August was a bumper month for ASX 200 healthcare shares with broad based buying across the sector.
The S&P/ASX 200 Health Care (INDEXASX: XHJ) index rallied 6.8% last month to an 18-month high and less than 3% away from all-time highs.
The solid performance was headlined by these top performing players.
Top performing ASX 200 healthcare shares in August
Nanosonics Ltd (ASX: NAN)
The Nanosonics share price rallied 23.5% in August to a 7-month high of $6.62.
Nanosonics delivered its FY21 results on Tuesday, 24 August when its share price surged 21.9% to $7.18.
The company delivered a relatively flat financial performance with revenues up 3% to $103.1 million while net profit after tax declined 15% to $8.6 million.
Encouragingly, management said the company experienced a “significant recovery” in the second half of FY21, with revenues bouncing 16.3% compared to 2H20 figures.
Management believes this momentum is likely to continue, expecting double-digit revenue growth figures in FY22.
Pro Medicus Limited (ASX: PME)
Pro Medicus is another ASX 200 healthcare share that surged after the release of its FY21 results.
The Pro Medicus share price rallied 15.6% to $65.35 on Wednesday, 18 August after the company reported a 19.5% increase in FY21 revenue to $67.9 million and a 33.7% lift in net profit after tax to $30.9 million.
Management hailed the year as “our biggest year in terms of both sales and implementations, laying the foundations for a further step-up in exam volumes in FY22”.
Despite the strong rally on the day of its results announcement, its gains would fade to 8.78% for the month of August.
Sonic Healthcare Ltd (ASX: SHL)
The Sonic Healthcare share price rallied 8.45% in August.
In contrast to the other top performing ASX 200 healthcare shares, the Sonic Healthcare share price fell almost 3% on the day of its FY21 results.
At face value, the company delivered an upbeat financial performance with revenue up 28% to $8.8 billion and net profit surging 149% to $1.3 billion.
However, the company flagged that its growth has been enhanced by COVID-19 testing revenue from its ~60 laboratories around the world.
Sonic Healthcare reported that COVID-19 PCR volumes were lower in the second half of the year versus the first half. However, volumes have been increasing again with the spread of the Delta variant.
The post Top performing ASX 200 healthcare shares in August appeared first on The Motley Fool Australia.
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Motley Fool contributor Kerry Sun has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Nanosonics Limited and Pro Medicus Ltd. The Motley Fool Australia owns shares of and has recommended Nanosonics Limited and Pro Medicus Ltd. The Motley Fool Australia has recommended Sonic Healthcare Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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