In fact, the S&P/ASX 200 Health Care Index (ASX: XHJ) fell almost 25% in that span. 

Two exceptions to this broader fall were Artrya Ltd (ASX: AYA) and 4DMedical Ltd (ASX: 4DX).

These two ASX healthcare stocks have rocketed between 300% and 500% in the last year. 

However, both have dipped substantially in the last couple of weeks. 

They may now be priced at an attractive entry point relative to 52-week highs. 

Artrya

Artrya is an AI-driven medical technology company that assists clinicians in the diagnosis of coronary heart disease. 

Artrya's Salix Coronary Anatomy is a coronary computed tomography angiography (CCTA) image analysis solution that allows physicians with AI to identify and analyse the extent and type of arterial plaque, and help identify patients at risk of a heart attack.

A year ago, its share price was hovering around $0.83 per share. 

It hit an all-time high last week of more than $5 per share. 

However, the share price has retreated over the last week and now sits significantly below the all-time high at approximately $3.38. 

For prospective investors, all eyes will be on the company's expansion into the US market. 

On January 30, the ASX healthcare stock released its quarterly activities report.

In the report, John Konstantopoulos, Co-Founder and CEO of Artrya, commented:

This Quarter has been pivotal for Artrya as we continue to build momentum in the U.S. market. 

We achieved our first fee-per-scan revenues from the FDA-cleared Salix® Coronary Plaque module with Tanner Health, marking the commencement of recurring U.S. revenues alongside subscription income. 

With Northeast Georgia Health System and Cone Health also executing commercial agreements, all three of our U.S. foundation partners have now converted to commercial customers, establishing a strong platform for expansion in 2026.

Last month, Wilson Asset Management listed this ASX healthcare stock as a buying opportunity.

The recent dip in share price could present an opportunity for prospective investors. 

4DMedical

4DMedical is a medical technology company working in the field of respiratory imaging and ventilation analysis in the treatment of lung and respiratory diseases.

Its share price is up almost 500% in the last year. 

However, it has shed almost 40% in the last 3 weeks of trading. 

This includes a drop of more than 6% yesterday, closing at $3.15. 

Estimates from brokers indicate this could be an attractive entry point for investors. 

A recent share price target from Bell Potter of $4.50 indicates a potential upside of 42.86%. 

The broker said 4DX has never been better positioned to make major inroads into the US market. 

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One business is from the WAM Leaders Ltd (ASX: WLE) portfolio, which is a listed investment company (LIC) that focuses on the larger companies on the ASX. The other company is from the WAM Microcap Ltd (ASX: WMI) portfolio.

Let's get into those ideas. While they may not be some of the most well-known businesses on the ASX, they may be just as capable of delivering good returns for investors, if not more because the market isn't paying them a lot of attention.  

Whitehaven Coal Ltd (ASX: WHC)

WAM described Whitehaven Coal as a leading Australian coal producer with "high-quality assets and a robust balance sheet".

The investment team in charge of WAM Leaders revealed that the LIC recently increased its holding of Whitehaven Coal shares as coal prices began to "firm" after bottoming earlier in the year.

The ASX blue-chip share continues to deliver sound operational results despite a challenging backdrop and is executing cost-reducing initiatives with increased volumes at Blackwater and Daunia mines expected to "drive unit cost reductions from FY27".

The fund manager also noted that Whitehaven Coal maintains strong capital management flexibility, supporting shareholder returns through share buybacks and dividends.

Artrya Ltd (ASX: AYA)

WAM said that Artrya is a medical technology company focused on the detection and management of coronary artery disease and utilises artificial intelligence (A) to deliver accurate and non-invasive diagnoses in emergency and primary care settings.

The fund manager noted that the Artrya share price increased in December after Artrya announced it had secured its second US commercial customer, signing a three-year agreement with Northeast Georgia Health System (NGHS), one of its US foundation partners.

The agreement has a minimum value of US$0.3 million for the Salix Coronary Anatomy platform, with additional upside from per-scan fees for add-on modules.

