ASX Health Stocks: Health app MedAdvisor maintains guidance, but share price slips 5pc
Health & Biotech
Health & Biotech
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The ASX 200 Health Index (XHJ) is down by 0.70% at the time of writing, compared to the broader index which is down by 0.55%.
Health tech MedAdvisor (ASX:MDR) held its AGM this morning, in which it outlined the company’s strategic priorities.
MDR emphasised its focus on the patient experience, where it provides pharmacy chains and life science companies with the technology that helps deliver improved medication.
The company owns software that puts a virtual pharmacist on people’s smart phone, tablet or PC. It then connects with local pharmacies to help patients take medication safely, effectively and on-time.
In FY21, MDR delivered a 27% revenue growth and reached 2 million patients. Its balance sheet is solid, with $7.2m in the bank.
MDR said that 2022 shapes up as an exciting and transformational year, with the continuing digitalisation of the pharmacy network in the US, where it expects a 40% increase in its pipeline next year.
The company will start roling out its product offering via the direct to consumer marketing platform in the US, a market opportunity worth $6B per annum.
MedAdvisor has also forecast total revenue for the group to come in between $59m – $60m and margin at 55% in 2022, unchanged from its previous guidance.
Medical equipment company, Paragon Care (ASX:PGC), has signed a partnership deal with Centuria Healthcare for the long-term lease of a state-of-the-art clean room facility, laboratories, and office complex in the Monash precinct of Melbourne.
Under the terms, Centuria will take possession of the property in December, and fund the upgrade of the facilities.
This new state-of-the-art facility will enable Paragon to expand its laboratories that manufacture Immulab’s blood reagent products to meet future demand in Asia, with minimal upfront capital cost.
Meanwhile, opiate manufacturer, Palla Pharma (ASX:PAL), has entered into a sale and leaseback agreement of its manufacturing site in Coolaroo, Melbourne.
Palla has received $33.1 million for the site before transaction costs and expenses, resulting in an estimated book gain of $21 million.
Palla is now in a strong financial position, having repaid all shareholder loans and has agreed with its lender to retain access to $5 million of undrawn capacity under the existing credit facility.