ASX Health Quarterly Wrap: PainChek grows aged care presence, EMVision starts pivotal trial
Investors have been watching closely for signs of revenue growth, cash burn rates, and strategic progress across a sector that's starting to regain momentum after a challenging few years. Higher interest rates, tighter funding, and a shift toward value stocks have weighed on growth sectors like healthcare.
While the broader market rose 10%, the ASX healthcare sector decline 4% in FY25 but there are positive signs in the first month of FY26. The S&P/ASX 200 Health Care Index (ASX:XHJ) surged 5.4% last week, extending a 5% gain from the week prior and continuing its upward trajectory this week.
PainChek (ASX:PCK)
PainChek, the developer of a smart device-based pain assessment and monitoring application, continued to scale its presence in the global aged care market, reporting a base of 110,000 contracted licences across more than 1900 facilities in Australia, New Zealand, the UK and Canada.
Once fully implemented, these contracts represent an annual recurring revenue (ARR) of $5.4 million, up 10% from the prior quarter contracted licences.
As of June 30, the company had 71,000 implemented licences, generating $3.6 million ARR, a 17% increase on the prior year. Global customer retention remains strong at over 85%, with a net revenue retention rate of 106%, which PainChek said reflected expansion with existing clients as they themselves expand.
Customer receipts for FY25 totalled $3.49m, including a record $1.02m in the June quarter, the first time quarterly receipts have exceeded the $1m mark.
Recognised (unaudited) revenue for the 12 months to March 2025 came in at $3.36m, up 26% YoY while R&D grant income reached $1.41m
PainChek also completed a $7.5m capital raise in July, which will support growth plans in North America and marketing of its new PainChek Infant App, now launched in Australia.
In the US, Nick Garofoli was appointed head of business development to support its entry into the country's $582m long term care market with PainChek Adult.
Garofoli has more than 15 years of leadership experience in technology, with a particular focus on aged care and senior living sectors.
Cumulative global pain assessments have now surpassed 12.17m, up 103% on the prior year, building on what PainChek said was a unique and expanding clinical database.
New contract models, including upfront payments and fixed activations, are helping accelerate implementation and improve cash flow for the company.
Post quarter on July 21, PainChek completed its final submission to the US Food and Drug Administration (FDA) for de novo clearance for the PainCheck Adult App as a medical device in the US.
PainCheck said its expects a financial decision within 75 days, giving a potential clearance date of "between late September to early October, 2025, if not sooner".
The June quarter was significant for EMVision with start of a pivotal validation trial for its first commercial device, the emu bedside brain scanner to diagnose stroke in March.
Recruitment is underway at five leading sites, including in Australia and the US for the validation trial to support FDA de novo clearance. The company has also launched a continuous innovation study to enhance stroke and traumatic brain injury evaluation features.
EMVision's second product – its portable device to detect strokes and traumatic brain injury First Responder – also underwent successful aeromedical proof-of-concept testing during the quarter. A series of volunteer scans were taken in remote Australian settings in collaboration with the Royal Flying Doctor Service (RFDS) and Australian Stroke Alliance (ASA).
Post quarter end EMVision received ethics approval for two studies that will advance First Responder prototype. The studies are designed to demonstrate that the device can fit seamlessly into emergency workflows and collect valuable data in the pre-hospital setting.
The company also received an Australian government Industry Growth Program (IGP) Commercialisation and Growth Grant for $5m to fast-track commercialisation of the First Responder.
EMVision is continuing to pursue a non-dilutive grant funding strategy across international, federal and state channels.
During the quarter EMVision announced appointment of Ramsay Health Care (ASX:RHC) former CEO of Ramsay Australia Carmel Monaghan as non-executive director.
The company has also increased its head office premises to expand production capabilities, including establishment of a pilot commercial production line for the First Responder device.
As part of its market engagement and education strategy EMVision is showcasing its technology at leading scientific and industry events including with long-term collaborators such as ASA and NYSE-listed Keysight Technologies.
It's pivotal trial has been accepted for an oral presentation at the World Stroke Congress in Spain in October. EMVision's tech will also be presented at the US Military Health System Research Symposium in August, presenting an opportunity for the company to introduce its tech for potential point-of-car TBI diagnosis.
The company had $10.5m cash at June 30, 2025 and also o secured a $400,000 milestone grant post-quarter and has $4.4 million in additional non-dilutive funding available, alongside an anticipated FY25 R&D tax rebate due later this year.
Clever Culture continued to build momentum during the June Quarter with big pharma AstraZeneca progressing to routine use of its APAS Independence instruments, which remain the only US FDA-cleared AI technology for automated culture plate reading.
After successfully validating the APAS Independence for 90mm settle plates, AstraZeneca now has nine installed across global sites. Post quarter in July Novo Nordisk placed an order for one of the instruments as part of a group evaluation as Clever Culture continues to target big pharma in its growth strategy.
Sales opportunity from existing customers now exceed $40m with five existing customers represent opportunity of 60 to 80 APAS instruments, equating to $36m-$48m of potential upfront sales revenue and $7m-$9m in annual recurring revenues.
The company has been developing new 55mm settle plates to double the capability of the APAS instruments. The company said instrument hardware and software has been completed with AI analysis module and launch targeted for August.
The company ended the June quarter with a cash balance of $1.3m, and $3.8m in known/committed cash inflows expected over the next two quarters.
"Fiscal year 2025 has been a turning point for the company, resulting in a major milestone towards becoming a sustainably profitable business," CEO and managing director Brent Barnes said.
"Importantly, this is just the first year of establishing APAS®Independence in the pharmaceutical manufacturing market.
"We launched with the ability to automate approximately 50% of environmental monitoring tests through our settle plate capability.
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