ASX healthcare stocks mostly rise as broader market lifts 12% despite Friday selloff

ImpediMed's latest quarterly result shows sales are recovering after the latest COVID-19 wave

ASX healthcare stocks look like they've been getting the right amount of sleep this week, rising by 09% in the past five days as broader markets lift 12% despite Friday's selloff.

At 11:15am AEDT on Friday, the S&P/ASX 200 Healthcare Index (ASX: XHJ) was up 1.9% for the past five days, while the benchmark S&P/ASX 200 Index (ASX: XJO) was up 1.2%.

The best performers on the index this week have been:

• ImpediMed (ASX: IPD), up 14%
• Polynovo (ASX: PNV), up 13%
• ResMed (ASX: RMD), up 11%
• Cochlear (ASX: COH), up 9%
• CSL (ASX: CSL), up 8%

ImpediMed's latest quarterly result shows that sales are recovering after the latest COVID-19 wave. The company reported a 17% increase in revenue to $12.6 million in the March quarter.

Polynovo also reported strong sales in April, with the company achieving its first $10 million revenue month. The company's Biodegradable Temporising Matrix (BTM) product is now being used in over 400 hospitals around the world.

ResMed, Cochlear and CSL have all reported solid results in recent months. ResMed's revenue grew by 11% to $878 million in the March quarter, while Cochlear's revenue grew by 9% to $298 million in the six months to December 31. CSL's revenue grew by 8% to $4.9 billion in the six months to December 31.

The healthcare sector is expected to continue to grow in the coming years, as the global population ages and the demand for healthcare services increases. This growth is expected to be driven by a number of factors, including the increasing prevalence of chronic diseases, the rising cost of healthcare, and the growing demand for personalised medicine.