Why these 2 ASX growth shares lifted more than 4% yesterday

These 2 ASX growth shares saw share price rises of more than 4% yesterday. In both cases the companies are preparing for more growth.

Several ASX shares rose well over 4% yesterday. This includes Cimic Group Ltd (ASX: CIM), up 8%, and Dicker Data Ltd (ASX: DDR), up 6.85%. However, it was the movement of two acknowledged growth shares that caught my attention. 

A happy businessman pointing up, inidicating a rise in share price

Image source: Getty Images

Pro Medicus Limited (ASX: PME)

This ASX share price leapt by 6.66% after signing a $10 million deal with a Munich-based university. Ludwig-Maximilians-Universität (LMU Klinikum) is one of the largest university hospitals in Germany. Consequently, the deal will see the Pro Medicus technology, Visage, deployed throughout LMU Klinikum's radiology and subspecialty imaging departments. Thus replacing systems from legacy vendors.

"We look forward to taking our partnership with Visage to the next level as we implement their technology across our radiology department," said Dr Kurt Kruber, CIO of LMU Klinikum. "The Visage platform provides a highly scalable and reliable platform combined with sophisticated clinical features that will support us in both day-to-day patient care and advanced research."

Dr Kurt added that large European teaching hospitals had standardised on IT platforms from large, multinational imaging equipment vendors. This underlines the importance of the deal as a breakthrough for this pioneering ASX share. The Pro Medicus share price has risen by 14.3% in 5 days of trading after announcing another international deal on 15 October. 

WiseTech Global Ltd (ASX: WTC)

WiseTech saw its ASX share price rise by 4.43% yesterday. This was after news that company CEO, Richard White, would be selling the corporate headquarters acquired four years ago.  This is part of an ongoing commitment by the billionaire CEO to stop doing private business with a public company by the end of 2021.

The property is a sale-and-leaseback deal, with WiseTech as the major tenant on a five-year lease. Moreover, the building was customised to match the requirements of this ASX share. 

However, this clarification of interests is not the only tailwind behind WiseTech these days. The company's recent annual report disclosed a 23% increase in revenues compared to FY19 performance. In addition, earnings before interest, taxes, depreciation and amortisation (EDITDA) rose by 17% against FY19.

Despite the impacts of COVID-19, the company sustained very low attrition rates, and reducing the company reliance on its top 10 customers, down 2% from FY19to 20% of revenue. This isolates WiseTech from impacts of losing large clients. 

Daryl Mather 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 Dicker Data Limited and Pro Medicus Ltd. The Motley Fool Australia owns shares of WiseTech Global. 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.

More on ASX Share Market News

Young successful engineer, with blueprints, notepad, and digital tablet, observing the project implementation on construction site and in mine.
Broker Notes

This ASX uranium company is set to surge: Brokers

Despite a project delay this company's shares look cheap, brokers agree.

Read more »

Man working on a laptop from home.
ASX Share Market News

5 things to watch on the ASX 200 on Tuesday

It looks set to be a tough session for Aussie investors.

Read more »

A woman in a red dress holding up a red graph.
Broker Notes

3 ASX shares UBS has tipped to increase 44% to 76%

Three very different companies to choose from.

Read more »

A medical specialist holds a red heart connected via technology and artificial intelligence.
Broker Notes

Morgan Stanley just upgraded their CSL share price target

The blood products company is still looking like a good buy.

Read more »

A panel of four judges hold up cards all showing the perfect score of ten out of ten
Share Gainers

Here are the top 10 ASX 200 shares today

It was a happy start to the trading week this Monday.

Read more »

a uranium-fuelled mushroom shaped cloud explosion surrounded by a circle of rainbow light with a symbol of an atom to one side of it.
52-Week Lows

I think this ASX share is a bargain buy after hitting a 52-week low: Here's why

Brokers tip a rebound ahead. But by how much?

Read more »

Broom sweeping cash into dust pan.
Opinions

Up 20%: Has the EQT deal saved Cleanaway shares?

Cleanaway's 20% jump takes it back to 2022 prices.

Read more »

Two work colleagues looking at a laptop and discussing something.
ASX Share Market News

Buy, hold, sell: Mesoblast, PLS, and SEEK shares

Bell Potter has given its verdict on these shares this week.

Read more »