Four ASX shares that are climbing more than most today are listed below. Here's why they are rising:

ANZ Group Holdings Ltd (ASX: ANZ)

The ANZ share price is up 1.5% to $23.76. This appears to have been driven by a bullish broker note out of Goldman Sachs this morning. According to the note, the broker has upgraded the banking giant's shares to a buy rating with a price target of $27.38. Goldman also added its shares to its coveted conviction list.

Macmahon Holdings Ltd (ASX: MAH)

The Macmahon share price is up 19% to 15.5 cents. Investors have been buying this mining services company's shares following the release of a guidance update. Macmahon now expects revenue of approximately $1.9 billion and underlying operating earnings of between $113 million and $118 million. The latter is at the high end of its previous guidance range.

Next Science Ltd (ASX: NXS)

The Next Science share price is up 19% to 57 cents. This has been driven by the release of a market update from the medical technology company. It advised that it expects second-quarter product sales to come in above US$5.6 million (AU$8.5 million). That's up from US$4.4 million in the prior quarter.

Pointsbet Holdings Ltd (ASX: PBH)

The Pointsbet share price is up a further 4.5% to $1.71. Investors have been buying this sports betting company's shares this week after it received an improved bid for its US operations. Fanatics has increased its offer to a headline cash consideration of US$225 million (~A$333 million). This compares to its previous offer of US$150 million and DraftKings' US$195 million bid.

The post Why ANZ, Next Science, Macmahon, and Pointsbet shares are racing higher appeared first on The Motley Fool Australia.

Any guesses?

If you said medical technology stock Next Science Ltd (ASX: NXS) go to the front of the class.

The ASX healthcare share closed yesterday trading for 48 cents. Next Science shares were fetching 61.5 cents in earlier trade, up more than 28%. At the time of writing, shares are swapping hands for 58 cents, for an intraday gain of 21%.

Here's what's piquing investor interest today.

What did the ASX healthcare share report?

The Next Science share price is rocketing after the company reported "continuing improvement" in its business performance in the current quarter.

With just two days left in June, the ASX healthcare share said it expects unaudited product sales for 2QFY23 to come in above US$5.6 million (AU$8.5 million). That's up from reported product sales of US$4.4 million in the prior quarter.

Next Science reported that with the second quarter almost concluded, the company is clearly on track to "substantially exceed product sales" of US$5.2 million reported in 1HFY22 as well as the US$6.1 million reported in 2HFY22.

Management of the ASX healthcare share attributed the strong performance to increased investments in sales and marketing. They added that this "will continue during the establishment phase of our direct sales model for key products".

Among the quarter's highlights, monthly sales in Next Science's Wound Care DME business exceeded $1 million in April.

Likely helping stir investor enthusiasm, the company noted, "Operating momentum has continued through the current quarter with ongoing evidence of sales traction in the commercial wound care market."

Next Science share price snapshot

Despite today's big intraday boost, the ASX healthcare share remains down 11% in 2023.

Next Science is focused on commercialising its proprietary XBIOTM suite of products to reduce the impact of biofilm-based infections on human health.

The post Guess which ASX healthcare share is booming 28% on a sales boost appeared first on The Motley Fool Australia.

At the time of writing, the medical technology company's shares are fetching at 89 cents a pop, up 8.54%.

In contrast, the All Ordinaries Index (ASX: XAO) is trading at 7,318.5 points, down 1.46%.

Next Science expands 'commercial footprint'

Investors are buying up the Next Science share price after the company revealed a positive update to the market.

In its release, Next Science advised it has signed a multi-year distribution agreement with Oraderm Pharmaceuticals to sell BlastX.

Located in Cremone, Victoria, Oraderm Pharmaceuticals is a medical sales joint venture between Douglas Pharmaceuticals and Arrotex Pharmaceuticals.

Under the deal, Oraderm will have exclusive rights across Australia and New Zealand for the sale and marketing of BlastX. However, this will be a dual Next ScieUnce/Oraderm labelled version. 

Next Science is expected to receive a portion of revenues based on an agreed unit price and a minimum quantity per order.

The agreement will run for a period of five years but can be extended for another three years.

Oraderm's initial focus in Australia will be hospitals, nursing homes, dermatologists and over-the-counter pharmacy sales.

In New Zealand, Oraderm will concentrate on wound care in hospitals and other clinical settings accommodating varied distribution solutions.

Next Science is scheduled to deliver training to the distributor's sales force teams in late June. Commercial sales in Australia and New Zealand are expected to commence during the second half of 2022.

Next Science managing director, Judith Mitchell commented:

We are delighted to expand our commercial footprint for BlastX in Australia and New Zealand through Oraderm.

