Healthcare shares delivered a mixed week as commercial wins and trial progress competed with fresh losses and capital needs.
Large moves in Alzheimer’s, fertility, diagnostics and medical devices gave investors clear milestones to track.
- Actinogen Medical rose 20.45% after securing A$4.77 million in underwriting before November Alzheimer’s results.
- Ceretas and Memphasys each gained 20% as Ceretas funded its next trial and Memphasys began Felix sales in Turkey.
- BLS Pharmaceuticals surged 23.91% for the week after reporting 161% revenue growth and a $50 million German contract.
- Artrya fell 12% despite US contracts and an $80 million raise, while Microba posted higher losses despite strong core testing growth.
- Clinical progress continued across Telix, EMVision, Cleo Diagnostics and Imricor.
Healthcare trading was led by three 20% moves, while BLS Pharmaceuticals (ASX:BLS) posted the week’s strongest rise at 23.91%. Actinogen Medical (ASX:ACW) gained 20.45%, and both Ceretas (ASX:CTS) and Memphasys (ASX:MEM) rose 20.00%. Investors rewarded clear funding, regulatory and sales updates, but not every company with a growth plan won support.
Big gains came with a clear next step
Actinogen’s rise followed full underwriting for nearly 127 million options. This means another party has agreed to support the options if needed, giving the company up to $4.77 million. The money should extend its cash into late 2027. Investors are now waiting for top-line results from the XanaMIA Alzheimer’s trial in November.
Ceretas rose after completing an $8 million initial public offering after year-end. The company will use the money for a Phase 2 trial and further development of its ultrasound device for Alzheimer’s disease. Its earlier study reported no major safety concerns and fewer behavioural symptoms. The next trial must show whether those findings can be repeated in more patients.
Memphasys also gave investors a direct sales milestone. Its Felix fertility system is now registered in Turkey, with an initial order for 100 cartridges and two consoles. Turkey has 165 assisted-reproduction centres and about 75,000 treatment cycles each year. The first order is small, but it gives the company a base from which to win more clinics.
Commercial growth lifted several shares
BLS Pharmaceuticals reported revenue of $74.2 million, up 161%, and net profit of $15.4 million, up 214%. A two-year German supply contract worth $50 million helped drive the result. The company also expanded production in Australia, the United Kingdom and Latin America. Management expects FY27 revenue of $105 million to $115 million, but that forecast depends on delivering new international orders.
Orthocell (ASX:OCC) increased revenue 45% to A$13.2 million as US sales of its Remplir nerve-repair product grew. Its loss widened because it is spending on factories and sales staff. Atomo Diagnostics (ASX:AT1) took a different step, lifting revenue 41% while cutting its loss by 29%. HIV self-testing and a US partnership supported the improvement.
IMEXHS (ASX:IME) grew annual recurring revenue 12% to $36.8 million. This is income expected to repeat from existing contracts. Eight artificial-intelligence tools are now live in a public hospital network. Underlying earnings before interest, tax, depreciation and amortisation rose 311% to $1.27 million, although the company still faces difficult hospital budgets in Colombia.
Trials and approvals kept moving
Telix Pharmaceuticals (ASX:TLX) gained 5.24% after completing enrolment of 350 patients in its BiPASS prostate imaging trial. The company also agreed with the US Food and Drug Administration on the information needed for an application covering Illuccix and Gozellix. The study tests whether combining a special scan with magnetic resonance imaging can reduce unnecessary biopsies.
EMVision (ASX:EMV) rose 12.57% after recruiting more than 200 patients for its bedside brain scanner trial. No device-related safety problems have been reported. A separate government-backed study will test the scanner in rural hospitals where patients may not have quick access to a standard CT scan.
Cleo Diagnostics (ASX:COV) began laboratory testing of its first commercial ovarian cancer test kits. The results are intended to support a US 510(k) submission in the first half of 2027. Imricor Medical Systems (ASX:IMR) also moved closer to a US review of its heart devices after the FDA accepted and closed the manufacturing section of its application. Approval is not yet secured, and a factory inspection remains.
Losses and new capital tested patience
Artrya (ASX:AYA) fell 12.00% even after launching its Salix heart-imaging platform in the US and raising $80 million. Three health systems have signed contracts, but investors may want proof that those contracts turn into regular sales. The company had $74 million in cash and no debt, giving it time to build the business.
Microba Life Sciences (ASX:MAP) reported a 38.7% increase in its statutory loss to $20.7 million. Core testing revenue rose 92% to $8.6 million, but total revenue fell 5.8%. Its GI Navigator test is due to launch in October 2026, while management is targeting cash-flow break-even on a run-rate basis in 2027. In plain terms, the company hopes its regular income will cover regular spending by then.
CurveBeam AI (ASX:CVB) raised A$606,150 through a share purchase plan after reporting a 28% revenue fall and a wider loss. The money will support the China launch of its HiRise scanner. Nexalis Therapeutics (ASX:NX1) faced a harder setback: a cancelled $52.3 million funding facility forced trials to pause while the company raised fresh cash.
Gap moves added another warning. Percheron Therapeutics (ASX:PER), Nexsen (ASX:NXN), Osteopore (ASX:OSX) and Avenira (ASX:AEV) all continued lower after reopening at new prices. Those shares did not recover their early losses, so buyers remained cautious. Immuron (ASX:IMC) reopened higher and held a small gain after signing a US distribution deal for PROIBS, giving that move better support.
Bottom Line?
The next major tests are Actinogen’s November XanaMIA Alzheimer’s results, Cleo’s analytical validation through the end of 2026, Memphasys’s Turkish sales rollout, and BLS’s delivery against FY27 revenue guidance of $105 million to $115 million.
Questions in the middle?
- Will Actinogen’s November Alzheimer’s results support a larger trial and further funding?
- Can Artrya convert three US health-system contracts into repeat sales before its cash balance falls materially?
- Will BLS deliver its $105 million to $115 million FY27 revenue target after its major German contract?