S&P/ASX 200 Health Care (ASX: XHJ) shares are up 0.44% on Tuesday while the ASX 200 is up 0.23%.
But these three ASX healthcare shares are knocking it out of the park on this otherwise lacklustre day.
Here's why.
Paradigm Biopharmaceuticals Ltd (ASX: PAR)
ASX healthcare share Paradigm Biopharmaceuticals is up 5.88% to 27 cents per share at the time of writing. This follows the release of the company's quarterly activities report. Paradigm revealed a cash balance of $26.2 million as of 31 March, down from $33.5 million on 31 December. Paradigm spent $13.1 million on research and development, down from $27.06 million in the previous quarter. Net cash outflow for the quarter was $6.8 million, which was less than the $8 million to $11 million guidance. The company revised its cash outflow guidance for the June quarter to a range of $7 million to $10 million.
Paradigm shares are down 39% in the year to date. Over the past 12 months, the ASX healthcare share has fallen 72%.
Imugene Ltd (ASX: IMU)
The Imugene share price is up 2.44% to 8.4 cents per share at the time of writing. The clinical-stage immuno‐oncology company has also released its quarterly activities report today. The highlights include a cash or equivalents balance of $114.1 million. Net cash used in operating activities amounted to $25.2 million, with direct research and development costs accounting for 49% of costs.
This ASX healthcare share is down 23% in the year to date. Over the past 12 months, the Imugene share price has fallen 35%.
Aroa Biosurgery Ltd (ASX: ARX)
ASX healthcare share Aroa Biosurgery is currently up 3.09% to 50 cents per share. In its quarterly update today, Aroa reported strong cash receipts from customers of NZ$18 million, reflecting a continued increase in Myriad and OviTex / OviTex PRS sales. There were positive net cash inflows from operations of NZ$300,000, exceeding Q4 breakeven expectations. Net cash outflows from investing activities were down to NZ$700,000, reflecting continued planned investment into additional manufacturing plants and equipment. Completion is expected by Q3 FY25. Aroa booked a 71% reduction in quarterly cash burn to about NZ$1 million, ending the year with a strong closing cash balance of NZ$29.5 million.
Aroa shares are down 39% in the year to date. Over the past 12 months, the ASX healthcare share has dropped 53%.
ASX healthcare shares vs. ASX 200
ASX healthcare stocks have fallen 0.5% in the year to date and are down 5.1% over the past 12 months.
By comparison, the ASX 200 has risen 0.35% in 2023 so far and is up 4.4% over the past year.
