- Pro Medicus was the best performer in the stock market in 2023-24
- The stock price has increased by 118.3% over the last financial year.
Australia’s best-performing company has seen its share price double in the last financial year despite a cost of living crisis.
Medical imaging software provider Pro Medicus was a strong performer on the Australian Stock Exchange in 2023-24.
Investors have more than doubled their money over the past year and are up 7.9 times since the pandemic began four years ago.
Ten years ago, its stock price was worth just 95 cents, meaning that $1,000 invested in July 2014 would be worth $136,220 today.
Pro Medicus’ share price has climbed 118.3% over the past financial year to $143.26.
By comparison, the S&P/ASX200 index rose just 7.8%, while Australian house prices rose 8.4%.
CommSec market analyst Steven Daghlian said Pro Medicus – which made a profit of $60.6 million in 2023 – was performing consistently thanks to new contracts with hospitals, radiology centres and medical centres.
“Over the past year in particular, it’s partly been about contract wins, financial results and growth in the US,” he told Daily Mail Australia.
Australia’s best-performing company has seen its share price double in the last financial year, despite a 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 in the top five is the consistency of its progress.”
Pro Medicus has been one of Australia’s best performing companies since the start of the pandemic, with its share price surging 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 be worth more than $7,790 today.
But $1,000 invested in July 2014 would be worth $136,220 today, with the stock price having climbed 13,522% in a decade.
Ten years ago, an investment of $100,000 would be worth $13.622 million today.
The company was co-founded in 1983 by Melbourne doctor Sam Hupert, who saw the potential of computers in medicine.
Dr Hupert served as Director General twice, from 1983 to 2007 and again since 2010.
Pro Medicus was one of only two Australian companies to see its share price double.
Medical imaging software provider Pro Medicus has been a clear standout on the Australian Stock Exchange in 2023-24
Life360, a family tracking app, was the only other ASX-listed company to see its share price double, rising 115.4 per cent to $16.37.
“It’s a location app – it’s probably more of a wife monitoring her husband, I would say, than the other way around,” said Mr. Daghlian.
Shares in Australian gold producer Red5 have soared 89.5 per cent to 36 cents.
Another gold producer, West African Resources, saw its share price rise 86.1% to $1.61.
Last year, gold prices rose more than 20% as investors viewed it as a hedge against high global inflation.
“That’s exactly it,” Mr. Daghlian said.
Shares of Australian engineering software company Altium rose 84.3% to $68.03.
Technology stocks outperformed the broader Australian stock market, rising 28%, similar to the tech-heavy US Nasdaq index.