ASX Healthcare Weekly: Revenue surges and FDA clearances offset by losses and fast reversals

Bioxyne (ASX:BXN) topped the healthcare tape with 33.33% for the week after reporting H1 FY26 revenue up 149% to $31.3m and net profit up 126% to $7.3m. PainChek (ASX:PCK) sank -15.00% after posting a wider half-year loss and pointing to higher marketing and R&D costs, even as it secured FDA clearance that could open the US aged care market. Vitura Health (ASX:VIT) dropped -14.00% after it moved to a half-year loss on weaker margins in medicinal cannabis and a CEO departure.

Cannabis and psychedelics: demand is strong, but pricing is biting

Bioxyne’s result mattered because it showed real sales and profit at the same time. The company said demand lifted for medicinal cannabis and psychedelic products such as MDMA and psilocybin, alongside growth outside Australia. Investors also noticed the Frankfurt dual listing, which can widen the pool of buyers. One weak point sat in the cash flow line. Operating cash flow was negative due to an inventory build. In plain English, it stocked up before sales landed, which ties up cash. Vitura told a different story. Revenue grew 8.3% to $67.87m, but it still fell into a loss as gross margins tightened. That usually means more discounting, higher product costs, or both. Investors tend to sell when they think a business has to cut prices to keep customers.

FDA wins keep moving prices, but they don’t remove the cash burn

A steady theme was the market rewarding companies that got a US green light, especially when a payer also agreed to fund use. 4DMedical (ASX:4DX) finished up 3.09% after reporting FDA clearance and CMS reimbursement for CT:VQ™, plus 43% growth in SaaS delivery sites to 430 locations. That combination matters because clearance lets hospitals use it, and reimbursement helps them get paid for it. Artrya (ASX:AYA) added 3.03% after its FDA clearance and early US customer contracts, even though its half-year loss grew as it hired and built a commercial team. Singular Health (ASX:SHG) and Lumos Diagnostics (ASX:LDX) also sat in this “regulatory progress, but losses continue” bucket. Lumos is waiting on a CLIA waiver decision for FebriDx by March 2026. A waiver is a simpler approval that can let more clinics use the test. The stock still slipped -1.79% as investors weighed the timing risk.

When early pops disappear, traders often bail out fast

Several stocks showed the same pattern: an opening move, then a quick reversal. Pacific Edge (ASX:PEB) fell -10.00% for the week even after an expert panel backed Medicare coverage for its Cxbladder tests, with early strength evaporating after the reopen. Pharmx (ASX:PHX) was down -10.71% despite announcing a strategic alliance with Sigma Healthcare that includes a board seat and Sigma taking up to 19.9%. If a stock can’t hold an early jump on a “good news” headline, it often means sellers were already waiting. Clarity Pharmaceuticals (ASX:CU6) illustrated how mixed news can pull a stock in two directions. Clinical updates were positive, including another patient reaching undetectable markers in its prostate cancer trial. Yet the company also reported a much larger half-year loss and closed a European arm. The week still ended up 2.85%, but trading was choppy after the gap.

Big raises and big balance sheets: the sector is still paying for growth

Fresh capital stayed a defining feature. 4DMedical raised $150m. Artrya raised $80m. Epiminder (ASX:EPI) raised $125m in an IPO to back a US launch of its Minder epilepsy monitor, but the stock still ended down -5.56% as it reported a larger half-year loss. Radiopharm Theranostics (ASX:RAD) raised $35m and also started dosing patients in its BetaBart trial. Investors often like “first patient dosed” because it shows a trial is real, not just planned, but it also means spending ramps up. At the larger end of healthcare, Ramsay Health Care (ASX:RHC) gained 11.52% after reporting a strong profit rebound and outlining an acquisition of National Capital Private Hospital for Q1 FY27. Regis Healthcare (ASX:REG) rose 7.92% as revenue jumped 18.4%, even though statutory profit fell. That mix can happen when costs rise faster than funding, or when one-off items distort the headline number.