ASX health May winners: Sector rises 1.59pc but market volatility remains

The S&P/ASX 200 Health Care Index rose 1.59% in May, easing from a 2.16% gain in April but still finishing in the green.

ASX Healthcare stocks rose in May, but still have a road to recovery in 2025. Pic via Getty Images

• The S&P/ASX 200 Health Care Index rose 1.59% in May but remains worst performing sector YTD down 5.65%

• Morgans healthcare analyst Iain Wilkie said US President Donald Trump's trade and health policies continue to impact sector

• Lumos up 7.4% in May after several positive announcements including largest single purchase order for point-of-care respiratory test

The S&P/ASX 200 Health Care Index rose 1.59% in May, easing from a 2.16% gain in April but still finishing in the green. However, the sector is still not faring well and is the worst-performing year-to-date, down 5.65%.

The sector rose in line with broader markets in May with the S&P/ASX 200 gaining 4.20%  as fears around escalating US tariffs and a potential US-China trade war eased, bringing relief to global markets.

Morgans healthcare analyst Iain Wilkie told Stockhead that 2025 had been very volatile for the sector.

"Each month seems to be either up or down and the sector hasn't gained any real momentum at this stage," he said.

Wilkie said US President Donald Trump and his trade and health policies were still impacting the sector.

"It's just uncertainty which is driving everything at the moment," he said.

In May Trump signed an executive order lowering prices of US prescription medicines to bring them in line with other countries, a policy referred to as the “most favored nation” (MFN).

The MFN policy aims to link US drug prices to much lower prices overseas – what Trump referred to as “equalizing” prices.

Trump said the order aimed to cut US pharmaceutical prices from between 59% to 90% and sets price targets for drugmakers to meet within 30 days and warns that further action will be taken if they fail to make “significant progress” toward those goals.

In a release The White House said the US had less than 5% of the world’s population and yet funds around three quarters of global pharmaceutical profits.

"There's no clear path on what happens next and consequences pharmaceutical companies may face," Wilkie said.

"But its just created further uncertainty in the healthcare and pharmaceutical sectors in an already uncertain time."

