The All Ordinaries Index (ASX: XAO) is up a slender 0.6% in 2026, with no thanks to these two beaten-down ASX All Ords healthcare shares.
The struggling companies in question are commercial-stage medical device company Saluda Medical Inc (ASX: SLD) and health imaging company Pro Medicus Ltd (ASX: PME).
In morning trade on Wednesday, Pro Medicus shares are changing hands for $168.79 apiece. That's down 0.5% today, and it sees the Pro Medicus share price down 24.2% since 2 January.
Saluda Medical, which listed on the ASX on 5 December, has had an even tougher year of it.
At time of writing, Saluda Medical shares are trading for 41 cents each. That's flat for the day, but it still sees this ASX All Ords healthcare share down a painful 71.7% year to date.
Looking ahead, however, Medallion Financial Group's Stuart Bromley believes both ASX All Ords healthcare shares are well-placed to rebound in the months ahead (courtesy of The Bull).
Here's why.
Image source: Getty Images
ASX All Ords healthcare share increasing revenue
Turning to Saluda Medical first, Bromley said, "Saluda makes the Evoke spinal cord stimulator, which automatically adjusts pain therapy in real time."
And he was impressed with Saluda's FY 2026 results.
Bromley noted:
Results in full year 2026 were strong, in our view.
Revenue of $US90.2 million was up 28 per cent on the prior corresponding period and ahead of upgraded guidance. US patient implants increased by 50 per cent in the fourth quarter of 2026.
Summarising his buy recommendation on the ASX healthcare stock, he concluded:
With its newly approved CAP24 surgical paddle lead expanding the addressable US market by about 30 per cent, we believe SLD presents as an attractive buying opportunity for investors comfortable with potential share price volatility and risk.
Which brings us to…
Pro Medicus shares trading at 'attractive' levels
Bromley also had a bullish take on Pro Medicus shares.
"Pro Medicus is a global leader in medical imaging software, with its Visage platform increasingly adopted by major US hospital networks," he said.
Summarising his buy recommendation on the ASX All Ords healthcare share, Bromley concluded:
Revenue of $261.7 million in full year 2026 rose 22.9 per cent on the prior corresponding period. Underlying net profit after tax of $144.7 million was up 24.1 per cent. Revenue and underlying net profit exceeded expectations, while the underlying earnings before interest and tax margin reached an exceptional 74.9 per cent.
It signed 10 new contacts worth $407 million in full year 2026. It renewed six contracts on five-year terms to the value of $141 million. Recent share price weakness provides an attractive entry point into a high-quality growth business.
