ASX healthcare stocks are buzzing with activity as several key players report their FY24 earnings.
Among them, Clarity Pharmaceuticals Ltd (ASX: CU6), Polynovo Ltd (ASX: PNV), and Mayne Pharma Group Ltd (ASX: MYX) have delivered sound results, and the market has reacted swiftly.
Let's dive straight into it.
ASX healthcare stocks surge
Clarity Pharmaceuticals had a notable year. Investors have bid the ASX healthcare stock nearly 4% higher at $7.15 after its FY24 results today.
The company reported a 49% increase in revenue, reaching $2.77 million for FY24.
However, the loss from ordinary activities after tax widened by 72% to $42.3 million. Despite the increased losses, Clarity advanced its clinical development programs and says it strengthened its supply chain.
The company successfully completed a capital raising of $121 million in April 2024, bolstering its cash reserves.
These progressions continue its growth in the radiopharmaceuticals space. The directors' report commented positively on the results:
The achievements made in the last financial year position Clarity Pharmaceuticals as a leader in the
radiopharmaceuticals space, with a strong competitive advantage.The Group's strategy is to first launch its Targeted Copper Theranostic (TCT) products for approval in the United States, the largest oncology market in the world, with five open Investigational New Drug (IND) applications with the US Food and Drug Administration (FDA),
Polynovo shows strong results
Polynovo also delivered solid FY24 results, with revenue surging 57.5% year over year to $104.8 million.
The ASX healthcare stock noted "record monthly sales" of $9.2 million and $9.8 million in April and May of this year, respectively.
Growth was particularly strong in the United States market, where sales jumped 49% year over year. Polynovo has been expanding its market presence there, increasing its US customer accounts by 197 over the year.
This growth translated into a net profit of $5.3 million, a significant turnaround from the previous year's net loss of a similar amount.
The company also launched a full market campaign for its NovoSorb MTX product during the period.
Polynovo chairman David Williams highlighted the company's global reach:
One step at a time, we are servicing the world. However, we remain continually surprised by where surgeons would like to use our products.
Mayne Pharma rockets 14%
Last but not least, we have Mayne Pharma. Investors appear delighted with Mayne Pharma shares today, sending them 13.7% higher to $4.48 at the time of writing.
The ASX healthcare stock showed a marked improvement in its financial performance for FY24. Firstly, revenues were up 112% year over year to $388 million.
Gross profit was also up 162% year over year, leading to a $23 million in pre-tax profit. This is a growth of $118 million in earnings from the previous year.
The turnaround is driven by its broadened portfolio in Dermatology and Women's Health, which leverages its existing commercial infrastructure.
Its Women's Health business grew 131% over the year, printing $143 million at the top line, underscored by sales of its NEXTSTELLIS label.
Mayne Pharma CEO Shawn Patrick O'Brien noted:
Looking ahead, we are focused on capitalising on our market leading position in Women's Health and Dermatology to drive further revenue growth.
Opex will be considered under a disciplined framework to support our sales initiatives, continue to improve cost leverage and deliver improved EBITDA performance and cashflow.