It also supports Artrya's US growth strategy by moving a foundation partner into a paying customer and creating a reference site for further hospital contract wins.

Importantly, the Salix platform is expected to be rolled out across NGHS' five hospitals and broader network, signalling scope for wider adoption beyond an initial implementation.

WAM said Artrya also pointed to its Atlanta-based customer success team as a key enabler of smooth deployment and scalable customer onboarding as it grows in the US. The approval of Artrya's Heartflow Analysis module and additional customer contract wins are key near-term catalysts.

Both of these ASX shares could be pleasing opportunities at the current share prices.

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In morning trade, the ASX tech stock is up 6% to $4.10.

Why is this ASX tech stock X?

Investors have been bidding Artrya's shares higher after it announced another customer win in the United States.

Artrya is a medical technology company developing artificial intelligence (AI)-powered solutions to improve the detection and management of coronary artery disease.

It notes that its proprietary software analyses coronary CT scans to identify key biomarkers of heart disease. This supports clinicians in diagnosing patients more accurately and efficiently.

The company states that its mission is to advance cardiac care through Innovative technology, with regulatory, and commercial activities underway across key international markets.

What did it announce?

This morning, the ASX tech stock announced its third U.S. commercial customer, with the signing of a commercial agreement with Cone Health for the use of its Salix platform.

The five-year agreement has a minimum value of US$0.45 million for the use of the Salix Coronary Anatomy platform, with additional per-scan revenue from Salix Coronary Plaque module.

Salix will be fully integrated across Cone Health's network of hospitals and cardiology practices.

This means that it has successfully completed the conversion of all three U.S. foundation partners to commercial customers in 2025.

Commenting on the contract win, the ASX tech stock's co-founder and CEO, John Konstantopoulos, said:

We are very pleased to secure Cone Health, one of North Carolina's leading healthcare networks, as our third U.S. commercial customer. We have now successfully converted all three of our foundation partners to commercial customers, which highlights the benefits of our partner collaborations to validate the clinical and commercial use of Salix. This also shows our growing commercial momentum as move into 2026, where we will focus on growing the use of the Salix® platform and plaque module throughout our customer base.

Cone Health's Medical Director of Cardiac CT and Nuclear Cardiology, Dr. Wesley O'Neal, MD, adds:

We are delighted to build on our successful collaboration with Artrya and bring this transformative Salix technology into the clinical workflow across our network. Through this process we can see major benefits in the way that Salix can provide accurate, point-of-care interpretation of CCTA scans within minutes, enabling our team to deliver faster, more precise diagnoses for our patients. Moving forward we believe this will advance patient care across our network.

Artrya shares are now up approximately 80% over the past three months.

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Barely one year ago, shares in this ASX AI stock were changing hands at $0.46 apiece.

Today, Artrya shares reached a new all-time high of $4.29 in morning trade before easing back to $3.92 apiece at the time of writing.

This powerful rally represents a staggering 752% return in just twelve months, blowing the broader market out of the water.

For context, the All Ordinaries Index (ASX: XAO) has risen by 4.53% over the same timeframe.

So, what's behind this remarkable performance?

Let's take a closer look at what's driving the heat for this ASX AI stock.

Improving heart disease diagnostics

Founded in 2019, Artrya is a medical technology company commercialising cloud-based AI solutions for heart disease diagnostics.

Its flagship platform, Salix, provides rapid assessment of chest pain across emergency and primary care settings.

Management believes Salix can improve patient outcomes, lower treatment costs, and streamline clinical workflows.

A major catalyst arrived in August when Artrya secured regulatory approval from the US Food and Drug Administration (FDA) for its Salix Coronary Plaque module.

This milestone followed earlier FDA consent for its Salix Coronary Anatomy product.

These formal ticks of approval paved the way for Artrya to pursue entry into the lucrative American market.

Here, the ASX AI stock is targeting a US market opportunity estimated at US$4.4 billion.

And its commercialisation push appears to be gaining traction.

