3 ASX healthcare stocks soaring on positive company updates
ASX healthcare stocks are in the green on Friday, with the S&P/ASX 200 Health Care Index (ASX: XHJ) 0.41% higher while the benchmark S&P/ASX 200 Index (ASX: XJO) is up 0.32%.
Here are three of the best-performing ASX healthcare shares and why they are rising on Friday.
3 ASX healthcare shares zooming higher on positive news
4DMedical Ltd (ASX: 4DX)
The 4DMedical share price is up 7.9% at 61 cents per share at the time of writing.
The respiratory imaging technology company's shares are lifting on news of a commercial agreement with Qscan Radiology Clinics (QScan).
The contract follows a successful pilot of 4DMedical's products with Qscan, which is a leading provider of diagnostic imaging services in Queensland.
Under the deal, Qscan will offer 4DMedical's respiratory imaging solutions at select practices in Brisbane.
This is the first Australian contract for 4DMedical that incorporates products from both its pulmonary function and pulmonary structure suites, including CT LVAS.
4DMedical CEO and founder Andreas Fouras said:
Momentum continues to build with the commercialisation of our technology across the US and Australia.
Paradigm Biopharmaceuticals Ltd (ASX: PAR)
The Paradigm Biopharmaceuticals share price is 5.7% higher at 47 cents per share.
Paradigm is an ASX biotech that is focused on repurposing Pentosan Polysulfate Sodium (PPS) for the treatment of knee osteoarthritis.
The company announced today that it has received a $6,300,438 research and development (R&D) tax incentive refund from the Australian Government for the 2024 financial year.
This raises the company's current cash balance to approximately $31 million.
Paradigm managing director Paul Rennie commented:
With our cash position further boosted with this incentive refund, we are well-positioned to progress our Phase 3 clinical trial activities and subject recruitment in Australia.
The R&D tax incentive program is designed to encourage innovation through R&D activities in
Australia. Eligible companies can receive refundable cash offsets of 43.5% for qualifying R&D costs.
Somnomed Ltd (ASX: SOM)
The Somnomed share price is 6.7% higher at 64 cents per share.
Somnomed designs and manufactures oral treatments for sleep-related breathing disorders and obstructive sleep apnea.
The company released its December quarter activities report and FY25 guidance update today.
Somnomed reported 2Q FY25 revenue of $28.5 million, up 19.8% on the prior corresponding period (pcp).
Net cash inflow from operating activities was positive at $1.5 million.
The cash balance at the end of the quarter was $18.5 million, with a $1 million unsecured loan facility in Europe fully drawn.
For FY25, the company now expects revenue of approximately $105 million and earnings before interest, taxes, depreciation, and amortisation (EBITDA) of between $7 million and $9 million.
It expects capex costs of between $3 million to $4 million.
The post 3 ASX healthcare stocks soaring on positive company updates appeared first on The Motley Fool Australia.
Motley Fool contributor Bronwyn Allen has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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