Latest news with #ProMedicus
News.com.au
7 hours ago
- Business
- News.com.au
Scott Power: ASX health lifts to start FY26, Tetratherix ends IPO drought
ASX health up 1.6% over five days as Morgans' Scott Power says the mood is positive for start of FY26 Wound management house Tetratherix make its ASX debut and breaks an IPO drought for sector ProMedicus surges past $300 for first time following two new US customer contracts worth a total $190 million Healthcare and life sciences expert Scott Power, who has been a senior analyst with Morgans Financial for 27 years, gives his take on the ASX healthcare sector for the week and his 'Powerplay' stock pick. Morgans' senior healthcare analyst Scott Power has started FY26 in an optimistic mood, noting that despite the global geopolitical and economic uncertainties of recent months, the market broadly has been powering through and hitting new highs across many sectors. He noted healthcare was the laggard, with the S&P/ASX 200 Health Care Index falling 1.05% in June and down 6.64% YTD but said there was money flowing into the market more broadly. "If you look across the market there's multiple capital raisings going on across different sectors," he said. "That is suggesting people are feeling more confident and putting money to work." Wound management house Tetratherix (ASX:TTX) made its ASX debut on Monday breaking an IPO drought for the sector and trading up to 13% above their $2.88 a share offer price. Tetratherix is the first life sciences IPO since late November 2024, when cryogenics play Vitrafy Life Sciences (ASX:VFY) and nerve repair house ReNerve (ASX:RNV) listed on the same day. Barrenjoey Markets and Morgans Financial were joint lead managers and underwriters to the Tetratherix IPO. The S&P/ASX 200 Health Care index (ASX:XHJ) was up 1.6% for the past five days, while the benchmark S&P/ASX 200 (ASX:XJO) rose 0.6% for the past five days. "Over the past couple of months it has been pretty downbeat but it certainly feels a lot more upbeat, particularly since the end of the financial year and all the tax loss selling out of the way," Power said. ProMedicus surges past $300 on contract wins Health imaging stock ProMedicus (ASX:PME) surged ~10% on Thursday to rocket past $300 for the first time after announcing two new US customer contracts worth a total $190 million. The first win is a $170 million, 10-year contract with Colorado-based UCHealth, for the company's suite of image viewing and storage tools. The deal expands Promedicus into cardiology imaging, one of the adjacent 'ologies' the company had been targeting. UCHealth is a Colorado-based network of 14 hospitals, with affiliate clinics extending into Wyoming and Nebraska. Louisiana-based Franciscan Missionaries of Our Lady Health also renewed an existing contract for $20m, over five years. The deal renews a contract for the company's Visage 7 viewer, at a higher per-transaction fee. It also provides the merciful missionaries with Visage 7 Open Archive, which offers 'best-in-class interoperability'. The UCHealth contract is ProMedicus' largest deal to date and follows a $330m, 10-year agreement signed in November with Trinity Health, one of the largest not-for-profit healthcare systems in the US. "This company just goes from strength to strength and with the share price currently above $300 it has more than recovered from the wobbles it had in April when US President Donald Trump announced the tariffs," Power said. Morgans maintains a trim rating on ProMedicus and increased its 12-month target price from $250 to $280. "We view PME as one of the highest quality businesses on the ASX with high margins and long contracted revenue base, providing significant baseline earnings support," healthcare analyst Iain Wilkie wrote in a note to client. "We have a DCF valuation of A$280 p/s and with shares trading above this level, we advocate for active investors to TRIM overweight positions." Power's Powerplay – Micro X pivots to focus on medical applications Leader in cold cathode x-ray technology for health and security markets Micro-X (ASX:MX1) is Power's pick of the week. Power said the company had recently raised capital, added a strategic investor and realigned its business to focus on medical imaging, deprioritising security and defence. He said the realignment made sense and the business was funded to execute on the strategy. "It's early days in the realignment and customer receipts from imaging are still modest, although a major US hospital is evaluating the Rover+ mobile x-ray unit which could result in material sales over time," he said. Morgans has a speculative buy rating on Micro X and 12-month target price of 17 cents. Underperformers selling up assets Power said there were underperforming companies across the ASX healthcare sector, which were looking