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Innovation in health care technology creates global exposure for South Australian companies

25 February 2017: The Deloitte South Australian (SA) Index increased by 3.0% in the December 2016 quarter after a strong 12 months’ growth of 10.0%. By comparison, the S&P/ASX 200 increased 4.2% in the December quarter, and 7.0% over the last 12 months.

The total market capitalisation of South Australia’s 65 listed companies rose 9.2% in the December quarter, from $25.45 billion to $27.79 billion.

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Percentage change to 31 December 2016

Percentage change to 31 December 2016
Source: Deloitte analysis, ASX, Capital IQ

The health care equipment and services industry was the fastest grower in the December quarter, increasing by 34.7% as measured by market capitalisation.

According to Deloitte Financial Advisory’s South Australia Lead Partner Stephen Adams: “The health care equipment and services sector has experienced increased real momentum over the past 12 months, driven by South Australian companies exporting innovative intellectual property into global markets, or communicating a strategic intent to do so.”

In October, LBT Innovations Limited announced it had received US Food and Drug Administration approval for a new imaging and software product. The positive market reaction to this development contributed to the company’s 84.2% share price increase over the December quarter.

November saw Ellex Medical Lasers Limited announce an increase in sales growth from 2015. This, coupled with increased exposure to the US market, contributed to its 20.7% share price increase in the December quarter.

The table below summarises the share price changes of the five health care equipment and services companies in the Deloitte SA Index over the quarter.

share price changes of the five health care equipment
Source: Deloitte analysis, ASX, Capital IQ

Adams said: “We expect to see continued strong performance of local operators in this sector as they further develop innovative technology that target global markets.”

Major South Australian ASX listed company movements

OZ Minerals Limited was the biggest positive contributor to the Index in the December quarter, contributing an increase of 4.3%. Its share price jumped 29.8% in the quarter, and its market capitalisation grew by $537.8 million.

The three largest increases on a share price basis for the December quarter were:

  • LBT Innovations, up 84.2% from $0.19 to $0.35 per share
  • Terramin Australia Limited, up 52.6% from $0.10 to $0.15 per share
  • Flinders Mines Limited, up 52.2% from $0.02 to $0.04 per share.

Entries and exits

Gooroo Ventures Limited entered the Index in October 2016 via an initial public offering. The information technology company is primarily focused on the development of an online marketplace which directly connects prospective employers with potential employees. The technology leverages artificial intelligence disciplines to recommend candidates to employers based on individual skills, behaviour and culture, reducing the cost of bad hires.

Pawnee Energy Limited exited the Index after delisting in November 2016.

Deloitte SA Index: Companies ranked by market capitalisation as at 31 December 2016

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