Why did Next Science (ASX: NXS) surge above 28% on Friday?

Highlights:

• Next Science Limited (ASX: NXS) conducted its AGM, which was addressed by its Chair, along with its MD and CEO.
• NXS ended Friday’s trading session rocketing by 28.571% to AU$0.630.
• NXS’ MD & CEO mentioned that there was a 40% rise in product sales in FY22.

The Australian benchmark index S&P/ASX200 ended Friday, 26 May 2023, increasing by 0.23% to 7,154.80. Of the stocks which outperformed the benchmark index was Next Science Limited (ASX: NXS), which closed the day rocketing by 28.571% to AU$0.630.

Let’s get apprised of the ASX healthcare stock- NXS latest update.

On Friday, the medical technology company conducted its AGM, which was addressed by the Chair, Professor Mark Compton AM, along with MD and CEO Judith Mitchell.

The Chair of NXS mentioned that the company evaluated last year’s performance, and it had the benefit of observing the encouraging effect its unique XBIO ^TM - based patented product suite has had on many thousands of people throughout the global jurisdictions where its products are available. NXS is committed to building access to its products in its main market of the US and beyond.

NXS has been laying emphasis on its clear mission to heal people and save lives via its XBIO ^TM platform technology to stop, treat and remove bio-film infection.

The company attained record sales in 2022 with seven products contribution. In the year, its executive team advanced and executed a plan to speed up the progress of its advanced wound care business in the US. This resulted in creating DME business unit, which began in October last year. It offered collagen and coupling that with its wound gel, BLASTX ^TM, to treat chronic wounds like DFUs and Pus.

In April, the DME passed US$1 million in sales for the first time. The company thought passing the threshold in only month seven of DME, to be an important marker for NXS and passed its own anticipations. 

On the surgical front, during the eighteen months since the launch of the company’s advanced surgical irritation product XPERIENCE ^TM, NXS has succeeded in building awareness and interest in the surgeon and hospital community, along with solid foundations to build upon in the future. 

NXS’ MD & CEO mentioned that there was a 40% rise in product sales in FY22. The company’s direct sales channel rose its top line by 221%, and direct sales as a part of the total grew from only over 20% in FY21 to above 50% in FY22. In the first quarter of FY23, this further elevated to 65% of product sales, with triple-digit growth in product sales over pcp.