Source: S&P DJI

How ASX biotechs performed in May

CODE	COMPANY	PRICE	1 MONTH RETURN %	MARKET CAP
DVL	Dorsavi Ltd	$ 0.02	36.4%	10.97
IVX	Invion Ltd	$ 0.11	28.0%	8.47
CC5	Clever Culture	$ 0.02	26.7%	33.55
VFX	Visionflex Group Ltd	$ 0.003	25.0%	8.42
NYR	Nyrada Inc	$ 0.18	24.1%	37.97
IIQ	Inoviq Ltd	$ 0.55	23.9%	63.07
OSX	Osteopore Limited	$ 0.02	21.4%	2.95
PEB	Pacific Edge	$ 0.09	18.7%	60.89
ICR	Intelicare Holdings	$ 0.01	14.3%	3.89
MVP	Medical Developments	$ 0.67	11.7%	75.48
PCK	Painchek Ltd	$ 0.06	11.5%	106.83
IRX	Inhalerx Limited	$ 0.03	11.1%	6.40
ALA	Arovella Therapeutic	$ 0.08	11.0%	88.79
IPD	Impedimed Limited	$ 0.03	10.0%	66.91
LGP	Little Green Pharma	$ 0.11	10.0%	34.96
ATH	Alterity Therapeutics	$ 0.01	10.0%	100.40
DOC	Doctor Care Anywhere	$ 0.11	10.0%	38.50
AGH	Althea Group	$ 0.03	8.7%	20.56
ALC	Alcidion Group Ltd	$ 0.09	8.6%	114.15
HMD	Heramed Limited	$ 0.01	8.3%	11.38
MDR	Medadvisor Limited	$ 0.09	8.1%	57.48
RAD	Radiopharm	$ 0.03	8.0%	65.35
LDX	Lumos Diagnostics	$ 0.03	7.4%	21.71
AVR	Anteris Technologies	$ 6.29	6.6%	99.41
AFP	AFT Pharmaceuticals	$ 2.60	6.1%	272.65
ARX	Aroa Biosurgery	$ 0.49	5.4%	165.55
UCM	Uscom Limited	$ 0.02	5.3%	4.76
RHC	Ramsay Health Care	$ 37.90	5.1%	7,049.83
CVB	Curvebeam Ai Limited	$ 0.09	4.9%	26.97
REG	Regis Healthcare Ltd	$ 8.13	4.9%	1,242.92
TRI	Trivarx Ltd	$ 0.01	4.8%	6.79
ACR	Acrux Limited	$ 0.02	4.3%	9.79
VLS	Vita Life Sciences	$ 1.89	4.1%	104.29
PGC	Paragon Care Limited	$ 0.40	3.9%	662.12
NSB	Neuroscientific	$ 0.06	3.8%	7.95
CMP	Compumedics Limited	$ 0.28	3.7%	53.82
SPL	Starpharma Holdings	$ 0.09	3.4%	38.48
NOX	Noxopharm Limited	$ 0.07	2.9%	21.04
GLH	Global Health Ltd	$ 0.08	2.6%	4.63
CMB	Cambium Bio Limited	$ 0.21	2.5%	3.75
PIQ	Proteomics Int Lab	$ 0.42	2.4%	59.56
SDI	SDI Limited	$ 0.85	2.4%	99.25
CSX	Cleanspace Holdings	$ 0.45	2.3%	34.81
ATX	Amplia Therapeutics	$ 0.05	2.0%	19.40
MVF	Monash IVF Group Ltd	$ 0.78	2.0%	301.97
IDX	Integral Diagnostics	$ 2.43	1.9%	870.95
EZZ	EZZ Life Science	$ 1.54	1.7%	72.65
IMC	Immuron Limited	$ 0.07	1.5%	15.67
FRE	Firebrickpharma	$ 0.07	1.5%	15.05
SHL	Sonic Healthcare	$ 26.62	1.4%	12,821.98
FPH	Fisher & Paykel Healthcare	$ 34.59	1.4%	6,585.46
IMR	Imricor Med Systems	$ 1.67	1.2%	541.55
OCC	Orthocell Limited	$ 1.27	1.2%	307.31
PME	Pro Medicus Limited	$ 280.98	0.9%	15,316.67
PAR	Paradigm Biopharmaceuticals	$ 0.31	0.8%	120.72
CTE	Cryosite Limited	$ 0.75	0.7%	36.61
CHM	Chimeric Therapeutic	$ 0.00	0.0%	8.06
IXC	Invex Therapeutics	$ 0.09	0.0%	6.99
COV	Cleo Diagnostics	$ 0.35	0.0%	27.74
IDT	IDT Australia Ltd	$ 0.10	0.0%	45.12
EYE	Nova EYE Medical Ltd	$ 0.13	0.0%	35.52
OCA	Oceania Healthc Ltd	$ 0.59	0.0%	427.30
EPN	Epsilon Healthcare	$ 0.02	0.0%	8.29
TD1	Tali Digital Limited	$ 0.00	0.0%	3.30
OIL	Optiscan Imaging	$ 0.13	0.0%	112.77
PER	Percheron	$ 0.01	0.0%	10.87
OSL	Oncosil Medical	$ 1.20	0.0%	13.82
BIT	Biotron Limited	$ 0.00	0.0%	3.32
EOF	Ecofibre Limited	$ 0.02	0.0%	7.58
TRP	Tissue Repair	$ 0.19	0.0%	11.19
IBX	Imagion Biosys Ltd	$ 0.01	0.0%	2.42
SOM	SomnoMed Limited	$ 0.59	0.0%	129.66
ANR	Anatara Ls Ltd	$ 0.01	0.0%	1.07
HIQ	Hitiq Limited	$ 0.02	0.0%	7.57
ADR	Adherium Ltd	$ 0.01	0.0%	5.31
PSQ	Pacific Smiles Grp	$ 1.81	-0.3%	291.73
