ASX Health Stocks: Nanosonics jumps almost 20% as revenue momentum picks up steam
Health & Biotech
Health & Biotech
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Leading the health stocks today is Nanosonics (ASX:NAN) up 19.69% after flagging FY21 revenues of $103.1 million, with strong momentum in H2 where revenues came in at $60 million – up 39% from H1.
The company installed 3,030 units of its automated disinfection technology – Trophon – for ultrasound probes over the year – with H2 installations up 20% compared to H1.
“Significant growth was achieved in the second half of the year as market conditions improved,” president and CEO Michael Kavanagh said.
“This saw total revenue growing 39% compared with the first half resulting from strong growth in the installed base as well as ultrasound procedures trending back towards pre-COVID-19 levels.”
“Now more than ever, infection prevention is of paramount importance not just within the medical community but the community at large,” he said.
The company saw a 35% increase in Trophon adoption throughout Europe and the Middle East – and a total revenue increase of 38%.
And in North America, units were adopted across an increasing number of hospital departments, with the company stating the total addressable market could increase 50% to 60,000 unites – presenting a significant opportunity for growth.
CogState Limited (ASX:CGS) +12.55%
Neuroscience tech company CogState jumped almost 13% today after announcing that the net value of its digital clinical trials sales in Q1 FY22 is $35.4 million – including the cancellation of one ongoing trial.
The company said that since the beginning of the pandemic, the clinical trials industry has seen an increase in demand for remote assessment.
The sales total includes a large contract for a Phase 3, randomized, placebo-controlled clinical trial in participants at risk for cognitive and functional decline related to Alzheimer’s disease.
The company said revenue will be recognised over a period of 5-6 years based on study milestones, with around $6 million of revenue expected in FY22 and around $8 million to be recognised in each of FY23, FY24 and FY25.
AdAlta (ASX:1AD) +6.02%
AdAlta jumped 6% today off the back of a collaboration agreement with Carina Biotech to develop i-body enabled CAR-T cancer immunotherapies against up to five solid tumour antigen targets.
“We believe that by combining our i-bodies with Carina’s world-class CAR-T platform, we can make this important new therapeutic approach accessible to more patients and a greater range of cancers than is possible today,” AdAlta CEO Dr Tim Oldham said.
CAR-T cell therapy is a fast-emerging form of cancer therapy that modifies a patient’s immune system to recognise and attack cancer cells that have resisted standard treatments such as chemotherapy and radiation.
The company said there is significant market potential, with the cellular immunotherapies market forecast to grow 20% per year.
The neurodegenerative drug company was up 5% after announcing it had appointed clinical ophthalmologist Dr Peter Hink and toxicologist Dr Frank Bonner to its Scientific Advisory Board ahead of a planned Glaucoma clinical study in patients.
“EmtinBTM seems to be a very promising compound in preventing neurodegeneration in a number of critical conditions such as Alzheimer’s disease, multiple sclerosis and certain ocular conditions associated with optic nerve damage,” Dr Hnik said.
“I am very excited to be part of the development of this novel therapy with great potential benefit to patients with otherwise limited treatment options.”