These 3 ASX healthcare shares are soaring today. Why?

Forget the broad market today — these 3 ASX healthcare shares have each outpaced their peers and landed firmly in the green

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The benchmark S&P/ASX 200 index (ASX: XJO) has slipped 0.75% into the red today at 7,414 points. The S&P/ASX 200 Healthcare Index (ASX: XHJ) is leading the broad market's losses and has sunk 1.12% at the time of writing. Despite the downturn, these three ASX healthcare shares are ahead of the pack, with each posting a solid gain for the day.

Memphasys Ltd (ASX: MEM)

Shares in medical device and biotechnology company Memphasys have soared 33% in vertical fashion today and are now trading at 9.6 cents apiece.

While there is no market-sensitive information for the company today, investors have been piling into this ASX healthcare share over the past few weeks.

It appears investors are chasing a spot in the company after it announced the validation and verification assessments for its Felix device are now complete.

The Felix device will be used to remove poor quality sperm samples in in-vitro fertilisation (IVF) to ensure the highest chance of success in contraception.

Following the announcement on 3 November, Memphasys shares spiked 26%, and haven't slowed down since.

With today's gain, this marks a 51% return for the company's shareholders this past month.

Singular Health Group Ltd (ASX: SHG)

Shares in technology-driven imaging player Singular Health popped in early trading following a company announcement.

This ASX healthcare share advised that it is forming a 50/50 joint venture (JV) with TerraCentric Pty Ltd under the name of GeoVR Pty Ltd.

The sole purpose of the JV is to commercialise what Singular labels GeoVR technology, which "allows for mineral exploration data to be visualised in a fully interactive 3D environment".

The company acknowledges this is an important step in validating its technology, as it allows for collaborative review of near real-time exploration and production activities from anywhere.

Singular Health's CEO Thomas Hanly believes the GeoVR is a "critical step" for the company in pivoting its technology outside of medical markets.

Following the release, shares in the company rallied as high as 14% in early trading, before reversing course to trade as low as 29 cents – just a 1.75% gain. At the time of writing, its share price is 29.5 cents — a 5.4% gain.

Capitol Health Ltd (ASX: CAJ)

The Capitol Health share price is trading almost 8% higher at 37.2 cents at the time of writing.

Investors have been bidding up shares in the provider of diagnostic imaging services following its annual general meeting (AGM) held today.

In its AGM, the company reiterated its FY21 results, where it recorded underlying organic growth of 10.3% for the year.

Furthermore, this ASX healthcare share also provided colour on its FY22 guidance, where it hopes to retain a sustainable operating margin of 23–24%.

It also intends to continue pursuing "value creative bolt-on acquisitions aligned with [its] strategic plan", helped by carrying a strong balance sheet.

The presentation also notes that Capital intends to build out its new clinical governance framework and radiologist leadership roles.

Investors have been quick to buy in following the company's AGM. For instance, the volume of Capitol Health shares traded today is more than 25% ahead of its 4-week daily average volume.

Capitol Health shares have climbed 37% these past 12 months after rallying 34% this year to date.

The author Zach Bristow has no positions 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 Bruce Jackson.

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