Daily Brief Health Care: Anthem Biosciences, Cochlear Ltd, Agilent Technologies, Next Science Ltd, Shoulder Innovations, Fisher & Paykel Healthcare Cor, Pro Medicus Ltd, Mesoblast Ltd and more

• Anthem Biosciences (1234D IN) raised about US$397m in its India IPO.
• Anthem Biosciences (ABS) is a contract research, development and manufacturing organisation (CRDMO) with fully integrated operations spanning drug discovery, development, and manufacturing.
• We have looked at the company’s past performance in our previous notes. In this note, we will talk about the peer comp and IPO valuations.

• Cochlear Limited recently announced its half-year results for fiscal year 2025.
• In its earnings call, the company disclosed a mixed performance across its business segments.
• On the positive side, the company reported a strong 13% growth in Cochlear implant revenue and an even stronger 22% growth in Acoustics revenue, leading to an overall net sales increase of 6% in constant currency.

• Agilent is a leading provider of instruments, services, and consumables for labs in the life sciences, diagnostics, applied chemical markets, and R&D sectors
• With a market cap of $30 billion, Agilent was born within Hewlett Packard and spun off more than 25 years ago
• Agilent has a total addressable market of $160 billion and has a history dating back to 1938, starting as a testing instrument for audio equipment used by Disney in the production of Fantasia

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• Next Science plans to distribute net proceeds of US$30m from asset sale to shareholders, equating to A$0.158/share.
• The asset sale requires shareholder approval, with major stakeholders like the Walker family likely supporting the transaction.
• Uncertainties include FDA compliance issues, tax treatment of distribution, and potential changes in net proceeds estimate.

• They are a commercial stage medical technology company that currently offers advanced implant systems for shoulder arthroplasty.
• They generated net revenue of $31.6 million for the year ended December 31, 2024, compared to net revenue of $19.3 million for the year ended December 31, 2023 (64% growth).
• This IPO could set terms as early as next week for a late July or early August debut. 

• Fisher & Paykel Healthcare’s recent financial results for the fiscal year ending March 31, 2025, reveal a balanced mix of robust growth and strategic challenges, providing a comprehensive overview of the company’s current performance and future outlook.
• On the positive front, the company reported operating revenue of $2.02 billion, marking a 16% increase from the previous year.
• This growth is primarily driven by broad-based expansion across its hospital consumables portfolio and significant contributions from the obstructive sleep apnea (OSA) masks.

• Pro Medicus Limited, a healthcare IT company specializing in enterprise imaging, reported a record first half of the fiscal year in both financial performance and strategic milestones.
• The company’s revenue increased by 31.1%, with profit after tax soaring by 42.7%, reflecting robust financial health.
• The earnings before interest and taxes (EBIT) margin grew to 71.9%, underscoring the company’s profitability.

• Mesoblast Ltd (MSB AU) reported $13.2M revenue from Ryoncil since its launch on March 28 through June 30. With full treatment cost of $1.55M, Ryoncil pricing has been reasonably set.
• With mandatory CMS coverage becoming effective on July 1 in all U.S. states and Mesoblast completing onboarding of the remaining major U.S. transplant centers, Ryoncil revenue is expected to accelerate.
• As of June 30, 2025, Mesoblast had cash balance of $162M. Considering cash burn of $16.6M for the latest quarter, the company has an estimated funding available for ~10 quarters.