The Australian healthcare sector experienced significant volatility in March, with the S&P/ASX Healthcare Index falling approximately 7% amid global market turmoil. This decline was largely attributed to the ongoing conflict in the Middle East, which led to rising energy prices, higher bond yields, and a general slump in equities. Investors across Australia were also grappling with increasing interest rates, as the Reserve Bank of Australia (RBA) raised the cash rate by 25 basis points to 4.10% during its March meeting. This marked the second rate increase of 2026, with further tightening likely if inflation does not ease.
According to the latest Australian Bureau of Statistics data, the Consumer Price Index rose 3.7% in February, remaining above the RBA’s target range of 2-3%. These figures were recorded before the Middle East conflict escalated, and it is expected that the situation will add further pressure to inflation.
The ASX healthcare sector, which had already dropped around 25% in 2025, fell another 30.25% year-to-date in 2026, making it the second worst performer after technology. The sector’s underperformance was driven by a lack of broad-based risk appetite, according to Morgans healthcare analyst Iain Wilkie. He noted that large-cap stocks, particularly CSL (ASX:CSL), were a major drag on the index due to softer earnings and lingering uncertainty about growth prospects.
Wilkie highlighted that while there was no fundamental change in March, investor sentiment remained cautious, with a focus on balance-sheet strength and near-term revenue visibility. Small-cap names that achieved specific milestones or made progress in commercialisation outperformed the broader market, although these gains were not enough to offset the overall sector weakness.
Despite the challenging environment, several companies in the healthcare sector saw significant gains in March:
Investors remain highly selective, prioritising companies with strong balance sheets and clear revenue visibility. The healthcare sector is likely to remain a stock-picker’s market rather than a sector call until earnings risks are resolved or the macroeconomic backdrop becomes more supportive of growth defensives.
While some companies like Lumos Diagnostics (ASX:LDX) and Optiscan Imaging showed positive momentum, the broader sector continued to face headwinds. The outlook for the healthcare sector remains uncertain, with investors closely watching developments in both the macroeconomic environment and individual company performance.
Below is a detailed list of selected ASX healthcare companies and their performance in March:
| CODE | COMPANY | PRICE | Month Return % | MARKET CAP ($millions) |
|---|---|---|---|---|
| ATX | Amplia Therapeutics | $0.235 | 95.8 | 120.6 |
| SDI | SDI Limited | $1.245 | 40.7 | 148.0 |
| 4DX | 4D Medical Limited | $5.560 | 39.0 | 3,193.4 |
| TLX | Telix Pharmaceutical | $13.660 | 36.6 | 4,629.3 |
| HMD | Heramed Limited | $0.050 | 31.6 | 55.8 |
| OIL | Optiscan Imaging | $0.105 | 23.5 | 109.6 |
| FRE | Firebrickpharma | $0.063 | 14.5 | 15.0 |
| ATH | Alterity Therap Ltd | $0.009 | 12.5 | 97.9 |
| NAN | Nanosonics Limited | $3.750 | 9.6 | 1,137.6 |
| HIQ | Hitiq Limited | $0.014 | 7.7 | 9.0 |
| VBS | Vectus Biosystems | $0.150 | 7.1 | 8.0 |
| 1AI | Algorae Pharma | $0.018 | 5.9 | 31.7 |
| SPL | Starpharma Holdings | $0.470 | 2.2 | 197.4 |
| RAC | Racura Oncology | $2.520 | 2.0 | 458.6 |
| ILA | Island Pharma | $0.370 | 1.4 | 116.0 |