Oraderm is a well-known brand within the healthcare industry with a track record of success in bringing new products to market. This partnership enhances our ability to offer our proven wound care product to healthcare professionals and patients in Australia and New Zealand as we continue to pursue our mission to heal patients and save lives worldwide by reducing the impacts of biofilms on human health.

Next Science share price summary

Over the past 12 months, the Next Science share price has continued to tread lower to post a loss of 46%.

It's worth noting that the company's share price hit a fresh 52-week low of 79.5 cents in late April.

Based on valuation grounds, Next Science presides a market capitalisation of roughly $177.74 million.

The post Next Science shares defy ASX market slump to surge 8% appeared first on The Motley Fool Australia.

• Next Science shares shoot higher on new distribution deal
• Expanded presence of Xperience in United States market
• Zimmer Biomet withdraws complaint filed against Next Science last year

The Next Science Ltd (ASX: NXS) share price is on the move at midday on Monday. This comes after the company announced a major positive announcement to the ASX today.

At the time of writing, the medical technology company's shares are fetching $1.17, up 11.43%.

What did Next Science announce?

Investors have been buying Next Science shares after the company revealed it has further developed its relationship with Zimmer Biomet.

According to its release, Next Science advised it has signed a United States distribution agreement with Zimmer for Xperience. 

Under the deal, Zimmer will sell a white-label version of Xperience into the United States market under its own brand. The product will launch sometime in the second half of 2022. The news appears to have sent Next Science shares rocketing today.

Next Science will receive a portion of revenues from Zimmer's white label Xperience product. Although no details were provided in the release as to exactly how much Next Science will collect.

The agreement will run for five years, but can be extended for a further five years.

Management noted that the contract confirms Next Science's Xperience intellectual property ownership and rights.

In June 2021, Zimmer filed a complaint in reference to Next Science's commercialisation and distribution rights to its Xperience No Rinse Antimicrobial Solution. This is now resolved, with Zimmer withdrawing the complaint.

In addition, both parties have agreed to a refreshed distribution arrangement for Bactisure in the United States market. The revised term has been extended until the end of 2026, with a renewal option for another five years.

Next Science managing director Judith Mitchell said:

The new arrangements with Zimmer provide a paradigm shift in the representation of Xperience to the US orthopaedic market. The Zimmer joint replacement sales team is a well credentialled market leading commercial force in the orthopaedic market and we look forward to the positive impact it can have on the US market for the white labelled version of our Xperience product, aligning with Next Science's overall mission of healing patients and saving lives.

About the Next Science share price

Next Science shares have travelled sideways over the last 12 months, registering a loss of 4.88%.

It's worth noting that the company's share price hit a fresh 52-week low of 99 cents before rebounding last week.

Based on valuation grounds, Next Science presides a market capitalisation of roughly $231.63 million, with approximately 197.97 million shares outstanding.

The post Here's why the Next Science (ASX:NXS) share price is rocketing 11% today appeared first on The Motley Fool Australia.

Next Science's half-year results release is looming on 30 August and investors will be watching the Aussie biotech closely.

Let's take a look at how the Aussie biotech company's shares have performed in previous earnings seasons.

What happened to the Next Science share price last earnings season?

Last earnings season was in February when Next Science reported its full-year earnings for the period ended 31 December 2021 (FY20).

The Aussie biotech reported earnings on 22 February including the below highlights:

• Fourth quarter revenue growth up 75% compared to Q4 2019
• Patent portfolio increased to 31 patents
• 2 CE Marks awarded (Bactisure and BlastX)
• Successful $15 million capital raised to fund the commercialisation of XPerience in the US and support long-term growth

The Next Science share price charged higher in the lead-up to (and immediately after) the earnings release. That included an 18.6% surge from February 18 through to February 24.

However, shares in the Aussie biotech didn't return to that $1.40 per share closing price level again until mid-April.

As it stands currently, the company has a market capitalisation of $293 million based on Friday's closing Next Science share price of $1.48 per share. The Aussie biotech share fell lower in June after it lowered earnings guidance for the second half of FY21.

Next Science said it is forecasting revenue of between $3.5 million and $4 million through to 30 June 2021. That was lower than initially predicted in the February earnings season with hopes for a similar growth trajectory to continue.

Foolish takeaway

The Next Science share price was smashed on Friday before pulling off a late-afternoon recovery. The ASX biotech share ultimately closed the day up 1% having been down 4.1% around lunchtime.

Investors will be hoping the group's half-year result on 30 August will be enough to kickstart the Aussie biotech share similar to what we saw in February.

