImpediMed Limited (ASX: IPD) has spent the past two years transforming its SOZO bioimpedance platform from a diagnostic tool into a longitudinal care solution for lymphedema, heart failure, and fluid monitoring. In FY25, it secured expanded reimbursement from U.S. Medicare (CMS) for SOZO in breast cancer–related lymphedema management—a crucial milestone that the company believes will unlock broader adoption across oncology clinics and survivorship programs.

SOZO is FDA-cleared and offers rapid measurement of fluid status via electrical impedance, making it a non-invasive alternative to DEXA scans or echocardiography in certain indications. The company recently partnered with U.S. oncology networks to embed SOZO as a standard endpoint in survivorship pathways, aiming for high recurring usage.

Stock-wise, ImpediMed has traded between AUD 0.04–0.12 in the past year, with FY25 returns hovering near breakeven. However, buy-side analysts flag the company as an “execution watchlist” stock, meaning that revenue ramp and clinic onboarding will be closely monitored in FY26.

Expert Sentiment: Seen as a potential acquisition target by larger diagnostic platforms or EHR-integrated firms if SOZO demonstrates durable adoption at scale.

What’s Fueling Volpara’s AI Momentum in Breast Imaging?

Volpara Health Technologies Ltd (ASX: VHT) has continued to evolve from a niche breast density analytics firm into a comprehensive AI-driven breast health platform, now offering risk prediction, screening decision support, and radiology workflow optimization.

In FY25, Volpara launched the VHT Discover platform, integrating AI-based risk scoring with radiology PACS systems. Its footprint now spans over 35% of U.S. breast screening centers, making it one of the most widely adopted imaging software tools in women’s health. The company also announced a partnership with Siemens Healthineers to co-develop AI models tailored to 3D mammography.

While revenues are modest at around NZD 25 million annually, Volpara’s SaaS model boasts high gross margins (>85%) and steadily improving cash flow, aided by cost restructuring in late FY24. The stock, trading in the AUD 0.40–0.60 range, is often seen as a medtech SaaS proxy with strong ESG appeal due to its women’s health mission.

Expert Sentiment: Institutional investors remain cautiously optimistic, especially after Volpara hit breakeven operating cash flow in Q4 FY25—suggesting a move toward sustainability.

Company	Ticker	FY25 Focus	FY25 Status	Strategic Outlook (FY26)
Cardiex	CDX	Arterial biomarker diagnostics	Early-stage, TGA win	Australia roll-out, U.S. clinical trials
ResMed	RMD	Sleep apnea + AI sleep analytics	Global leader, stable	AI therapy, chronic care expansion
ImpediMed	IPD	Bioimpedance for oncology & HF	Mid-stage, reimbursed	Execution focus, B2B scaling
Volpara Health	VHT	AI mammography software	SaaS, nearing break-even	AI expansion, global PACS integrations

What Should Investors Watch Going Forward?

In FY26, institutional capital is likely to prioritize execution clarity. While ResMed offers scale and safety, smaller players like Volpara and ImpediMed offer asymmetric upside if product-market fit solidifies. Cardiex, by contrast, remains the dark horse—early in commercialization but with a differentiated vascular monitoring angle and dual-market regulatory clearance.

Sectoral trends such as decentralized clinical trials, AI-enabled diagnostics, SaaS in medtech, and real-world data integration will shape capital flows. Investors should track not just revenue, but also contract velocity, reimbursement wins, and cross-platform interoperability.

For retail investors seeking potential multi-baggers, Volpara and ImpediMed may offer structured SaaS-like metrics, while Cardiex could deliver surprise alpha if it converts early institutional pilots into meaningful ARR (annual recurring revenue).