- Pro Medicus was the best performing stock on the stock market in 2023-24
- The share price increased by 118.3 percent in the last financial year
Australia’s best-performing company saw its share price double over the last financial year, despite the cost of living crisis.
Pro Medicus, a medical imaging software provider, was by far the most prominent stock on the Australian Securities Exchange in 2023-24.
Investors have doubled their money over the past year and 7.9 times since the start of the pandemic four years ago.
A decade ago, its share price was worth just 95 cents, meaning $1,000 invested in July 2014 would now be worth $136,220.
Pro Medicus’ share price rose 118.3 percent over the past financial year to $143.26.
By comparison, the broader S&P/ASX200 index rose just 7.8 percent, while Australian house prices grew 8.4 percent.
CommSec market analyst Steven Daghlian said Pro Medicus, which posted revenue of $60.6 million in 2023, had performed consistently well thanks to new hospital, radiology and medical center contracts.
“Over the last year specifically, it’s been partly about contract wins, partly about financial results and partly about growth in the US,” he told Daily Mail Australia.
Australia’s best-performing company saw its share price double over the last financial year, despite the cost of living crisis (pictured, the Australian Stock Exchange in Sydney)
“What sets Pro Medicus apart from some of the other stocks we’ve seen on the top five list is how consistent its uptrend has been.”
Pro Medicus has been one of Australia’s best-performing companies since the start of the pandemic, with its share price rising more than 679 per cent from $16.62 in March 2020 to $129.41 on Friday morning.
This means that $1,000 invested just over four years ago would now be worth more than $7,790.
But $1,000 invested in July 2014 would now be worth $136,220, and its share price would have soared a whopping 13,522 percent in a decade.
An investment of $100,000 a decade ago would now be worth $13.622 billion.
The company was co-founded in 1983 by Melbourne physician Sam Hupert, who saw the potential of computers in medicine.
Dr. Hupert has served as CEO twice, from 1983 to 2007 and again since 2010.
Pro Medicus was one of only two Australian companies whose share price doubled.
Pro Medicus, a medical imaging software provider, was by far the most prominent stock on the Australian Securities Exchange in 2023-24.
Life360, a family tracking app, was the only other ASX-listed company whose share price doubled, rising 115.4 per cent to $16.37.
“It’s a location tracking app; I’d say it’s probably more wives who are monitoring their husbands than the other way around.”‘ Mr Daghlian said.
Australian gold producer Red5’s share price rose 89.5 percent to 36 cents.
Another gold producer, West African Resources, saw its share price rise 86.1 percent to $1.61.
Gold prices rose more than 20 percent last year and investors see it as a hedge against high global inflation.
“That’s exactly part of it,” Daghlian said.
The share price of Australian engineering software company Altium rose 84.3 percent to $68.03.
Technology stocks outperformed Australia’s broader stock market, rising 28 percent, similar to that of the U.S. technology-focused Nasdaq index.
