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3 ASX medical tech shares surging higher today

Phil Harpur
EEG, cardiac monitor, medical equipment

The medical technology sector is a fast-growing sector both domestically on the ASX and internationally. Here are 3 ASX med-tech shares that have seen gains of around 5% so far today.

Polynovo Ltd (ASX: PNV)

PolyNovo develops innovative medical devices including its patented polymer technology NovoSorb. The PolyNovo share price is up by 4.5% today at the time of writing.

NovoSorb BTM works to regenerate the dermis, which is the underlying structure of the skin, providing a synthetic scaffold that blood vessels can migrate into.

The NovoSorb product has been recording sales at a record pace in recent months. Notably, Polynovo reported $2 million of monthly sales in December 2019, up 134% on December 2018.

In January, PolyNovo launched its product in the UK, Germany, Austria, and Switzerland, and reported impressive clinical results. Sales in the US continue to be strong.

PolyNovo shares surged higher again last week after CEO Paul Brennan outlined plans for further aggressive growth, with company strategy focused on reinvesting money back into the business to drive top-line growth.

Pro Medicus Limited (ASX: PME)

The Pro Medicus share price is up by 5.33% today at the time of writing. Pro Medicus provides healthcare imaging software and services to hospitals, diagnostic imaging groups and other health-related entities in Australia, North America and Europe.

Pro Medicus has been one of the best-performing ASX shares over the past decade, with its share price rising from under $1 prior to 2014 to reach an all-time high of $38.39 mid last year. Shares have pulled back since then, currently trading at $27.84 per share.

Pro Medicus’ recent growth has been driven by new contracts, no debt, a rising dividend, and emerging market opportunities. In FY19, the company delivered a 92% increase in revenue to $50.1 million. This impressive result was driven by strong growth across its business during the period which saw revenue growth of 102% in Europe, 30% in Australia, and 42% in North America. 

Medadvisor Ltd (ASX: MDR)

MedAdvisor is an Australian software systems developer whose shares are currently up by 5.05% today.

The company’s free app connects to pharmacy dispensing systems to automatically retrieve medication records and also drives a training, information and reminder system to ensure correct and reliable medication use.

In Australia, MedAdvisor has worked with over 20 different digital health program clients to fund digital and in-pharmacy programs designed to help patients take their medication.

In January, Medadvisor announced it had signed its second agreement in the United States. The agreement provides medication education programs for top 10 global pharmaceutical companies through its strategic partner Adheris Health. With this, MedAdvisor will execute four pilot programs through a total of up to 4,000 US pharmacies in partnership with Adheris Health.

The post 3 ASX medical tech shares surging higher today appeared first on Motley Fool Australia.

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Phil Harpur has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. recommends Pro Medicus Ltd. The Motley Fool Australia owns shares of and has recommended Pro Medicus Ltd. The Motley Fool Australia has recommended MedAdvisor. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 2020