AusBiotech, the peak body representing the life sciences industry in Australia, has revealed the top-performing ASX-listed companies in the sector during 2023.
ImpediMed (ASX:IPD), Avita Medical Ltd (ASX:AVH), and Neuren Pharmaceuticals Ltd (ASX:NEU) stood out with impressive share price increases, while Lumos Diagnostics (ASX:LDX) secured the top spot in the third-quarter rankings.
Market capitalisation trends
Data from AusBiostock, as of August 2023, reveals a significant decline in the collective market capitalisation of 178 ASX-listed life science companies, with a total decrease of $231 billion.
This decline contrasts with the sector’s $255 billion market capitalisation reported in April 2023, reflecting broader stock market and global trends.
Around 8.5% of these listed companies now possess market capitalisations exceeding $1 billion, while 31% boast valuations surpassing $100 million. This figure, highlighted in AusBiotech's Biotechnology Blueprint decadal strategy, signifies the industry's capacity to nurture companies with substantial future value.
No impediments for ImpediMed (ASX:IPD)
ImpediMed (ASX:IPD) Ltd has been the standout performer of the year. As of August 4, the company's share price reached $0.20, delivering an exceptional market return of 170.27% – a considerable gain on its $0.07 share price in the same period the previous year.
Morgans Financial senior research analyst Scott Power acknowledged Impedimed's potential in a September 2022 Australasian Biotechnology Journal article, saying that positive outcomes could lead to a significant share price re-rating, particularly as the company awaits a crucial decision from the National Comprehensive Cancer Network regarding the inclusion of its technology in cancer treatment guidelines.
Strong pharma performers
Following Impedimed, Avita Medical and Neuren Pharmaceuticals also delivered impressive performances in 2023. Avita Medical reported a share price of $4.95 and a market return of 156.48%, while Neuren Pharmaceuticals closely followed with a share price of $12.15 and a robust market return of 125%.
These companies further solidified their positions with strong quarterly performances. Avita Medical achieved the second-best quarterly return among all listed life science companies in Q1 2023 at 85.95%, while Neuren Pharmaceuticals boasted the highest share price increase for the year and a remarkable first quarter return of 258.59%.
Lumos Diagnostics (ASX:LDX) leads in Q3
In the fast-paced world of life sciences, Lumos Diagnostics (ASX:LDX) emerged as the leader in the third quarter, recording an impressive quarterly return of 453.33%. This performance reinforces the company's status as a frontrunner in the industry.
Lastly, CurveBeam AI (ASX:CVB) Ltd became the first biotech Initial Public Offering (IPO) on the ASX since April 2022. The company made its debut in early August after successfully concluding a pre-IPO private placement, raising an impressive $25 million.
About AusBiotech
AusBiotech, a longstanding presence in the Australian life sciences sector for over 35 years, continues to play a pivotal role in promoting the industry's growth and global expansion.
With a network of more than 3,000 members spanning various life science sectors, including therapeutics, medical technology, digital health, and agri-biotech, AusBiotech is dedicated to driving sustainability, outreach, and representation for its members nationally and internationally.