The post What happened to the Next Science (ASX:NXS) share price last earnings season? appeared first on The Motley Fool Australia.

At the time of writing, the medical technology company's shares are up 4.05% to $1.54.

Why is the Next Science share price rallying today?

Investors are looking at the Next Science share price more optimistically following the release of its second quarter update.

According to the release, the company pulled in US$3.9 million in revenue for the first half. This reflected an increase of 271% on the prior corresponding period.

Pleasingly for shareholders, this was a record rate of growth from Next Science.

Additionally, its XPerience No Rinse Antimicrobial Solution was cleared by the United States Food and Drug Administration.

The solution helps prevent surgical site biofilm based infections.

The approval process for use in US hospitals is now underway.

Furthermore, Next Science's antimicrobial wound gel, BlastX returned to the company and sales commenced.

Next Science regained the global distribution rights to BlastX from 3M (NYSE: MMM) in April 2021.

The patented medical product has also received approval from Australia's Therapeutic Goods Administration (TGA).

After burning through US$1.9 million in cash during the first half, the company maintains US$13.2 million cash on hand.

Managing Director commentary

Managing Director, Judith Mitchell spoke about the record result for the company:

The strategies we are executing to commercialise our proprietary Xbio technology platform are delivering record results. The 271% revenue growth we have reported for 1H was driven by sales from our existing products.

Following the approval of our market leading "no rinse antimicrobial solution", XPerience, by the FDA on 23 April, we are building an excellent platform for future growth. Our focus has been to secure VAC approvals across US hospitals to facilitate commercial sales in the US. As at mid-July, we had made 123 VAC submissions covering 211 hospitals and we had received 20 approvals.

Next Science share price snapshot

Thanks to today's gains, the Next Science share price is 18.46% higher over the past year.

However, investors who bought at the 52-week high of $2.06 in June are still down 25.24%.

The post Next Science (ASX:NXS) share price jumps on record revenue growth appeared first on The Motley Fool Australia.

At 3pm, shares in the company were trading for $1.80 – down 1.1% – before rising to $1.87 within half an hour. Just 8 minutes later, however, the Next Science share price was even deeper in the red than before. It ended the day at $1.76 – down 3.3%.

The volatile price movement came after the technology company announced it was lowering forecasted revenue for the second half of FY21.

Let's take a closer look at today's update.

Earnings forecast drops

In a statement to the ASX, Next Science said it expected revenue for the first half of calendar year 2021 to be between $3.5 million and $4 million.

Judith Mitchell, managing director of Next Science, said of the figure:

We expect H1 2021 revenue to exceed total revenue for FY 2020 and our growth rate will be at least 230% on the prior corresponding period.

However, back in January this year, Next Science said it expected the earnings trajectory from Q2 to continue into the second half of this financial year. Earnings for that period were $2.3 million and the announcement sent the Next Science share price 8% higher that day.

Extrapolating this figure, Next Science predicted revenue for the second half of the financial year to be $4.6 million. From today's announcement, that means the current projection is 13% lower at best and 24% lower at worst.

Investors responded to the updated numbers by sending the Next Science share price seesawing.

Next Science share price snapshot

Over the past 12 months, the Next Science share price has increased 29.3%. However, it has not fully recovered since the COVID market crash of March 2020. On 5 March that year, Next Science shares were trading for $2.19. Over the previous 12 months, the highest price these same shares have traded at is $2.06.

Next Science has a market capitalisation of around $350 million.

The post Next Science (ASX:NXS) share price swings on lowered earnings update appeared first on The Motley Fool Australia.

This comes after the company announced its patented wound-healing product has been approved for sale in Australia.

Next Science shares rose to an intraday high of $1.93 at market open, before profit takers swooped in.

At market close, the medical technology company's shares were trading at $1.87, up 3.31%.

What did Next Science announce?

Investors have been buying up Next Science shares today after the company was given the go-ahead to commercialise its BlastX product in Australia.

According to its announcement, the Therapeutic Goods Administration (TGA) has approved the company's wound gel for sale in Australia.

It has been sold in the United States since 2017 and has been cleared for sale in the European Union and the UK.

BlastX is an antimicrobial gel for the treatment of open wounds. It uses the company's patented Xbio technology that breaks down bacterial biofilm on wounds and prevents further bacteria from growing. The product then maintains a moist wound environment which allows the body's healing process to begin.

In addition, BlastX can be used in operating theatre environments to help prevent infections in acute and surgical wounds.

According to Next Science, the TGA approval clears the way for the company "to sell BlastX in Australia for use as a hydrogel wound dressing on all open wounds".

The company also highlighted the efficacy the product has shown in the treatment of chronic wounds such as diabetic foot ulcers, bedsores (pressure ulcers) and venous leg ulcers.