What happened?

Today, Artrya announced it has now achieved its first revenue from the Salix Coronary Plaque module.

More specifically, US-based Tanner Health has commenced commercial use of the module, generating maiden fee-per-scan revenues for Artrya.

Tanner Health is a community-focused healthcare network serving west Georgia and east Alabama with five hospitals and several practices.

The organisation has now activated the module at its primary hospital in Georgia, with a wider roll-out to further hospitals expected soon.

Artrya Co-Founder and Chief Executive Officer, John Konstantopoulos, stated:

We are thrilled to commence the first clinical use of the Salix® Coronary Plaque module at Tanner Health, which has been well supported by our new U.S. Customer Support team. The ease of activation within the Salix® Coronary Anatomy platform has been well received by the clinicians and the back end processes through to billing are also now established. We look forward to growing adoption across the entire Tanner Health network in the near term, which will generate an attractive ongoing fee to Artrya, from each scan they assess.

What else?

Today's news follows another significant step in Artrya's US expansion.

Last week, shares in the ASX AI stock jumped sharply after unveiling a three-year commercial agreement with Northeast Georgia Health System.

This deal carries a minimum value of US$0.3 million, with further fee-per-scan revenue expected from the Coronary Plaque module and, pending FDA clearance, the Salix Coronary Flow module.

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Four ASX shares that are not letting that hold them back are listed below. Here's why they are rising:

Artrya Ltd (ASX: AYA)

The Artrya share price is up almost 10% to $3.78. Investors have been buying this medical technology company's shares after it announced its second customer win in the United States. Artrya has signed a commercial agreement with Northeast Georgia Health System for its Salix AI-powered cloud platform. It is used for the near real time, point of care assessment and management of coronary artery disease. The company's co-founder and CEO, John Konstantopoulos, said: "We are proud to secure our second U.S. commercial customer through this three-year commercial agreement with Northeast Georgia Health System, a respected leader in patient care across the U.S. Southeast."

Clinuvel Pharmaceuticals Ltd (ASX: CUV)

The Clinuvel Pharmaceuticals share price is up 4% to $12.81. This morning, this specialty pharmaceuticals company announced a significant expansion of its VALLAURIX Research, Development and Innovation (RD&I) Centre in Singapore. Management notes that this strategic five-year investment solidifies the site's transition into a global hub for developing advanced, long-acting peptide formulations. Clinuvel's chief operating officer, Lachlan Hay, said: "We are grateful for the support from EDB and are committed to building a truly unique, bespoke facility in Singapore. This positions CLINUVEL at the forefront of peptide delivery technologies, enabling us to execute our vision with speed and precision."

Imugene Ltd (ASX: IMU)

The Imugene share price is up 5% to 33.7 cents. This has been driven by news that the immune-oncology company has received written minutes from the US Food and Drug Administration (FDA) following its recent Type C meeting. This is in relation to the registrational pathway for azer-cel. The company notes that the minutes "provide clear alignment across the key elements required to advance azer-cel into a pivotal study and further validate the program's growing clinical and commercial potential."

Pilbara Minerals Ltd (ASX: PLS)

The Pilbara Minerals share price is up 4% to $3.95. This may have been driven by a broker note out of UBS this morning. According to the note, the broker has upgraded the lithium miner's shares to a neutral rating (from sell) with an improved price target of $4.00 (from $2.40). It made the move after upgrading its lithium forecasts on increased demand.

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In morning trade, the ASX AI share is up over 11% to $3.85.

Why is this ASX AI share jumping?

Investors have been bidding the company's shares higher today after it secured its second customer in the United States.

According to the release, Artrya, which is a medical technology company commercialising its Salix AI-powered cloud platform, has signed a commercial agreement with Northeast Georgia Health System.

Management believes this marks another significant milestone in the company's accelerating U.S. expansion strategy.

The Salix AI-powered cloud platform is used for the near real time, point of care assessment and management of coronary artery disease.

