Good morning, Armchair Army,
Welcome to today's edition of The Armchair Analyst, a 5-minute daily update on the ASX life-sciences sector.
First, a big thank you.
Yesterday I hosted the first-ever Armchair After Market Event.
By all reports, the event went well!
A big thank you to special guest Sam Hupert, the CEO of Pro Medicus.
A big thank you to all the speakers: Will, Greg, and Jeremy.
A big thank you to Ben and Investor Hub for hosting
A big thank you to everyone who showed up and supported the event.
The most valuable asset anyone can give you is their attention.
I don’t take that for granted.
So thank you.
If you were there, I’d love your feedback. Just reply to this email.
I’ll look to do another one of these in Sydney and Perth.
… and some more in Melbourne too.
Let’s dive in…
The Pulse Check
Percheron Therapeutics (ASX: PER) enters into an agreement with Vanderbilt Health for an investigator-led clinical trial in leukaemia and MDS. Recruitment starts 4Q CY2026. (PER, held)
🪑 Investigator-led studies aren't always available, as you need to get investigators interested - they will come on board if there is real clinical potential. So this is a coup for Percheron.
Investigator-led studies are a great, low-cost way for early-stage companies to get efficacy data.
The investigators (in this case, Vanderbilt) will bear the lion’s share of the trial cost.
Patrys (ASX: PAB) receives HREC approval for its Phase 1A clinical trial of RLS-2202. (PAB)
🪑 Milestone ticked.
Imricor (ASX: IMR) and Philips have launched a combined iMR lab solution for MR-guided cardiac interventions. (IMR)
🪑 Let the commercialisation begin.
There is a great video on LinkedIn that Philips has put up (worth a watch):
(Source, LinkedIn)
CLINUVEL (ASX: CUV) considers a NASDAQ listing and delisting from the ASX. (CUV)
🪑 A lot of ASX-listed healthcare companies look over the pond, see the valuations US-based healthcare stocks get, and scratch their heads, wondering why they are so undervalued…
I’ll be very, very curious if moving to a different exchange actually re-rates the stock.
Generally speaking, shareholders don’t like it when companies move exchanges, as it adds admin work to trade the stock.
But ultimately, it’s up to shareholders to decide the company's fate.
Memphasys (ASX: MEM) announces that the Thai FDA has approved the Felix sperm separation system, activating a $430,500 three-year contract with IVF Envimed. (MEM)
Blackbird closes second $1 billion fund. (Forbes)
🪑 The company has a history of high-quality healthcare investments, including in Heidi Health and Eucalyptus.
Diabetes biotech Immunobiota looks to raise $5 million Seed for clinical trials. (Startup Daily)
The Report Card
Control Bionics (ASX: CBL) reports revenue of $4.77M (down 22%). (CBL, held, Armchair Pick)
🪑 A big reset year for CBL as its go-to-market strategy for assistive technology products in the US shifts from a “direct model” to a “distributor model”.
The key growth area is now the new NeuroStrip product, targeted at sports and rehab.
I’ll be jumping into the earnings call at 12:00 pm today - register here.
Talius Group (ASX: TAL) reports half-year revenues of $3.4M (down 19%) but increases in gross margin and gross profit. (TAL)
🪑 While revenues fell, margin expansion is taking effect, indicating a shift from a hardware business to a software business.
ECS Botanics (ASX: ECS) reports a 10% increase in annual revenue to $21M in FY26 and a 67% reduction in net loss to $1.9M. (ECS)
Austco Healthcare (ASX: AHC) announces FY26 revenue growth of 16% to $94.2M and NPAT increase of 52% to $9.0M. (AHC)
🪑 Good result.
The line item I watched closely was recurring revenue (Software and Maintenance revenues), up 19% to $11.4M.
Resonance Health (ASX: RHT) reported FY26 results of $15.8M (up 42%) and a $1.5M profit, with guidance set at $17M to $22M and nEBITDA of $2.6M to $3.6M. (RHT)
🪑 Great year, and growth expected to continue.
Cash Injection
Percheron Therapeutics (ASX: PER) requests a trading halt pending an announcement regarding a capital raising. (PER, held)
🪑 I’m participating
See you all next week,
The Armchair Analyst.