Chronic wounds such as ulcers continue to be a major health issue for patients across the world. They are considered difficult to treat, cause pain at the wound site and increase mortality rates.

A 2015 independent study found combining BlastX with antibiotics increased chronic wound closures by 40% in 4 weeks. This was based on a randomised and controlled trial of 45 patients.

Next Science managing director Judith Mitchell said:

I am delighted that we can offer this proven product to healthcare professionals and patients in Australia as we continue to pursue our mission to heal patients and save lives worldwide by reducing the impacts of biofilms on human health.

The company is expecting its first sales in Australia to occur from next month.

About the Next Science share price

Next Science shares have performed strongly so far this year and are up by almost 50%. The company's share price is now edging closer to its 52-week high of $2.06.

Next Science has a market capitalisation of roughly $366 million, with approximately 197 million shares outstanding.

The post Here's why the Next Science (ASX:NXS) share price finished higher today appeared first on The Motley Fool Australia.

Next Science is focused on the research, development and commercialisation of technologies that aim to solve issues in human health caused by biofilms. The AGM was mainly focused on the company's BlastX wound-treatment products. Let's dive a little deeper into the presentation.

AGM presentation

Next Science markets itself as "the only company in the world solely dedicated to developing products that resolve biofilm based infections." The company's current focus is its wound-care product, BlastX, which has shown significant promise in accelerating the healing of major chronic wounds that are still before the necrotic stage.

The products work at removing pathogens from wound areas. While the company is still seeking some regulatory approvals in key markets, more than 15,000 patients have been treated using its products.

The Next Science share price was in the red today despite the company reporting "returned revenue to growth" in the fourth quarter of 2020. According to Next Science, Q4 revenue showed 75% growth on the same quarter in 2019. The company has commissioned a sales force of over 200 people in the United States and has capital raised $15 million to fund its product commercialisation.

Management comments

Next Science chair Mark Compton briefly admitted the challenges Next Science has faced in the US. He said:

Next Science is a relatively young company, with an exciting future ahead of it. There were many challenges in 2020, with key ones being the health risks to our staff and their families and the sales and marketing constraints of trying to engage a hospital and healthcare system totally focused on dealing with an all-consuming global pandemic that deeply penetrated the US.

As we look back to such a challenging year, I am pleased to report that much progress has been made at Next Science.

Next Science share price snapshot

Despite today's falls, the Next Science share price has gained almost 30% over the past month. It's also up by around 37% year to date. Over the past year, however, the company's shares have only gained 3.64%. Next Science has a current market capitalisation of around $345 million.

The post Next Science (ASX:NXS) share price falls despite 'exciting future ahead' appeared first on The Motley Fool Australia.

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

Doctor Care Anywhere Group PLC (ASX: DOC)

The Doctor Care Anywhere share price is up almost 4% to $1.07. This follows the release of the telehealth company's first quarter update. For the three months ended 31 March, Doctor Care Anywhere reported a 16.5% increase in unaudited underlying revenue to 4.4 million pounds (A$6.87 million). This was driven partly by a 14.7% increase in sign-ups to the platform to 500,000 and a 21.9% increase in consultations delivered to 90,500.

Next Science Ltd (ASX: NXS)

The Next Science share price has rocketed 25% higher to $1.78. Investors have been fighting to get hold of the medical device company's shares after the US FDA approved its XPerience No Rinse Antimicrobial Solution. The XPerience product is inserted into a surgical site, which is then closed, to fight infection for up to several hours afterwards. Management believes the product can be used in every open surgery.

NIB Holdings Limited (ASX: NHF)

The NIB share price is up 10% to $5.91 after providing guidance for FY 2021. According to its trading update, the private health insurer has been performing positively during the second half. As a result, it expects to report underlying operating profit of $200 million to $225 million in FY 2021. This will be a big lift from the first half, when it posted underlying operating profit of $86.9 million.

Talga Group Ltd (ASX: TLG)

The Talga share price has jumped 25% to $1.71. This appears to be a delayed reaction to the company providing an update on its electric vehicle anode (EVA) qualification plant last week. According to the release, designs for the plant have been finalised and engineering work is progressing well. Talga has now placed orders for materials and equipment and hopes to commence its EVA plant's installation in the fourth quarter of 2021.

The post Why Doctor Care Anywhere, Next Science, NIB, & Talga are charging higher appeared first on The Motley Fool Australia.

At the time of writing, the Next Science share price is trading at $1.77, up 24.65%. By comparison, the All Ordinaries Index (ASX: XAO) is currently 0.03% lower.

