ASX 200
|
A
B
C
D
E
F
G
H
I
J
L
M
N
O
P
Q
R
S
T
U
V
W
X
TO MAKE THE WORLD
SMARTER, HAPPIER, AND RICHER.
Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services.
We take a look at why this medical technology company soared ahead today.
Image source: Getty Images
You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More
The Micro-X Ltd (ASX: MX1) share price exploded today on news of a $15 million investment.
Micro-X shares surged 37% from 13.5 cents to 18.5 cents before retreating. The company’s shares finished the day up 26%.
Let’s take a look at what this ASX medical tech share reported.
Micro-X has formed a strategic partnership with Varex Imaging Corporation (NASDAQ: VREX). Varex is said to be the biggest independent manufacturer of x-ray technology components in the world.
Varex will pay Micro-X US$5 million (about A$7.5 million) for a global exclusive licence to use Micro-X’s NEX technology. Under the deal, Varex will be able to design, make and sell multi-beam x-ray tubes using this technology.
Further, Varex will take a 9.9% stake in Micro-X via a share placement of 50,709,000 shares at 14.7 cents per share. This investment is valued at nearly $7.5 million. In total, this would take Varex’s investment in Micro-X to about $15 million.
Commenting on the news, Micro-X managing director Peter Rowland said:
This long-term investment will continue to promote Micro-X on the world stage, as a leader in innovative products and technology that is designed to make lives better.
This collaboration contributes hugely to our future growth and allows us to continue to focus on future medical and security imaging applications for our proprietary NEX Technology
Micro-X is holding an investor call at 9am on Tuesday to discuss this news.
The Micro-X share price has slid 42% in the past year, while it has fallen 33% year to date.
For perspective, the S&P/ASX 200 Health Care Index (ASX: XHJ) has fallen nearly 14% in a year.
Micro-X has a market capitalisation of about $78 million based on the current share price.
Motley Fool contributor Monica O’Shea has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
| James Mickleboro
Medibank shares are starting the week in the red…
Read more »
| James Mickleboro
CSL shares are falling on Monday despite a positive update on the new CSL Vifor business…
Read more »
| Bernd Struben
While CSL didn’t see its share price explode like some vaccine makers, the company was hard at work to combat…
Read more »
| Zach Bristow
Here are some of the numbers looking ahead.
Read more »
| Bronwyn Allen
The CSL share price has been rangebound for more than two years but one broker reckons this won’t last long.
Read more »
| James Mickleboro
Is it time to buy ResMed shares?
Read more »
| James Mickleboro
Medibank has been targeted by hackers…
Read more »
| James Mickleboro
NIB’s shares are under pressure on Thursday. Here’s why…
Read more »
View All
In this FREE STOCK REPORT, Scott Phillips, and his team at Motley Fool’s Share Advisor have released a special free report, detailing 5 ASX stocks that they think could be fantastic stocks to own as investors prepare for their retirement.
Sign Up for Take Stock
Investment news, stock ideas, and more, straight to your inbox.
Get Started Investing
You can do it. Learn about investing with our Investing Education hub.
Win at Retirement
Our latest articles and strategies for the post-work life you want.
Listen to Our Podcast
Hear our experts take on shares, the market & how to invest.
Join Our Premium Community
Join our flagship membership service, Share Advisor.
To make the world Smarter, Happier, And Richer
Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show and premium investing services. The Motley Fool launched its Australian presence in 2011, and since then has grown to reach over 1 million Australians.
Read more about us >
This Service provides only general, and not personalised financial advice, and has not taken your personal circumstances into account. The Motley Fool Australia operates under AFSL 400691. For more information please see our Financial Services Guide. Please remember that investments can go up and down. Past performance is not necessarily indicative of future returns. The Motley Fool Australia does not guarantee the performance of, or returns on any investment.
© 2010 – 2022 The Motley Fool Australia Pty Ltd. All rights reserved.
ACN: 146 988 052
Australian Financial Services Licence (AFSL): 400691
The Motley Fool Australia, PO Box 104, Isle of Capri, Qld 4217
Contact Details:
Phone: (03) 8592 4841
Email: [email protected]
Our friendly customer service team will happily get back to you as soon as they can.
Guess which ASX medical tech share soared 37% at one point today – The Motley Fool Australia