to, or have managed to, sell their primary assets. He said examples were Next Science (ASX:NXS) and MedAdvisor (ASX:MDR). Next Science has entered a binding asset purchase agreement to sell substantially all its assets for US$50m to Demetra, an Italian based healthcare company. The directors have unanimously recommended shareholders vote in favour of the proposed transaction. Assuming the transaction is completed at an EGM on August 14 and after repayment of debts and other costs, NXS will distribute remaining funds to shareholders estimated to be US$30m (~15 cents per share). MedAdvisor has entered into a binding share sale and purchase agreement to sell its ANZ business division and associated intellectual property to Jonas Software AUS Pty Ltd – part of multinational Constellation Software for $35m. "In both cases from a share price perspective they have significantly underperformed for a long time and the decision has been made, in my opinion correctly, to find a buyer," Power said. "Albeit, shareholders will have lost money but it's better to at least get something rather than let the value of the business deteriorate more. "I wouldn't be surprised if there are more companies which follow that path as across the life science sector there has been dozens of companies which have had massive share price underperformance." EMVision makes progress on key trials EMvision Medical Devices (ASX:EMV) announced this week five of the six sites were now enrolling and scanning patients in the pivotal validation trial for its first commercial device – the emu point-of-care bedside brain scanner for stroke diagnosis. EMVision said the site initiation visit and device training at the third US site for the pivotal trial – designed to support US Food and Drug Administration (FDA) de novo (new device) clearance for emu – at the Mount Sinai site in New York was a success, with recruitment underway. The sixth and final site, on the west coast of the US, for the pivotal trial is expected to be announced shortly. The trial has an estimated enrolment period of 6-12 months, followed by analysis and reporting of the clinical data. EMVision said in parallel it was also undertaking cost-effective strategy for continued device innovation, algorithm enhancement and data to support indication expansion to traumatic brain injury. Referred to as EMVision's Continuous Innovation Study the initiative has received ethics approval received to start scanning patients with suspected stroke or traumatic brain injury at Brisbane's Princess Alexandra Hospital and John Hunter Hospital in Newcastle shortly. "EMVision is making good progress," Power said. Neurizon signs global licensing deal with NYSE-listed Elanco Neurizon Therapeutics (ASX:NUZ) has entered an exclusive global licensing deal with New York Stock Exchange-listed Elanco Animal Health Incorporated and affiliates for monepantel, the active pharmaceutical ingredient in its lead drug NUZ-001. Neurizon said the licensing deal strengthen its strategic outlook for development, manufacturing and potential future commercialisation of NUZ-001, which is in development for the most common form of motor neurone disease (MND) called amyotrophic lateral sclerosis (ALS) and other neurodegenerative diseases. The company said the licensing agreement also strengthens its regulatory position by providing ongoing access to essential animal safety and manufacturing data — both critical pillars for advancing clinical trials, securing potential regulatory approvals, and enabling global market entry. In a note to client Wilkie said Neurizon was a strong proposition in the rare disease space with significant near-term catalysts in a condensed timeframe and precedent for an accelerated approval pathway. "While considerable clinical risk remains, we view NUZ-001 as a drug with a sound scientific basis in ALS, strong safety profile, and promising hint of potential efficacy above existing treatments," he wrote. Morgans has a speculative buy rating on Neurizon and 12-month target price of 42 cents. The views, information, or opinions expressed in the interview in this article are solely those of the interviewee and do not represent the views of Stockhead. Stockhead has not provided, endorsed or otherwise assumed responsibility for any financial product advice contained in this article. At Stockhead, we tell it like it is. While EMVision and Neurizon are Stockhead advertisers, the companies did not sponsor this article.
AU Financial Review
a day ago
- Business
- AU Financial Review
Pro Medicus runs to $300 so fast investors can't catch up
The ASX's No.1 rocket, Pro Medicus, keeps making its way to the moon. On signing two contracts worth a combined $190 million over the coming decade, the healthcare imaging software group added nearly $3 billion of market value.