Today's positive price movement comes as the company announced it has received clearance from the United States Food and Drug Administration (FDA) to sell one of its products in the US.

Let's take a closer look at today's announcement.

What's boosting the Next Science share price?

In a statement to the ASX, Next Science says it has received 501(k) clearance for its "XPerience No Rinse Antimicrobial Solution as a medical device in the United States." According to the company, XPerience is inserted into a surgical site, which is then closed, to fight infection for up to several hours afterwards.

Next Science says the product can be used in "every open surgery case". Initially, however, the company will target its product for use in shoulder, hip, knee, podiatry and trauma surgeries.

The company says sales in the US will commence immediately. Investors are reacting well to the news, judging by the Next Science share price.

According to the statement, surgical site infection (SSI) is the second-largest cause of hospital-acquired infection in the US. Next Science says, "The use of XPerience No Rinse Antimicrobial Solution can help prevent costly hospital re-admissions."

Management commentary

Next Science managing director Judith Mitchell said of today's update:

With an estimated 234 million surgical procedures undertaken globally per annum, XPerience provides an enormous opportunity to help reduce infection, antimicrobial resistance and save lives while reducing expenses for health systems arising from postsurgical infections.

Surgical site infections

According to John Hopkins University, the chance of developing an SSI after surgery is anywhere from 1% to 3%. SSIs usually occur 30 days after surgery and there are three types:

1. Superficial SSI – infection occurs in the skin, where the initial cut was made.
2. Deep incisional SSI – infection occurs in the muscle and tissue around it, underneath the cut area.
3. Organ or space SSI – infection occurs anywhere in the body that is not the skin or muscle.

Risk factors for developing SSIs include being overweight, smoking, having cancer or diabetes, and undergoing emergency surgery.

Next Science share price snapshot

Over the past 12 months, the Next Science share price increased 5.35%. However, over the last three months, the company's value has appreciated by around 57%. Its 52-week high before today was $1.86 and its yearly low is $1.10.

Next Science has a market capitalisation of $280.5 million.

The post Why the Next Science (ASX:NXS) share price opened 40% higher appeared first on The Motley Fool Australia.

Four ASX shares that are falling more than most today are listed below. Here's why they are tumbling lower:

Alumina Limited (ASX: AWC)

The Alumina share price is down 3% to $1.75. Investors may have been selling the alumina company's shares due to concerns about falling prices. According to S&P Global, record high freight is impacting alumina prices. This led to S&P Global warning that alumina may be poised for a bumpy ride during the second quarter of 2021.

Delorean Corporation Limited (ASX: DEL)

The Delorean share price is down almost 17% to 35 cents. Investors appear to be taking profit after a very strong performance on Monday following the successful completion of its IPO. Delorean is in the renewable energy industry, selling power to retail and wholesale clients under the CleanTech Energy brand. It has aims to generate electricity and gas from organic waste that would otherwise end up in landfill.

Next Science Ltd (ASX: NXS)

The Next Science share price is down 6.5% to $1.40. The medical device company's shares have come under pressure following the release of its first quarter update. For the three months ended 31 March, the company reported unaudited revenue of US$2.2 million. While this was almost five times greater than the prior corresponding period, it was down slightly quarter on quarter.

Pushpay Holdings Ltd (ASX: PPH)

The Pushpay share price has fallen 3.5% to $1.78. This is despite there being no news out of the donation and community engagement platform provider's shares. However, prior to today, the Pushpay share price was up 25% since this time in January. This could have led to some profit taking from investors. Especially given the upcoming release of its full year results.

The post Why Alumina, Delorean, Next Science, & Pushpay shares are tumbling lower appeared first on The Motley Fool Australia.

At the time of writing, the medical device company's shares are down 6.5% to $1.40.

However, despite this decline, the Next Science share price is still up 16% since the start of the year.

Why is the Next Science share price sinking today?

Investors have been selling Next Science shares today following the release of its first quarter update.

For the three months ended 31 March, the company reported unaudited revenue of US$2.2 million. This is almost five times greater than the US$0.45 million it recorded in the prior corresponding period.

However, it is down slightly from US$2.3 million during the fourth quarter of FY 2020. It could be this lack of quarter on quarter growth that is weighing on the Next Science share price today.

Management notes that the US healthcare market continued to be impacted by the high presence of COVID-19 during the quarter. This was particularly the case in January, when the impact on surgery numbers was heavier than the previous four months.

Nevertheless, despite the COVID conditions, its SurgX product continues to attract surgeon interest and support in the market.

What about cash receipts?

Next Science's cash receipts were strong during the half. They came in at US$3.4 million for the three months. Though, with the company reporting cash receipts of only US$0.28 million in the fourth quarter on revenue of US$2.3 million, it appears as though there may have been a bit of lag in receipts.