The release notes that the three-year commercial agreement has a minimum value of US$0.3 million, with additional fee-per-scan revenue from the Salix Coronary Plaque module and, following FDA clearance, the Salix Coronary Flow module.

The Salix platform will be rolled out across Northeast Georgia Health System's network of hospitals and used by its cardiology group, Georgia Heart Institute.

Commenting on the news, the ASX AI share's co-founder and CEO, John Konstantopoulos, said:

We are proud to secure our second U.S. commercial customer through this three-year commercial agreement with Northeast Georgia Health System, a respected leader in patient care across the U.S. Southeast. This builds our longstanding partnership to validate Salix in their workflow, and we are excited to roll out Salix across the Northeast Georgia Health System network.

We remain on track to convert all three U.S. foundation partners to commercial customers this year, where our new Customer Success team is already playing a leading role in integration and support.

Georgia Heart Institute's chief cardiology officer, Mudassar Ahmed, MD, MBA, spoke positively about the deal, commenting:

The Salix platform will now go live in our clinical workflow, which represents an important step forward in how we deliver cardiovascular care. At Georgia Heart Institute, we are committed to adopting technologies that not only enhance diagnostic precision but also transform the patient journey. Through our work during the past two years, we have seen that Salix can bring a new dimension to our practice by supporting earlier identification of risk and enabling more proactive treatment strategies.

To support its growing U.S. customer base and anticipated expansion, the ASX AI share has established a customer success team in Atlanta. It notes that this team will serve as a technology and support hub, providing technical integration expertise, clinician engagement, and comprehensive customer support on the ground.

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Compounding is a very powerful force – businesses earlier on in their growth journey can expand significantly before size starts becoming a major roadblock to strong returns.

The fund manager Wilson Asset Management (WAM) runs a number of listed investment companies (LIC) including WAM Active Ltd (ASX: WAA) which targets mispriced opportunities in the ASX share market.

The investment team from WAM outlined two opportunities in the portfolio including a mining company and Australian medical technology company.

Lindian Resources Ltd (ASX: LIN)

WAM describes Lindian Resources as an Australian-based bauxite and rare earths company that has operations across exploration, mining and processing with projects in Malawi, Guinea and Tanzania.

The fund manager noted the company is focused on advancing the Kangankunde rare earths project in Malawi alongside an Australian downstream route.

In October, the Lindian Resources share price rise of 22% reflected "improved project clarity and de-risking through confirmation that Kangankunde will not be affected by Malawi's raw-minerals export order."

Last month, the ASX mining share also announced its update for the three months to September 2025, which included a number of achievements, including a final investment decision on the Kangankunde project, enabled by the successful completion of a $91.5 million capital raising.

That placement will fully fund the ASX small-cap share's project until first production in the fourth quarter of 2026, as well as a long-term strategic partnership with Iluka Resources Ltd (ASX: ILU).

WAM concluded its thoughts on the business with the following:

We believe the company's recent activity supports investor confidence in the near-term and positions the company to play a pivotal role in the global rare earth supply chain.

Artrya Ltd (ASX: AYA)

The other ASX small-cap share that WAM wanted to highlight in the WAM Active portfolio is disruptive medical technology company Artrya, which is focused on the detection and management of coronary artery disease.

The fund manager noted that coronary artery disease is the leading cause of death in developed countries, but diagnostic methods have remained unchanged for almost five decades.

Artrya uses artificial intelligence (AI) to deliver accurate and non-invasive diagnoses in an emergency and primary care settings.

In October, the Artrya share price jumped by 45% following the completion of an oversubscribed capital raising program.

The funding raised meant it secured growth capital and positioned the ASX small-cap share to accelerate its product roll-out and regulatory initiatives.

WAM concluded on the business:            

Longer term, we believe the strengthened balance sheet supports execution on a capital-light software-as-a-service model with expanding global opportunities.

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Many investors will be hoping this is just the beginning, and experts predict AI could transform worldwide economies. 

