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Highlights:
- Today, the benchmark S&P/ASX 200 index (INDEXASX:XJO) was spotted trading 0.65% higher at 3:09 PM AEST.
- Of all the 11 significant sectors, 9 of them were trading in the green today. The A-REIT sector led the gains, while the health care sector was the worst performing sector today.
- The health care sector recorded a loss of 1.006% at 3:02 PM AEST today.
Today, majority of the sectors under the benchmark S&P/ASX 200 index were spotted trading in the green territory along with the index itself. A-REIT sector was leading the gains on ASX, while the health care sector posted losses on ASX (on 13 September 2022).
The S&P/ASX 200 Health Care sector (INDEXASX:XHJ) was quoted at 42704.4 points after losing 1.006% or 434 points as of 3:02 PM AEST today (13 September 2022).
In this article, we will primarily discuss about the performance of five top ASX-listed healthcare companies- Cochlear Limited (ASX:COH), ResMed Inc. (ASX:RMD), Sonic Healthcare Limited (ASX:SHL), Ramsay Healthcare Limited (ASX:RHC) and Fisher & Paykel Healthcare Corporation Limited (ASX:FPH).
Cochlear Limited (ASX:COH)
Cochlear implant system manufacturer Cochlear Limited (ASX:COH) shares closed trading in the green zone on ASX on Tuesday. The share price of Cochlear was last quoted at AU$216.740 per share, up 0.208%.
Recently, Cochlear stepped into FY23, leaving behind a strong FY22. Here are some of the highlights of Cochlear’s performance in FY22:
- Cochlear reported a 10% gain in its sales revenue in FY22. The company has delivered a sales revenue of AU$1,641 million in FY22.
- The company delivered AU$289 million of statutory net profit in FY22, including AU$12 million of one-off gains after tax.
- Cochlear’s underlying net profit was aligned to the company’s expectation range of AU$265 to AU$285 million in FY22. The company’s underlying net profit gained 18% to AU$277 million in the given period.
- Cochlear also experienced a robust cash flow generation in FY22, which supported the 18% increase in full-year dividends.
Cochlear’s share price has declined by almost 6% on ASX in the last one year. Furthermore, on a YTD basis, Cochlear’s share price marked a loss of around 3% on ASX (as of 4:10 PM AEST today).
ResMed Inc. (ASX:RMD)
Developer of medical devices ResMed Inc. (ASX:RMD) shares closed on a positive note on ASX on the Tuesday. ResMed’s share price was quoted at AU$34.700 per share, up 0.550% at 4:12 PM AEST on ASX today.
In a recent update, ResMed shared its fully audited FY22 results on ASX. Some of the key highlights of ResMed’s FY22 results are:
- ResMed reported a 12% gain in its revenue compared to FY21, to AU$3.6 billion in FY22.
- ResMed’s operating income gained 11% in FY22, while the non-GAAP operating profit gained by 8% in FY22.
- The medical device developer’s diluted earnings per share (EPS) was AU$5.30 in FY22.
ResMed’s share price has fallen approximately by 12% on ASX over the last one year. On the other hand, the YTD-based share price of ResMed declined by almost 4% on ASX (as of 4:10 PM AEST today).
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Sonic Healthcare Limited (ASX:SHL)
Medical diagnostic company Sonic Healthcare Limited (ASX:SHL) shares closed 0.15% higher at AU$33.07 per share on ASX today.
Sonic Healthcare delivered robust financials in its FY22 results. According to the company, its revenue and earnings in FY22 were primarily driven by COVID-19 testing, base business growth and the impact of acquisitions.
Key highlights of Sonic’s FY22 results:
- Sonic reported a 13% gain in revenue coming from COVID-19 testing compared to FY21.
- The company’s base business revenue, excluding COVID-19 revenue, went up by 2.1% in FY22 compared to the previous corresponding period.
- The company reported approximately AU$1.6 billion of available liquidity in FY22. Furthermore, Sonic’s on-market share buy-back of up to AU$500 million was executed well as a part of active capital management.
- The company paid a total dividend of AU$1.00 per share in FY22, up by 10% from FY21.
The share price of Sonic Healthcare has fallen over 21% on ASX within the last 12 months. On the other hand, the diagnostic company’s YTD-based share price fell almost by 29% on ASX (as of 4:10 PM AEST today).
Ramsay Healthcare Limited (ASX:RHC)
Shares of the global hospital group Ramsay Healthcare Limited (ASX:RHC) fell significantly on ASX today. Ramsay’s share price marked a loss of 10.35% and closed at AU$62.94 per share at 4:10 PM AEST today.
Today Ramsay announced that it received a notification from a consortium of financial investors led by KKR yesterday evening. The notification was regarding the takeover offer to acquire 100% shares of Ramsay through a scheme of arrangement.
Ramsay has stated that it is currently focused on its own operations. There is no assurance from Ramsay if the acquisition will take place.
Ramsay’s share price has declined almost by 8% over the last 12 months. Furthermore, on a YTD basis, Ramsay’s share price has fallen by around 13% on ASX (as of 4:10 PM AEST today).
Fisher & Paykel Healthcare Corporation Limited (ASX:FPH)
Leading respiratory medical device manufacturer Fisher & Paykel Healthcare Corporation Limited (ASX:FPH) shares closed at AU$18.33 per share, up 0.71%.
On 1 September 2022, Fisher & Paykel announced that it has signed a sale and purchase agreement which will allow the company to purchase a 105-hectare site in New Zealand. However, the execution of the agreement is subjected to approval from the Overseas Investment Office.
As per the agreement, Fisher & Paykel will buy a 105-hectare site in Karaka, Auckland, New Zealand, for AU$275 million. The company is expecting to build its second New Zealand-based campus in that area.
Fisher & Paykel’s share price has fallen significantly, almost by 40% on ASX in the last one year. Moreover, the company’s YTD-based share price has also declined by 41.10% on ASX (as of 4:10 PM AEST today).
