RMD, ONE and CDX: Three diversified telehealth stocks from ASX

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RMD, ONE and CDX: Three diversified telehealth stocks from ASX

Patient in a video consultation with a doctor
Image source: © Agenturfotografin | Megapixl.com

Highlights

  • Healthcare, being a non-discretionary need, comes as a good opportunity for investors.
  • Telehealth or telemedicine is the remote delivery of healthcare services with the help of communication devices.
  • Telehealth gained attention at the beginning of the COVID-19 pandemic, and its utilisation is most likely to continue far beyond in the future.

Healthcare is an essential need in everybody’s life, making it a huge opportunity for investors. There are different healthcare stocks like pharmaceutical, biotechnology, equipment provider, service provider, etc.

Telehealth or telemedicine is the remote delivery of healthcare services with the help of communication devices. It doesn’t require in-person meetings with patients. The technology became more common at the beginning of the COVID-19 pandemic with the rise of remote patient monitoring. It has benefitted the healthcare industry in plenty of ways, and the utilisation of this technology is most likely to continue far beyond the pandemic.

This article will talk about three telehealth stocks from the ASX and their business updates.

Source: ASX data as of 14 March 2022

ResMed Inc (ASX: RMD)

ResMed (NYSE: RMD, ASX: RMD) is an expert in innovative solutions for sleeping problems. The company has a 30-year history and expertise in this field. With the help of its digital health technologies and cloud-connected medical devices, it aims to transform care for people with sleep apnea, COPD, and other chronic diseases.

The company reported a 12% increase in revenue in the quarter ended 31 Dec 2021, reflecting strong performance across the business. The net income increased by 12% compared to the previous corresponding period (pcp). 

The company aims to improve 250 million lives in 2025 through its therapies and digital services. The company has announced a quarterly cash dividend of US$0.42 per share, payable tentatively on 17 Mar 2022.

Telemedicine uses communication devices and doesn’t require in-person meeting

Image source: © Jerome696 | Megapixl.com

Oneview Healthcare Plc (ASX: ONE)

Oneview Healthcare Plc provides digital tools to improve the care experience. Oneview helps providers measure and improve experience, optimise patient flow, deliver virtual care, and enable patients and families with dedicated touch and TV devices. The company has collaborated with leading healthcare systems in the US, Australia, the Middle East, and Asia to unify care experience in 63 hospitals.

In FY2021, the company’s total revenue increased by 37%. However, the gross profit margin declined by 12%. The gross profit margin declined due to a higher mix of lower-margin hardware and shipping cost inflation. However, the company’s net loss after tax declined by 13% and cash balance surged by 223%.

In February, the company signed significant GTM partnerships with Samsung and Caregility. In October, it also made a 5-year contract with Kingman Regional Medical Center for CXP Cloud Enterprise.

Do read: A look at five ASX-listed medical device shares- 4DX, RMD, SOM, COH, FPH

Cardiex Limited (ASX: CDX)

CardieX is a global health technology company. It specialises in medical devices and digital solutions to heart-related problems. In addition to that, it deals with consumer home health devices and wearables.

Recently, CDX announced the official launch of a new consumer smartwatch, TicWatch GTH Pro, by Mobvoi, in which CardieX subsidiary ATCOR powers advanced heart health features. The TicWatch GTH Pro is the world’s first consumer device to feature unique and proprietary heart health features.

CardieX’s half-year period (ended 31 Dec 2021) saw a 157% increment in net loss compared to pcp. Similarly, revenues for the period decreased on a year-on-year basis.

Also read: How did CardieX Limited (ASX:CDX) fare in Q2 FY2021?

Telehealth: the new range of health services

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