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Highlights
- The aged care sector is one of the significant contributors to the Australian economy
- In H1FY22, Estia's operating revenue increased by 8.7% compared to the prior corresponding period
- Last month, HSC completed a placement worth AU$1.5 million
Aged care services in Australia serve the country’s vast elderly population, providing them care and support. The sector offers a broad range of services and is a critical supporter of the dignity and comfort for older Australians. It is also an important contributor to the national economy.
In this backdrop, let us discuss four stocks from the ASX that cater to the aged care needs.
Data Source: ASX as of 15 July 2022
Regis Healthcare Limited (ASX:REG)
Regis is driven by the vision to provide premium quality aged care services and enhance residents' quality of life. Its services include retirement living, short-term care, home care and residential care.
In May, the company provided an update regarding the impacts caused by the Omicron outbreak earlier this year. The company had to incur costs of AU$4.5 million during the first half of FY22.
Estia Health Limited (ASX:EHE)
Estia operates aged care homes in Victoria, Queensland, South Australia, and New South Wales. It also provides short-term respite care.
In H1FY22, the company's operating revenue increased by 8.7% compared to the prior corresponding period (pcp). Similarly, its Earnings Before Interest, Taxes, Depreciation & Amortisation (EBITDA) from mature homes for the given period stood at AU$33.5million, compared to AU$20.2 million of corresponding period in the year 2020.
HSC Technology Group Ltd (ASX:HSC)
HSC caters to the need of the aged care sector by offering a set of care solutions backed up by technology.
Last month, the company completed a placement worth AU$1.5 million. It issued 150 million placement shares at the rate of AU$0.01 per share. Funds from the placement combined with existing cash holdings will be used to strengthen sales and future growth prospects.
Careteq Limited (ASX:CTQ)
Careteq seeks to improve the lives of elderly, disabled and vulnerable people by providing cloud-based Assistive Living Technology solutions.
Following are the highlights of the company from the quarter ended 31 March 2022:
- Expansion in North America and better penetration in the Hospital-in-the-Home market through an exclusive agreement with Rayintelligence
- Growth of its retail network in March by signing major leading distributors in Australia and the US