| CYC | Cyclopharm Limited | $0.850 | 0.6 | 102.7 |
| ENL | Enlitic Inc. | $0.007 | – | 7.5 |
| ICR | Intelicare Holdings | $0.020 | – | 14.0 |
| PAR | Paradigm Bio. | $0.260 | – | 115.7 |
| CTQ | Careteq Limited | $0.007 | – | 2.0 |
| SNT | Syntara Limited | $0.031 | – | 50.7 |
| UBI | Universal Biosensors | $0.014 | – | 4.0 |
| ZLD | Zelira Therapeutics | $0.500 | – | 5.9 |
| IMC | Immuron Limited | $0.028 | – | 9.1 |
| NTI | Neurotech Intl | $0.013 | – | 17.1 |
| BP8 | Bph Global Ltd | $0.002 | – | 4.7 |
| VFY | Vitrafy Life Science | $1.680 | -1.2 | 86.0 |
| CUV | Clinuvel Pharmaceut. | $9.890 | -1.2 | 496.3 |
| VFX | Visionflex Group Ltd | $0.078 | -1.3 | 6.8 |
| M7T | Mach7 Tech Limited | $0.330 | -1.5 | 77.6 |
| IDX | Integral Diagnostics | $2.360 | -1.9 | 878.7 |
| VLS | Vita Life Sciences.. | $2.515 | -2.2 | 134.3 |
| COV | Cleo Diagnostics | $0.570 | -2.6 | 80.0 |
| PGC | Paragon Care Limited | $0.185 | -2.6 | 306.2 |
| NC6 | Nanollose Limited | $0.071 | -2.7 | 24.3 |
| AHC | Austco Healthcare | $0.350 | -2.8 | 131.2 |
| CSL | CSL Limited | $140.780 | -2.8 | 68,323.2 |
| PNV | Polynovo Limited | $0.935 | -3.1 | 645.9 |
| MVF | Monash IVF Group Ltd | $0.660 | -3.3 | 257.2 |
| MSB | Mesoblast Limited | $2.160 | -3.6 | 2,783.2 |
| TRU | Truscreen | $0.014 | -3.6 | 10.1 |
| AYA | Artryalimited | $3.270 | -3.8 | 500.0 |
| CTE | Cryosite Limited | $1.150 | -4.6 | 56.1 |
| AHE | Adheris Health Ltd | $0.02 | -5.0 | 12.1 |
| CGS | Cogstate Ltd | $2.170 | -5.2 | 371.0 |
| EBO | Ebos Group Ltd | $18.540 | -5.3 | 3,836.4 |
| PKP | Peak Processing Ltd | $0.017 | -5.6 | 19.7 |
| EMD | Emyria Limited | $0.050 | -5.7 | 40.3 |
| CQT | Conneqt Health Ltd | $0.033 | -5.7 | 20.2 |
| IIQ | Inoviq Ltd | $0.330 | -5.7 | 46.5 |
| PCK | Painchek Ltd | $0.160 | -5.9 | 33.4 |
| SIG | Sigma Health Ltd | $2.650 | -6.0 | 30,480.8 |
| BMT | Beamtree Holdings | $0.150 | -6.3 | 43.6 |
| ACL | Au Clinical Labs | $2.080 | -6.3 | 391.7 |
| OCA | Oceania Healthc Ltd | $0.650 | -6.5 | 470.8 |
| ALC | Alcidion Group Ltd | $0.098 | -6.7 | 131.6 |
| CBL | Control Bionics | $0.056 | -6.7 | 22.7 |
| GLH | Global Health Ltd | $0.067 | -6.9 | 3.9 |
| LGP | Little Green Pharma | $0.097 | -7.6 | 29.7 |
| ACR | Acrux Limited | $0.01 | -7.7 | 4.5 |
| RHC | Ramsay Health Care | $39.010 | -8.4 | 8,969.6 |
| DVL | Dorsavi Ltd | $0.027 | -8.6 | 32.1 |
| IBX | Imagion Biosys Ltd | $0.021 | -8.7 | 10.3 |
| RAD | Radiopharm | $0.021 | -8.7 | 75.0 |
| RHT | Resonance Health | $0.041 | -8.9 | 19.6 |
| SHG | Singular Health | $0.240 | -9.4 | 69.0 |
| NEU | Neuren Pharmaceut. | $11.810 | -9.5 | 1,477.9 |
| MYX | Mayne Pharma Ltd | $2.270 | -9.9 | 184.4 |
| LTP | Ltr Pharma Limited | $0.405 | -10.0 | 75.0 |
| PER | Percheron | $0.006 | -10.0 | 9.1 |
| REG | Regis Healthcare Ltd | $6.160 | -10.1 | 1,862.5 |
| PME | Pro Medicus Limited | $116.900 | -10.1 | 12,212.5 |
| EMV | Emvision Medical | $1.580 | -10.5 | 146.8 |
| RMD | ResMed Inc. | $32.160 | -10.8 | 46,850.0 |
| SOM | SomnoMed Limited | $0.650 | -11.0 | 142.4 |
| FPH | Fisher & Paykel H. | $30.650 | -11.1 | 18,000.0 |
| AVE | Avecho Biotech Ltd | $0.008 | -11.1 | 29.4 |
| IME | Imexhs Limited | $0.400 | -11.1 | 21.6 |
| ARX | Aroa Biosurgery | $0.595 | -11.2 | 205.6 |
| IMR | Imricor Med Sys | $1.900 | -11.6 | 609.8 |
| VIT | Vitura Health Ltd | $0.038 | -11.6 | 25.2 |
| MAP | Microbalifesciences | $0.076 | -11.6 | 46.3 |
| IPD | Impedimed Limited | $0.015 | -11.8 | 30.6 |
| IDT | IDT Australia Ltd | $0.044 | -12.0 | 18.6 |
