3 ASX healthcare shares outperforming on quarterly updates

These stocks are charging ahead on an otherwise lacklustre trading day.

Bronwyn Allen

Author bio Bronwyn has 28 years of experience in journalism, copywriting, and media relations. She began her career as a reporter with News Corporation in Sydney in 1997. She later worked for two real estate corporations in communications and PR roles, then started her own freelance copywriting and publicity business. A keen shares investor, Bronwyn joined the Motley Fool Australia team as a copy editor and writer in June 2021. Areas of expertise ASX shares and ETFs News writing Macroeconomic trends Real estate Education Diploma in Journalism, Macleay College Social media LinkedIn Favorite investment quote "Don't look for the needle in the haystack. Just buy the haystack." — John C. Bogle, Vanguard founder and pioneer of index investing for ordinary investors

Published April 30, 2024 12:34 pm AEST

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%.

Group of scientists cheering in the lab after the company received good news. — Image source: Getty Images

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.

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