This ultimately led to the company only burning through US$0.2 million of cash during the quarter, which left Next Science with a cash balance of US$15.1 million.

Next Science's Managing Director, Judith Mitchell, said: "I am pleased to report that our Q4 FY20 run rate has continued and cash receipts for the quarter were also strong and we continue to see progress with the review of XPerience with the FDA."

The post Here's why the Next Science (ASX:NXS) share price is sinking 6% lower appeared first on The Motley Fool Australia.

What did the company report?

The Next Science share price is leaping higher this morning after the company released its results covering the 2020 calendar year, thus incorporating the most significant impacts of COVID-19 on its activities. Next Science reported that revenues came in at US$3.44 million, down 15% from 2019's US$4.06 million.

Underlying earnings before interest, tax, depreciation and amortisation (EBITDA) fell 3% from 2019's loss of US$11.13 million to a loss of US$11.49 million for 2020. Gross profits were US$2.92 million for 2020, down 17% from 2019's US$3.91 million. Gross margins on sales came in at 85% though, down slightly on 2019's 86%. Overall, expenses fell 2% for 2020 to US$14.4 million, down from 2019's US$14.64 million.

As of 31 December 2020, Next Science reported it had US$15.3 million in net cash. That was assisted by the company's recent capital raise.

Next Science told investors that revenue was held back by the COVID-19 pandemic, which resulted in a "shut down of elective surgeries and [the] closure of wound care clinics". This reportedly hit sales of the company's BlastX product especially hard, given sales were down 75% year on year. That was somewhat offset by lower expenses as a result of reduced travel expenditure and a reduction in staff headcount.

Despite this mixed bag of results, the Next Science share price is pushing higher as the company remains bullish on its future. Next Science highlighted that revenue in the quarter ending 31 December saw revenue growth return and sales that were 75% above the same quarter in 2019. The health care company advised investors that this run rate "is expected to continue in 1H 2021".

What is Next Science?

Next Science is an ASX health care company that specialises in antimicrobial balms and solutions. It is currently the only company worldwide that has products approved to treat biofilm-based infections.

Next Science has three available products in the United States market, as well as regulatory approvals in several European countries, the United Kingdom and Australia. It has another product called XPerience that is set for launch in the first half of this year, pending approval from the US Food and Drug Administration (FDA).

Next Science share price snapshot

Over the past 12 months, the Next Science share price has fallen by nearly 34%. The company's shares have increased 27% since their March 2020 low of $1.00. Based on the current Next Science share price, the company has a market capitalisation of around $150 million.

The post Next Science (ASX:NXS) share price higher on earnings mixed bag appeared first on The Motley Fool Australia.

The Next Science share price is rising despite the ASX All Ordinaries Index (ASX: XAO) heavily dropping 2.06% today. At the time of writing, the medical technology company's shares are up 8% at $1.22.

What's moving the Next Science share price?

The Next Science share price is on the move after reporting strong growth across its business.

For the period ending 31 December, the company delivered total group revenue of $2.3 million. This represented a 75% increase over the prior corresponding period, and accounts for 66% of FY20's annual revenue. Next Science attributed the positive result to a recovery on surgery volumes compared to the previous 2 quarters.

In addition, the company highlighted that despite the impacts of COVID-19, it continues to see significant improvement in sales from its largest market, the United States.

Next Science noted that its XPerience no rinse antimicrobial solution has been resubmitted to the United States Food and Drug Administration (FDA) as a 510(k) medical device. This follows the company's animal studies that was requested by the FDA to further validate the product's effectiveness. Next Science anticipates that its first commercial sales of XPerience to begin sometime in the first-half of 2021.

The company revealed it had a healthy cash balance of US$15.3 million in the bank, with no debt.

Management commentary

Next Science managing director Judith Mitchell welcomed the results, saying:

We made good progress this quarter in advancing key regulatory approvals, and enhancing our distribution model to drive accelerated sales growth. It is pleasing to see revenue growth returning to a positive trajectory as elective surgery case volumes recover in some regions in the US.

Coupled with the expected launch of XPerience in 1H 2021 and our strengthened balance sheet, we are well placed to deliver a strong performance in 2021.

Outlook

Looking ahead, Next Science believes that its fourth-quarter performance will run through the first-half of 2021. It stated that its sales team will focus on driving market adoption of the SurgX product in the United States. SurgX is a sterile wound gel that reduces surgical site infections.

Furthermore, the company will seek to expand market awareness of its Xbio technology and upcoming XPerience antimicrobial solution.