| NOX | Noxopharm Limited | 0.058 | -12.1 | 17.8 |
| SHL | Sonic Healthcare | $20.450 | -12.3 | 10,104.0 |
| MVP | Medical Developments | $0.390 | -12.4 | 43.9 |
| IVX | Invion Ltd | $0.070 | -12.5 | 6.8 |
| ANN | Ansell Limited | $28.230 | -13.0 | 4,009.9 |
| NSB | Neuroscientific | $0.091 | -13.3 | 30.3 |
| SNZ | Summerset Grp Hldgs | $7.500 | -13.5 | 1,830.7 |
| COH | Cochlear Limited | $169.100 | -13.9 | 11,042.2 |
| CU6 | Clarity Pharma | $3.100 | -14.1 | 1,154.0 |
| AFP | Aft Pharmaceuticals | $2.730 | -14.2 | 286.3 |
| ALA | Arovella Therapeutic | $0.070 | -14.6 | 84.5 |
| CMP | Compumedics Limited | $0.28 | -15.2 | 55.9 |
| NYR | Nyrada Inc. | $0.560 | -15.8 | 136.2 |
| OCC | Orthocell Limited | $0.800 | -15.8 | 217.0 |
| RHY | Rhythm Biosciences | $0.180 | -16.3 | 61.8 |
| CYP | Cynata Therapeutics | $0.305 | -16.4 | 72.4 |
| TRP | Tissue Repair | $0.150 | -16.7 | 9.1 |
| ECS | ECS Botanics Holding | $0.005 | -16.7 | 8.0 |
| VHL | Vitasora Health Ltd | $0.020 | -16.7 | 38.8 |
| MEM | Memphasys Ltd | $0.005 | -16.7 | 14.2 |
| GSS | Genetic Signatures | $0.083 | -17.0 | 18.9 |
| EBR | EBR Systems | $0.610 | -17.0 | 274.7 |
| AVR | Anteris Technologies | $7.300 | -17.0 | 709.8 |
| ACW | Actinogen Medical | $0.034 | -17.1 | 122.1 |
| RCE | Recce Pharmaceutical | $0.445 | -17.6 | 128.7 |
| OSX | Osteopore Limited | $0.007 | -17.6 | 3.9 |
| ANR | Anatara Ls Ltd | $0.01 | -18.2 | 2.8 |
| HLS | Healius | $0.560 | -18.2 | 406.6 |
| NUZ | Neurizon Therapeutic | $0.075 | -18.5 | 53.1 |
| CC5 | Clever Culture | $0.022 | -18.5 | 47.9 |
| ENP | Entropy Neurodynamic | $0.028 | -19.1 | 44.5 |
| EPN | Epsilon Healthcare | $0.021 | -19.2 | 8.2 |
| PEB | Pacific Edge | $0.145 | -19.4 | 148.3 |
| AT1 | Atomo Diagnostics | $0.033 | -19.5 | 27.5 |
| TD1 | Tali Digital Limited | $0.041 | -19.6 | 1.9 |
| ADR | Adherium Ltd | $0.002 | -20.0 | 10.7 |
| LDX | Lumos Diagnostics | $0.220 | -20.0 | 175.5 |
| EYE | Nova EYE Medical Ltd | $0.120 | -20.0 | 34.2 |
| RNV | Renerve Limited | $0.088 | -20.0 | 12.0 |
| CSX | Cleanspace Holdings | $0.46 | -20.7 | 36.3 |
| CMB | Cambium Bio Limited | $0.410 | -21.9 | 11.2 |
| 1AD | Adalta Limited | $0.00 | -22.2 | 10.2 |
| BB1 | Blinklab Limited | $0.710 | -22.4 | 89.4 |
| AGN | Argenica | $0.170 | -22.7 | 21.8 |
| OSL | Oncosil Medical | $0.500 | -23.1 | 15.3 |
| PIQ | Proteomics Int Lab | $0.260 | -23.5 | 42.9 |
| PTX | Prescient Ltd | $0.052 | -23.5 | 54.7 |
| DOC | Doctor Care Anywhere | 0.14 | -24.3 | 51.3 |
| AVH | Avita Medical | $1.075 | -24.6 | 133.5 |
| BOT | Botanix Pharma Ltd | $0.042 | -25.0 | 93.2 |
| CAN | Cann Group Ltd | $0.006 | -25.0 | 9.6 |
| TRJ | Trajan Group Holding | $0.400 | -25.9 | 61.0 |
| CVB | Curvebeam Ai Limited | $0.050 | -26.5 | 23.9 |
| BDX | Bcaldiagnostics | $0.088 | -26.7 | 32.4 |
| MX1 | Micro-X Limited | $0.055 | -26.7 | 39.9 |
| PYC | PYC Therapeutics | $1.100 | -26.9 | 1,081.6 |
| IXC | Invex Ther | $0.091 | -27.2 | 7.5 |
| PAB | Patrys Limited | $0.028 | -28.2 | 15.0 |
| NX1 | Nexalis Therapeutics | $0.020 | -28.6 | 5.1 |
| RGT | Argent Biopharma Ltd | $0.039 | -30.4 | 3.5 |
| ONE | Oneview Healthcare | $0.185 | -31.5 | 141.9 |
| TRI | Trivarx Ltd | $0.019 | -32.1 | 20.8 |
| BIT | Biotron Limited | $0.002 | -33.3 | 6.8 |
| DXB | Dimerix Ltd | $0.300 | -36.8 | 180.1 |
| IMU | Imugene Limited | $0.14 | -43.8 | 48.2 |
| EZZ | EZZ Life Science | $0.810 | -47.4 | 38.1 |
| IMM | Immutep Ltd | $0.047 | -87.8 | 69.3 |
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