News.com.au
a day ago
- Business
- News.com.au
Health Check: Promedicus shares smash record $300 barrier on back of mega deals
Defying the sceptics, Promedicus announces $190 million of new US contracts Proteomics wins US reimbursement code for its diabetic kidney disease assay Morgans says Neurizon shares are worth almost triple their current value Shares in tearaway radiology imager ProMedicus (ASX:PME) this morning surged close to 10% after the company announced two new US customer contracts worth a total $190 million. The first win is a $170 million, 10-year contract with UCHealth, for the company's suite of image viewing and storage tools. The deal expands Promedicus into cardiology imaging, one of the adjacent 'ologies' the company has targeted. UCHealth is a Colorado-based network of 14 hospitals, with affiliate clinics extending into Wyoming and Nebraska. The second victory is a previously flagged renewal with the Louisiana-based Franciscan Missionaries of Our Lady Health. This one has a minimum $20 million contract value over five years. The deal renews a contract for the company's Visage 7 viewer, at a higher per-transaction fee. It also provides the merciful missionaries with Visage 7 Open Archive, which offers 'best-in-class interoperability'. Promedicus CEO and co-founder Dr Sam Hupert says the deal shows there's a 'material opportunity' to upgrade Visage 7 to the bells-and-whistles open archive. 'Our pipeline remains strong and spans all market segments,' he chirps. Silencing the naysayers The latest deals should silence the Promedi-sceptics, who fear the $34 billion market cap stock is way overvalued. In March, one fundie suggested the stock was being driven by 'confirmation bias': the notion that what's worked well in the past will continue to do so. See also: Commonwealth Bank (ASX:CBA). Indeed, Promedicus shares trade on an extravagant price-earnings (PE) multiple of 200 times. This is based on current year earnings estimates. But the PE used to be more like 300 times. Evidently stronger profits – rather than a lower share price – caused the contraction. In February Promedicus shares hit $298 before pulling back by more than 30%. This was amid the US climate of fear enveloping healthcare stocks. Painchek is on a roll – and it doesn't hurt a bit PainChek (ASX:PCK) reports strong uptake of its smartphone-based device for assessing pain when the patients – typically nursing home residents – are unable to do so. The company says contracted annual recurring revenue grew by 10%, $5.4 million. Net contracted licences (to nursing homes) increased 9% to 110,000, with no attrition. Painchek dominates the local aged care market and has a decent share of the UK sector, which is one and a half times as big as Australia's. Painchek has a dominant position in the local aged care market and a decent share of the UK sector, which is one and a half times bigger. The company also has a presence in Canada and has been chatting to the US Food & Drug Administration (FDA) about the path to US approval. Painchek also is eyeing the bigger pre-verbal kids' sector. All up, Painchek has contracts with more than 1800 aged care facilities and had carried out more than 12 million digital pain assessments to date. Today's disclosure was a sales update rather than the full June quarter, so it didn't get into the nitty-gritty of cash burn and such. Proteomics wins US reimbursement code If biotechs aren't getting reimbursed in the US they might as well pack their bags and go home – if Customs have let them in to Trumpland in the first place. So, we duly report that Proteomics International Laboratories (ASX:PIQ) has won a Current Procedural Terminology (CPT) reimbursement code, as granted by the American Medical Association. While a CPT code sounds, well, procedural, it's the standard lingua franca for public and private health insurance programs. The CPT code is for Proteomics' predictive blood test for diabetic kidney disease, Promarker D. In the meantime, the Centers for Medicare and Medicaid Services will release its pricing for the test in September. Promarker D is a simplified, immunoassay-based diagnostic that predicts accurately kidney function decline in adults with type 2 diabetes. Studies showed Promarker D predicted the disease onset in up to 86% of otherwise healthy diabetics. Is this the breast partnership yet for Bcal? Still on tests, BCAL Diagnostics (ASX:BDX) has struck a commercial partnership deal with Cancer Care Associates (CCA), one of Australia's biggest private oncology networks. CCA will adopt Bcal's Breastest Plus, the company's non-invasive breast cancer diagnostic. 'Initially starting in Sydney, the collaboration is designed to accelerate the clinical uptake and validation with doctors,' the company says. Designed as an adjunct to mammography, Breastest Plus analyses lipids in the blood. It's intended for use for women with dense breast tissue, who are at higher risk of breast cancer than their 'fatty' breasted brethren. Bcal dubs the tie-up as a 'significant commercial milestone, establishing an additional pathway to market adoption and patient access through one of Australia's most prominent oncology networks'. The company expects initial revenue in the current financial year, 'with expansion potential as clinical adoption grows". Bcal launched Breastest Plus locally on March 27, generating first revenue for the company. We'll know more when the company releases its June quarter report later this month. Morgans values Neurizon shares at a 160% premium Broker Morgans says Neurizon Therapeutics' (ASX:NUZ) deal with the maker of its repurposed drug candidate should save the company both time and money for little upfront cost. Neurizon yesterday said it had entered into an exclusive global licensing agreement with Elanco Animal Health. This enables Neurizon to access key data pertaining to monepantel, which had been approved as a sheep drench. Monepantel is the active ingredient in Neurizon's human drug candidate NUZ-101, to treat amyotrophic lateral sclerosis, ALS. ALS is the most common form of motor neurone disease. Morgans says the access to the clinical and non-clinical data should 'significantly truncate timelines' ahead of potential FDA approval. The terms of the deal are 'heavily back ended', with a nominal upfront amount. The company pays up to US$9.75 million in development milestones but most of the contingent amount – US$65 million – is based on sales. 'The time and risk saved is worth a small clip of the ticket and provides further incentive for Elanco to help Neurizon open doors to potential partners globally,' Morgans says. While acknowledging the 'considerable clinical risk', Morgans reckons the stock is worth 42 cents compared with today's opening value of 16 cents.
