ASX Health Stocks: Cochlear’s profit down 28pc in first half, as Estia’s aged care struggles with Omicron outbreak
Health & Biotech
Health & Biotech
At the time of writing, the ASX 200 Health Index (XHJ) is up by 0.2%, while the benchmark ASX 200 has fallen by 0.8%.
Earnings season continues on the ASX, with a bunch of ASX health stocks reporting their half-year results this morning.
Here’s a recap of those results:
Revenue $815.3m up 9.8% on pcp.
Net profit of $169.3m, down 28% on pcp.
Interim dividend of 155 cents, up 35% on pcp.
Sales revenue jumped 10 per cent to $815 million with Cochlear’s implant unit sales increasing by 7% mainly within the emerging markets.
In developed markets, sales slid by 2%, but are tracking ahead of pre-COVID levels.
Cochlear has maintained its full-year net profit guidance of between $265m – $285 million, a jump of between 13-22% on pcp.
EBITDA of $33.5m, up 65% on pcp.
Net loss after tax of $8.1m.
2.35 cents per share fully franked interim dividend declared.
One of Australia’s largest residential aged care providers says the care sector has been through an extremely demanding period brought about by the continued impact of the COVID-19 pandemic.
These challenges were beginning to abate towards the end of the first quarter of the FY22, but the rapid spread of the Omicron variant saw over 70% of Australia’s aged care homes having experienced outbreaks by the end of January.
“I am confident Estia is emerging from this phase of the pandemic as a stronger organisation, well-placed to succeed in a reformed sector, and benefit from the favourable demographics of an ageing Australian population and the need for residential care,” says Estia CEO Ian Thorley.
Revenue of $60.6 million, up 41% on pcp.
Operating profit before tax of $3.3m, compared with $0.2m in the pcp.
The EPR ultrasound device maker’s global installed base increased by 1,410 units to 28,160 units, an increase of 12% over the last 12 months.
The North American installed base now represents approximately 41% of the estimated total addressable market of 60,000 units where Trophon is represented in over 5,000 institutions.
NAN says that assuming the positive market recovery trends experienced in the second quarter of FY22 continue, it will maintain double digit revenue growth expectations.
Revenue of $33.9m, up 10% on pcp.
EBITDA of $0.2 million, down from $3.2 million in the pcp.
The sleep-related diagnostics device company says it continues to see positive momentum across key trading markets.
The company posted record sales numbers during the half in North America, and still delivered growth across both Europe and APAC where the impacts of COVID-19 are still being felt.
For its outlook, SomnoMed says it remains optimistic about trading activity levels for the second half of FY22, and expects revenue growth of at least 15% for the full year.
The company is also confident that EBITDA will break even in the year assuming no change to the current COVID-19 environment in all trading markets.
Meanwhile, clinical stage biotech Emyria(ASX: EMD) says that a substantial expansion of a proprietary MDMA analogue library is being created with the University of Western Australia (UWA).
A further 17 unique compounds have already been developed with partner UWA, and are now ready for screening.
Many more are within reach with robust synthetic methodology well established, and key starting materials in hand.