About the Next Science share price

Over the last 12 months, the Next Science share price has snowballed almost 50% lower reflecting weak investor sentiment.

The company's shares hit a low of $1.00 in the March coronavirus meltdown last year, and have barely recovered since. Its 52-week high was recorded last February, reaching $2.76 on the ASX boards.

Based on the current share price, Next Science has a market capitalisation of roughly $232 million.

The post The Next Science (ASX:NXS) share price is up 8% today. Here's why appeared first on The Motley Fool Australia.

Four shares that have not let that hold them back are listed below. Here's why they are charging higher:

City Chic Collective Ltd (ASX: CCX)

The City Chic share price has rocketed 14.5% higher to $3.63. Investors have been buying the retailer's shares after it announced a binding asset purchase agreement to acquire UK-based women's plus-size clothing retailer Evans for 23.1 million pounds (A$41 million). Management expects the acquisition to complete on 23 December 2020, subject only to payment of the cash consideration.

Kogan.com Ltd (ASX: KGN)

The Kogan share price has jumped 5% higher to $19.01. The catalyst for this appears to be the COVID-19 outbreak in New South Wales. Investors may be betting that the online retailer will be a big winner if consumers are forced to shop online again. In addition to this, Kogan's shares commenced trading on the ASX 200 index this morning following the quarterly rebalance.

Next Science Ltd (ASX: NXS)

The Next Science share price is up over 5% to $1.25. Investors have been buying the medical device company's shares after it announced the receipt of CE mark approval for its BlastX product. BlastX is an antimicrobial wound gel that uses the company's biofilm-disrupting Xbio technology. It works by breaking down the protective layer of biofilm and eliminating the bacteria. After which, it maintains a moist wound environment which allows the healing process to begin.

NIB Holdings Limited (ASX: NHF)

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BlastX is an antimicrobial wound gel that uses the company's biofilm-disrupting Xbio technology. BlastX works by breaking down the protective layer of biofilm and eliminating the bacteria. It then maintains a moist wound environment which allows the healing process to begin.

The product is ideal for the treatment of chronic wounds such as diabetic foot ulcers, bed sores (pressure ulcers) and venous leg ulcers. In addition, BlastX is used in operating theatre environments to help prevent infections in acute and surgical wounds.

Let's take a look and see what is moving the Next Science share price today.

What's driving the Next Science share price?

The Next Science share price is on the rise after the company advised the CE mark approval in Europe will enable it to now apply to sell BlastX in each market in the European Union and United Kingdom.

In an independent study published in 2015, the company demonstrated that using its BlastX product with custom antibiotics worked effectively. The speed of healing in choric wound closures increased by 40% in 4 weeks. This was conducted over a 4-week randomised trial with 45 patients and compared with customised antibiotic treatment on its own.

The advanced wound care market in Europe is estimated to be around US$2.8 billion per year, growing 4.5% annually. According to Next Science, as population centres expand, so too does the market value for collective BlastX and antibiotic treatment.

At the moment, BlastX is being sold by 3M in the world's largest healthcare market, the United States.

Management remarks

Next Science managing director Ms Judith Mitchell commented:

The receipt of a CE Mark approval for BlastX represents the successful conclusion of three years of work and marks a major milestone for Next Science as we pursue our mission to heal patients and save lives worldwide by reducing the impacts of biofilms on human health. The CE Mark is a minimum requirement for many other jurisdictions so we can now work on further approvals.

Return of revenue

In a further update, Next Science stated it is witnessing a return of revenue run rates in the fourth quarter. The current levels are matching those of the prior corresponding period.

Furthermore, the company believes, should the US Food and Drug Administration (FDA) approve its surface disinfectant, Xperience, this will also positively impact earnings. Next Science is resubmitting its 510(k) application for approval of Xperience by the end of the year.

Negotiations for licencing are ongoing, and it is anticipated these will be finalised some time in the first quarter of 2021.

About the Next Science share price

The Next Science share price has been trending lower since the beginning of the year, down nearly 35%. The company's shares reached an all-time high of $2.76 in late January before the COVID-19 selloff hit. In March, the Next Science share price fell to an all-time low of $1.00.

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What does Next Science do?

Based in Sydney, Next Science is a medical technology company developing and commercialising its Xbio technology. This patented product attacks biofilm structures by breaking metallic bonds that hold the extracellular polymeric substance together.

Bacterial biofilms are a leading cause of antimicrobial resistance. They can be found in almost all aspects of human health, industry and food production. With nearly 80% of all global bacterial infections associated with biofilm bacteria, Next Science aims to reduce the impact of biofilm-based infections.

What's driving the Next Science share price lower?