News.com.au
26-06-2025
- Business
- News.com.au
Tech, property stocks drop as ASX closes lower on mixed day of trading, investors weigh up oil prices
Australia's sharemarket edged lower during Thursday's trading, with gains in the healthcare and materials sector offset by falls in technology and property stocks. The benchmark ASX 200 dropped just 8.40 points or 0.10 per cent to close Thursday's trading at 8,550.80. The broader All Ordinaries also slipped down 6.30 points or 0.07 per cent to finish at 8,773.60. Australia's dollar is now buying around 65.30 US cents. On a quiet session for the ASX, seven of the 11 sectors finished lower with gains in healthcare, materials and energy offset by falls in technology, property and industrials. These gains were offset by larger falls in the technology and property shares, down 2.05 and 0.71 per cent respectively. Market heavyweight CSL gained 0.64 per cent to $239.98, while Pro Medicus was up 0.25 per cent to $277.73 and ResMed finished in the green gaining 1.19 per cent to $39.97. The major iron ore miners had mixed results despite the price of the underlying commodity rising. Fortescue metals gained 0.34 per cent to $14.93, while BHP traded basically flat, up just 0.03 per cent to $36.12 and Rio Tinto retreated slightly down 0.11 per cent to $104.19. IG market analyst Tony Sycamore said it was a mixed day for the ASX 200. 'The ASX200 has seen a return to narrow daily ranges and low volumes, characteristic of last week's trading patterns, with just a 26-point range today after yesterday's narrow 30-point range,' he said. 'The quiet session for the ASX200 followed a dull session on Wall Street, as Middle East tensions faded further into the background.' Oil prices rose again after US President Donald Trump said the US has not given up on its 'maximum pressure on Iran' including restrictions on sales of Iranian oil. The price of Brent crude futures rose by 0.35 per cent to $US67.99 on the back of Mr Trump's comments. Shares in Santos rose 0.79 per cent to $7.63, while Woodside slid 0.62 per cent to $23.85 despite the price of oil rising. In company news ANZ was one of the stronger performing shares on the ASX 200 despite the big four bank announcing the retirement of group executive technology group services Gerard Florian will retire. Xero led tech stocks down after the accounting software provider announced a $3.9bn cash and shares plan to buy the US based software company Melio. Shares slumped 5.26 per cent to $184.00 on the back of this announcement. Meanwhile, the saga between Betr and MIXI for control of PointsBet continues, with Betr slamming PointsBet for an 'unprofessional and irresponsible' behaviour after saying a takeover bid from MIXI had passed as a result of Betr revoking its votes. Shares in PointsBet fell 1.26 per cent to $1.18 while Betr shares were up 1.82 per cent to $0.28. Defence contractor DroneShield continued its march higher, after it rose another 11.7 per cent to $2.39 on Thursday. This follows gains of almost 20 per cent in the previous session after the defence technology company announced a $61.6 million European military deal for its handheld detection and counter-drone systems.