COH	Cochlear Limited	$ 271.60	-0.4%	17,779.29
CSL	CSL Limited	$ 247.16	-0.7%	119,986.49
TLX	Telix Pharmaceutical	$ 25.98	-0.8%	7,546.94
HLS	Healius	$ 0.88	-0.8%	635.37
ANN	Ansell Limited	$ 31.19	-0.9%	4,566.62
SNZ	Summerset Grp Hldgs	$ 10.21	-0.9%	2,461.11
MYX	Mayne Pharma Ltd	$ 4.80	-1.0%	376.51
RGT	Argent Biopharma Ltd	$ 0.09	-1.1%	6.86
PNV	Polynovo Limited	$ 1.27	-1.2%	870.46
PYC	PYC Therapeutics	$ 1.20	-1.2%	699.91
BDX	Bcal Diagnostics	$ 0.08	-1.3%	27.45
NEU	Neuren Pharmaceuticals	$ 13.85	-1.4%	1,765.00
RMD	ResMed Inc.	$ 37.58	-1.5%	22,360.10
IME	Imexhs Limited	$ 0.33	-1.5%	17.70
LTP	LTR Pharma	$ 0.32	-1.5%	34.71
AHC	Austco Healthcare	$ 0.31	-1.6%	112.86
RHY	Rhythm Biosciences	$ 0.06	-1.6%	17.87
ONE	Oneview Healthcare	$ 0.27	-1.9%	202.31
VHL	Vitasora Health Ltd	$ 0.04	-2.4%	66.24
MSB	Mesoblast Limited	$ 1.60	-2.4%	1,560.40
CYC	Cyclopharm Limited	$ 1.18	-2.5%	131.70
AHX	Apiam Animal Health	$ 0.39	-2.5%	71.74
EBO	Ebos Group Ltd	$ 34.69	-2.5%	1,365.85
IMM	Immutep Ltd	$ 0.28	-2.6%	407.57
VIT	Vitura Health Ltd	$ 0.07	-2.9%	45.03
CUV	Clinuvel Pharmaceuticals	$ 10.24	-3.0%	457.13
AVH	Avita Medical	$ 1.89	-3.1%	123.08
NAN	Nanosonics Limited	$ 4.39	-3.1%	1,282.02
NUZ	Neurizon Therapeutic	$ 0.15	-3.3%	68.92
MAP	Microba Life Sciences	$ 0.15	-3.3%	64.94
BMT	Beamtree Holdings	$ 0.28	-3.4%	81.15
SIG	Sigma Health Ltd	$ 3.06	-3.5%	17,428.00
MX1	Micro-X Limited	$ 0.06	-3.5%	36.70
CGS	Cogstate Ltd	$ 1.30	-3.5%	219.41
NC6	Nanollose Limited	$ 0.05	-3.8%	15.24
RCE	Recce Pharmaceutical	$ 0.34	-4.2%	90.39
AYA	Artrya	$ 0.73	-4.6%	82.43
ACW	Actinogen Medical	$ 0.02	-4.8%	63.54
DXB	Dimerix Ltd	$ 0.58	-4.9%	326.72
ACL	Au Clinical Labs	$ 2.78	-5.1%	395.94
EBR	EBR Systems	$ 1.09	-5.2%	465.57
NXS	Next Science Limited	$ 0.07	-5.6%	19.57
EMV	Emvision Medical	$ 1.68	-5.6%	140.67
AT1	Atomo Diagnostics	$ 0.02	-5.9%	10.98
PTX	Prescient Ltd	$ 0.05	-6.0%	37.85
AGN	Argenica	$ 0.77	-6.1%	98.63
M7T	Mach7 Tech Ltd	$ 0.35	-6.7%	84.43
BOT	Botanix Pharma Ltd	$ 0.35	-6.8%	620.71
ZLD	Zelira Therapeutics	$ 0.46	-7.1%	5.71
SNT	Syntara Limited	$ 0.07	-7.1%	105.57
CAN	Cann Group Ltd	$ 0.01	-7.1%	8.09
TYP	Tryptamine Ltd	$ 0.03	-8.6%	44.45
NTI	Neurotech International	$ 0.02	-8.7%	22.04
SHG	Singular Health	$ 0.30	-9.1%	83.31
ECS	ECS Botanics Holding	$ 0.01	-9.1%	14.26
GSS	Genetic Signatures	$ 0.49	-9.3%	110.16
CBL	Control Bionics	$ 0.03	-9.7%	8.84
ILA	Island Pharma	$ 0.21	-10.6%	49.05
UBI	Universal Biosensors	$ 0.04	-10.6%	12.52
EMD	Emyria Limited	$ 0.03	-10.7%	13.75
TRU	Truscreen	$ 0.02	-11.1%	13.32
RHT	Resonance Health	$ 0.04	-11.6%	20.22
RAC	Race Oncology Ltd	$ 1.21	-12.0%	210.22
4DX	4DMedical Limited	$ 0.31	-12.9%	146.64
CYP	Cynata Therapeutics	$ 0.17	-13.2%	37.28
CU6	Clarity Pharma	$ 1.91	-13.8%	535.84
CDX	Cardiex Limited	$ 0.04	-16.1%	17.87
1AI	Algorae Pharma	$ 0.01	-16.7%	8.44
TRJ	Trajan Group Holding	$ 0.77	-16.8%	116.57
IMU	Imugene Limited	$ 0.01	-17.6%	112.01
MEM	Memphasys Ltd	$ 0.00	-18.2%	7.93
AVE	Avecho Biotech Ltd	$ 0.00	-20.0%	12.69
BP8	Bph Global Ltd	$ 0.00	-20.0%	2.10
VBS	Vectus Biosystems	$ 0.05	-21.7%	2.50
CTQ	Careteq Limited	$ 0.01	-23.1%	2.37
1AD	Adalta Limited	$ 0.00	-33.3%	1.93