Next Science advised that it has decided not to renew its distribution agreement with 3M for BlastX.

The deal was contracted for a term of 3 years, and required both parties to consider their future partnership by the year's end. Being the second year of the agreement, Next Science and 3M opened discussions and decided not to renew the arrangement.

The company said that communication was ongoing as to how to transition BlastX back to Next Science in a timely manner. The plan will be to prioritise the continuous supply of BlastX and ensure no disruption to patient care. Next Science advised that it will update the market when further developments arise.

About the Next Science share price 

The Next Science share price has been a poor performer recently. Shares in the medical tech company have fallen from a 52-week high of $2.76 to $1.13 today. The drop represents a loss of more than 57% to investors who held onto their shares since February.

However, the company says elective surgeries have continued to increase from the second quarter to third. In addition, the company's focus on driving market penetration of its SurgX product (sterile wound gel to reduce surgical site infection) may increase its revenue streams.

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What Next Science does

Next Science is a medical technology company headquartered in Sydney, Australia. The company, established in 2012, is focused on the development and continued commercialisation of its Xbio platform. The technology aims to reduce the impact of biofilm-based infections in human health.

The 100% patented product attacks biofilm structures by breaking metallic bonds that hold the extracellular polymeric substance together.

Quarterly report

Unfortunately for the Next Science share price, the resumption of clinic based treatments has been slower than the resumption of surgical activity. Consequentially, this has impacted BlastX sales.

As a result, cash receipts from customers in Q3 2020 were US$134,000, declining from the prior quarter. Furthermore, operating expenses rose to US$3.9 million, the increase mainly relating to increased R&D expenditure on XPerience surgical rinse.

Next Science also announced the launch of a capital raising during the quarter. The company successfully raised $15 million and holds cash of US$13.6 million as of 30 September as a result.

In some good news for the company, it announced that Bactisure sales had started in Australia and were expected to commence in Europe by the end of 2020.

What now for the Next Science share price

Despite the drop in the Next Science share price, good news may be on the horizon. This comes in the form of an increase of elective surgeries. Surgery levels in the US have continued to improve in Q3 compared to Q2 levels.

Furthermore, Brian Hanson, CEO of Zimmer Biomet, Next Science's distribution partner for Bactisure, addressed the Wells Fargo Healthcare Congress on 3 September. He advised that "Zimmer expects Q4 2020 to be equivalent in surgical volume to Q4 2019."

Looking forward the main focus for the business in Q4 is continuing to drive market adoption of SurgX (Next Science's sterile wound gel to reduce surgical site infection). The company also aims to build market awareness of its XbioTM technology in preparation for its launch in the first half of next year.

The Next Science share price has fallen 0.85% lower at the time of writing.

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In morning trade the medical technology company's shares are down 3% to $1.28.

Why was the Next Science share price in a trading halt?

The Next Science share price was placed into a trading halt on Wednesday after announcing the launch of a $15 million equity raising.

This morning the company revealed that it has received firm commitments for its fully underwritten placement of $8 million to institutional and sophisticated investors.

In fact, the placement was oversubscribed, with strong support from existing and new eligible investors.

In addition to this, the company has received a firm commitment for an additional placement of $2 million to its existing major shareholder, Mr Lang Walker. Though, the completion of this placement is subject to shareholder approval.

These funds will be raised at $1.20 per share, which represents a 9.1% discount to its last close price.

Next Science will now push ahead with its share purchase plan, which aims to raise a further $5 million from retail investors. This will be undertaken at the lower of the placement price or a 2% discount to its five-day volume weighted average price on the closing date.

Why is Next Science raising funds?

The company is raising funds to provide it with working capital to primarily support the commercial launch of its new XPerience Surgical Rinse in the US market in the first half of 2021. This is subject to clearance by the U.S. Food and Drug Administration.

The XPerience Surgical Rinse is a sterile solution in a 500mL Polypropylene bag. The solution is used to irrigate the surgical site as a last wash replacing some of the saline rinses. It remains active for upwards of five hours and is 10 million times more effective at removing MRSA than current options.

Management believes there is a huge unmet need for the product. It notes that there are 110 million surgeries globally each year, with 48 million in the United States and 2.2 million in Australia.

Next Science's Managing Director, Judith Mitchell, commented: "We are delighted with the strong level of support for the placement and would like to thank our existing shareholders for their continued support and we welcome new shareholders to our register."

"We are also pleased to provide eligible shareholders with the opportunity to participate in the capital raising via the SPP. With the proceeds of this raise, we will be well placed to capitalise on the significant market opportunity offered by our XPerience Surgical Rinse and the other applications of our Xbio technology," she concluded.

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