Yahoo
22-06-2025
- Business
- Yahoo
Pro Medicus And 2 Other High Growth Tech Stocks In Australia
In the current Australian market landscape, the ASX 200 futures are indicating a slight dip of -0.2% amid geopolitical tensions and mixed economic signals, while unemployment remains stable at 4.1%. Against this backdrop, high growth tech stocks like Pro Medicus are garnering attention for their potential to thrive in uncertain conditions by leveraging innovation and adaptability to navigate market challenges. Name Revenue Growth Earnings Growth Growth Rating Gratifii 42.14% 113.99% ★★★★★★ Pro Medicus 22.19% 23.49% ★★★★★★ WiseTech Global 20.15% 25.52% ★★★★★★ Wrkr 56.40% 116.83% ★★★★★★ AVA Risk Group 29.15% 108.15% ★★★★★★ Echo IQ 61.50% 65.86% ★★★★★★ BlinkLab 65.54% 64.35% ★★★★★★ Immutep 70.42% 42.39% ★★★★★☆ Adveritas 52.34% 88.83% ★★★★★★ SiteMinder 19.89% 69.58% ★★★★★☆ Click here to see the full list of 47 stocks from our ASX High Growth Tech and AI Stocks screener. Let's dive into some prime choices out of from the screener. Simply Wall St Growth Rating: ★★★★★★ Overview: Pro Medicus Limited is a healthcare informatics company that develops and supplies imaging software and radiology information system services to hospitals, imaging centers, and healthcare groups across Australia, North America, and Europe, with a market cap of A$28.92 billion. Operations: Pro Medicus Limited generates revenue primarily through the production of integrated software applications for the healthcare industry, totaling A$184.58 million. The company's operations span Australia, North America, and Europe, focusing on imaging software and radiology information systems for medical facilities. Pro Medicus, a standout in the Australian tech landscape, exemplifies robust growth with its revenue and earnings forecast to expand at 22.2% and 23.5% per annum respectively, significantly outpacing the broader market's expectations. This performance is bolstered by strategic share repurchases, with a recent buyback of 28,326 shares for AUD 6.35 million enhancing shareholder value. Additionally, inclusion in the S&P International 700 and Global 1200 indices not only underscores its market relevance but also augments its visibility among global investors. The company's commitment to innovation is evident from its R&D initiatives aimed at advancing healthcare technology solutions—a sector witnessing rapid growth due to increasing demand for efficient medical services. Navigate through the intricacies of Pro Medicus with our comprehensive health report here. Explore historical data to track Pro Medicus' performance over time in our Past section. Simply Wall St Growth Rating: ★★★★☆☆ Overview: SEEK Limited operates as an online employment marketplace service provider across Australia, South East Asia, New Zealand, the United Kingdom, Europe, and other international markets with a market cap of A$8.55 billion. Operations: The company generates revenue primarily through its employment marketplace services, with A$821.40 million from the ANZ region and A$240.90 million from Asia. Amidst a challenging landscape, SEEK has demonstrated resilience with its revenue and earnings poised for significant growth. Despite a substantial one-off loss of A$119.8 million last year, the company's revenue is expected to rise by 9.1% annually, outpacing the Australian market's growth of 5.6%. Furthermore, SEEK's earnings are forecasted to surge by 25.9% per year, notably higher than the market average of 11.6%. This robust financial outlook is underpinned by strategic initiatives and an Analyst/Investor Day that highlighted future prospects, reinforcing SEEK's potential in a competitive sector. Unlock comprehensive insights into our analysis of SEEK stock in this health report. Understand SEEK's track record by examining our Past report. Simply Wall St Growth Rating: ★★★★★☆ Overview: Telix Pharmaceuticals Limited is a commercial-stage biopharmaceutical company that develops and commercializes therapeutic and diagnostic radiopharmaceuticals for cancer and rare diseases, with a market cap of A$8.43 billion. Operations: Telix Pharmaceuticals generates revenue primarily from its Precision Medicine segment, which accounts for A$771.11 million, while its Therapeutics and Manufacturing Solutions segments contribute A$9.35 million and A$2.75 million, respectively. Telix Pharmaceuticals has demonstrated a robust trajectory in the high-growth tech sector, particularly through its innovative approaches in prostate cancer imaging. With a staggering annual earnings growth of 858% last year and an expected annual revenue increase of 19.8%, Telix outpaces the Australian market's average growth significantly. Recent strategic product launches, like the AlFluor™ platform and Illuccix®, have not only expanded its portfolio but also fortified its market position by enhancing diagnostic precision and treatment efficacy in oncology. These developments underscore Telix's commitment to advancing healthcare technology, positioning it well for sustained growth amidst evolving medical demands. Delve into the full analysis health report here for a deeper understanding of Telix Pharmaceuticals. Gain insights into Telix Pharmaceuticals' past trends and performance with our Past report. Click here to access our complete index of 47 ASX High Growth Tech and AI Stocks. Have you diversified into these companies? Leverage the power of Simply Wall St's portfolio to keep a close eye on market movements affecting your investments. Enhance your investing ability with the Simply Wall St app and enjoy free access to essential market intelligence spanning every continent. Explore high-performing small cap companies that haven't yet garnered significant analyst attention. Fuel your portfolio with companies showing strong growth potential, backed by optimistic outlooks both from analysts and management. Find companies with promising cash flow potential yet trading below their fair value. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include ASX:PME ASX:SEK and ASX:TLX. Have feedback on this article? Concerned about the content? with us directly. Alternatively, email editorial-team@