For those looking to invest in the sector a bit closer to home, here are 5 ASX AI shares to keep an eye on this year.

Appen Ltd (ASX: APX)

Appen is an Australian company specialising in data collection, labelling, and preparation for machine learning and AI systems. 

The company works to enhance the performance of AI-driven products and services.

After a slow start in 2024, the ASX AI stock has been a runaway train, now up 435% over the last 12 months. Although, it's worth noting Appen shares are still down by around 90% over the past five years.

Last year's sharp rise was on the back of increased profits and the global AI boom that Goldman Sachs "expects to continue." 

Artrya Ltd (ASX: AYA)

Artrya is a medical technology company based in Perth. Its focus is on improving the diagnosis and treatment of coronary artery disease. 

Artrya's software-as-a-medical device, Salix Coronary Anatomy, is an AI-based solution that quickly analyses cardiac CT scans to assist clinicians in accurately determining the extent of "vulnerable plaque" for patients who may be at risk of heart attack.

Co-founder and managing director John Barrington says there is growing demand for improved detection of coronary artery disease, with 9 million people dying from the disease each year globally. "The pressure on health systems is already substantial, and it's only going to increase over the next few decades with ageing populations," he says.

After its initial listing in 2021, the Artrya share price fell significantly. However, over the last 12 months, the ASX AI stock has risen 233%. 

Life360 Inc (ASX: 360)

Life360 is a location-sharing app designed to help families and close groups stay connected. It provides real-time location tracking, geofencing, and alerts when members arrive or leave designated places.

Life360 was somewhat of an ASX golden child in the AI and technology sector last year. It surged by around 200% during 2024.

The app currently has more than 70 million users, and despite its monster year in 2024, Goldman Sachs believes it has more room for growth. 

NextDC Ltd (ASX: NXT)

NextDC is an Australian company that designs, builds, and operates data centres to provide businesses with secure, high-performance infrastructure for digital operations.

NextDC shares delivered modest returns in 2024, growing by around 14% over the 12-month period. However, the stock has room to grow according to Morgans. 

NXT is a key supplier to Cloud Service Providers (CSP) including AWS, Google, Microsoft and others. NXT is benefitting from the extraordinary growth of Cloud and digitisation. The AI revolution has barely started but NXT will all benefit from this.

Weebit Nano Ltd (ASX: WBT)

Weebit Nano is a developer of advanced semiconductor memory technology.

The Israel-based company focuses on developing advanced storage and computing technologies, particularly its ReRAM (Resistive Random-Access Memory) technology. 

This technology is used in Internet of Things (IoT) sensors, smartphones, robotics, autonomous vehicles, 5G communications, advanced AI systems, and cloud computing.

Unlike many other ASX technology and AI shares, Weebit Nano experienced a fall in 2024, dropping by 21%. 

It's also off to a rough start in 2025. This is despite an announcement earlier this month the company has licensed its ReRAM technology to tier-1 semiconductor supplier, Onsemi.

The post 5 ASX artificial intelligence (AI) shares to watch in 2025 appeared first on The Motley Fool Australia.

Shares for Artrya Limited (ASX: AYA) listed on the ASX that morning and closed its first day at $1.52.

That's a handy 12.6% up from its initial public offer issue price of $1.35 per share.

What does Artrya do?

The Perth business develops technology to automate the diagnosis of coronary artery heart disease, which can lead to cardiac arrest.

According to Artrya co-founder and managing director John Barrington, internationally 9 million people die from such disease each year.

"This number is expected to increase over the next few decades, as ageing populations continue to put pressure on health systems," he said.

"This float will assist the company in pursuing further growth in the US, UK, Canada, and Europe."

A 10 November supplement to the original IPO prospectus showed that Artrya recently won a tender to be appointed as an artificial intelligence supplier for the National Health Service Shared Business Services (NHS SBS) Framework.

The deal means that Artrya is among a shortlist of pre-approved suppliers that UK public institutions, including 1,250 hospitals, can purchase from.

What's Artrya's pipeline?