Inoviq (ASX:IIQ) rose ~24% in May and got hit with a speeding ticket by the ASX.  The oncology play had no particular news out in May and attributed the increase to publication online of an abstract accepted by the American Society of Clinical Oncology (ASCO) for a poster presentation about results of its EXO-OC test for ovarian cancer.

Inoviq said the result had already been released in December and referred to in subsequent business updates.

"Some shareholders may have missed or misunderstood the significance of our 3 December 2024 ASX release and subsequent related updates noted above and may believe the Abstract contains new or better information, which is materially price sensitive, that is not the case in the company's view.

The company said new information to be delivered in the poster presentation at the ASCO annual meeting on June 1 was "considered price sensitive".

On June 2 Inoviq announced that new data presented at the ASCO meeting showed its EXO-OC test achieved 77% sensitivity at 99.6% specificity for detecting ovarian cancer at all stages.

Clever Culture Systems (ASX:CC5) continued to build momentum in May and was up 26.7% for the month after announcing a positive quarterly update in April, including its second quarter of positive cashflow.

Clever Culture is targeting profitability in FY25 and building a substantial sales pipeline to underpin growth in FY26 for its APAS Independence instruments, which remain the only US FDA-cleared AI technology for automated culture plate reading.

Lumos Diagnostics (ASX:LDX) rose 7.4% in May after several positive announcements including the largest single purchase order to date for its FebriDx test, a rapid point-of-care (POC) diagnostic designed to differentiate between bacterial and non-bacterial acute respiratory infections.

Developer and distributor of cost-saving solutions for hospitals, surgery centres, clinics and healthcare facilities across the US iMedical purchased US$126,000 worth of FebriDx tests.

In May Lumos also expanded Medicare reimbursement coverage in the US for FebriDx. By the end of May Lumos had secured reimbursement from six out of seven US Medicare Administrative Contractors (MACs) representing over 85% of US Medicare payment coverage.

And Australia's biggest private hospital operator Ramsay Health Care (ASX:RHC) rose 5.1% in May after providing a positive update on its 52.8% stake in European hospitals business Santé, with unaudited group revenue for the nine months period ending March 31, up by 5.1%.

At Stockhead, we tell it like it is. While Clever Culture Systems and Lumos Diagnostics  Biopharmaceuticals and Imricor are Stockhead advertisers, the companies did not sponsor this article.

Originally published as ASX health May winners: Sector rises 1.59pc but market volatility remains