Healthcare Industry is getting increasingly dominated by technological advancements. With its advent, AI Health care stocks are also coming in focus as these have been able to accelerate research.
Australia has a large biotech ecosystem. With its growing pharmaceutical exports it is taking advantage of a rapidly expanding Asia Pacific market. Australian government has recognised significant opportunities for growth in areas such as medical technologies and pharmaceuticals. Top ASX Healthcare Stocks have made remarkable strides in the past few years.
3 Best Long Term Healthcare Stocks are
Optiscan Imaging Limited (ASX: OIL)
Optiscan Imaging Limited announced on 4 June 2024 the unveiling of its revolutionary new microscopic medical imaging device, InVue. Designed to facilitate precision surgery, InVue provides real-time digital pathology access directly to surgeons. The device was developed and manufactured in Melbourne by Optiscan in collaboration with Design + Industry, an industrial design firm based in Sydney and Melbourne.
Earlier, on 13 May 2024, the company had reported its collaboration with Mayo Clinic through a know-how agreement to develop a digital confocal laser endomicroscopic imaging system for integration into robotic surgery.
In its quarterly results for the period ended 31 March 2024 it disclosed that during the quarter, Optiscan received a $3 million CRC-P grant from the Australian Government to develop its Edge-AI-enabled gastrointestinal flexible endomicroscope. Additionally, the company received a $672k R&D tax incentive rebate, enabling further investment in its successful multi-product portfolio development.
Optiscan also reported the establishment of a US Regional Office in Rochester, Minnesota, aimed at positioning the company at the heart of the US medtech hub.
The company maintains a robust strategic growth pathway with well-defined plans for strategic product introductions, aiming to advance its commercialization efforts. Notably, the company continues to pursue strategic partnerships, which have facilitated the accelerated launch of several products in its pipeline.
Telix Pharmaceuticals Limited (ASX: TLX)
Telix Pharmaceuticals Limited declared its Q1 FY2024 results for the quarter ending 31 March 2024 wherein its Revenue surged to $175.0 million, marking an impressive 75% increase compared to Q1 2023.
Gross profit reached $115.4 million, demonstrating a remarkable 84% surge compared to the same quarter in the previous year. Operating profit also showed significant improvement, amounting to $28.5 million, a stark contrast from the $5.6 million operating loss reported in the prior corresponding quarter.
The company is one of Best Healthcare Stocks for stable and sustainable growth. It is strategically focused on achieving key regulatory milestones in the short term. Telix's expansive global operational footprint positions it to capitalize on significant market opportunities, bolstered by a robust pipeline of clinical prospects.
PolyNovo Limited (ASX: PNV)
PolyNovo Limited (ASX: PNV), on 8 May 2024, announced record monthly revenues of $10.1 million for April 2024. The company's U.S. business demonstrated robust growth, achieving monthly sales of approximately $6.9 million (unaudited), representing a remarkable increase of approximately 75.0% compared to the same period last year (STLY). Similarly, sales in the Rest of World segment reached approximately $2.4 million (unaudited), reflecting a substantial growth of around 68.2% on a STLY basis. Strong growth trends persisted across key regions such as the UK /ANZ, Hong Kong, Germany, and I.
Total group revenue for the month, inclusive of BARDA contributions, amounted to approximately $10.1 million (unaudited), marking a notable increase of approximately 68.6% compared to the same period last year.
The company, being one of the most upcoming ASX healthcare companies, has outlined several growth initiatives spanning the short to medium term, with a primary focus on expanding its advanced tissue engineering polymer capacity. PolyNovo is positioned within a substantial market opportunity, which has consistently contributed to improved financial performances and revenue generation for the company.
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