Artrya's flagship software product is called Salix, which detects the presence of "vulnerable plaque" within a person's arteries in roughly 15 minutes.

According to the prospectus, such plaque may rupture and cause heart attacks.

Salix was developed as a collaboration between the University of Western Australia, the Harry Perkins Institute of Medical Research, and the Ottawa Heart Institute.

The software suite is scheduled for an "unrestricted launch" in Australia early in the new year. Overseas expansion will take place soon after that.

"We are keenly focused on product development and market entry strategies to ensure our shareholders are rewarded for their belief in an innovative Australian business," said Barrington.

Artrya chair Bernie Ridgeway said in the prospectus that coronary artery disease impacts an estimated 126 million people around the world. 

And the majority will have no warning signs before experiencing a heart attack.

"As the prevalence of CAD rises due to an ageing population, global health systems will have to deal with more CAD cases."

In November 2020, Salix was added to the Australian Register of Therapeutic Goods (ARTG) as a Class 1 medical device.

Artrya will sell the software in a subscription model.

"This model will help Artrya penetrate the global CCTA and ICA markets because healthcare providers pay no upfront costs to use Salix," Ridgeway said.

"Artrya believes the software-as-a-service model could deliver annuity revenue and profitable margins for the company."

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Its shareholders have suffered immensely in recent times, with the stock dropping more than 65% over the past 12 months. But even with that calamity, Appen shares have quadrupled in the last 5 years.

And it has gained more than 1,668% since listing in January 2015.

So if you're interested in getting in from the ground level on a new AI player, there is one such company listing this month on the ASX.

Heart disease will only increase with an ageing population

Perth's Artrya Limited (ASX: AYA) has just closed its initial public offer, with its shares due to commence general trading on the ASX on 26 November.

The company's technology aims to automate the diagnosis of coronary artery heart disease, which can cause heart attacks.

Co-founder and managing director John Barrington said there is growing demand for improved detection of coronary artery disease.

"With 9 million people dying from the disease each year globally, the pressure on health systems is already substantial, and it's only going to increase over the next few decades with ageing populations," he said.

"This float will assist the company in its next stage in expansion."

During the IPO, shares were offered for $1.35 each to raise $40 million and give Artrya a market valuation of $105.45 million.

According to the company, it has received $19 million of funding over the past 2 years from both investors and government research funds.

The Motley Fool has enquired with Artrya to confirm the progress of the IPO.

'No warning signs of a heart attack'

Artrya's flagship cloud software suite is called Salix, which non-invasively detects the presence of "vulnerable plaque" in a patient's arteries in about 15 minutes.

Such plaque is liable to rupture and cause heart attacks.

The technology was developed in conjunction with expertise from the University of Western Australia, the Harry Perkins Institute of Medical Research, and the Ottawa Heart Institute.

An "unrestricted launch" across Australia is scheduled for early in the new year while the IPO money will be used to take the technology overseas after that.

"Coronary artery disease affects an estimated 126 million people worldwide," said Artrya chair Bernie Ridgeway.

"Of those, the majority have no warning signs of a heart attack. As the prevalence of CAD rises due to an ageing population, global health systems will have to deal with more CAD cases."

He added that Salix is expected to disrupt the international market for Coronary Computed Tomography Angiography (CCTA) scans and Invasive Coronary Angiogram (ICA) procedures.

"An estimated 20 million cardiac CT scans are expected to be performed in both North America and Europe alone by 2025," said Ridgeway.

"By addressing current limitations in diagnostic reporting for CAD, Salix has a valuable first-mover advantage."

Salix was placed on the Australian Register of Therapeutic Goods (ARTG) as a Class 1 medical device in November last year.

Artrya is pursuing a subscription model for commercialisation of the software.

"This model will help Artrya penetrate the global CCTA and ICA markets because healthcare providers pay no upfront costs to use Salix," Ridegeway said.

"Artrya believes the software-as-a-service model could deliver annuity revenue and profitable margins for the company."

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