The ASX healthcare sector is gearing up for a big end to 2026, with a raft of catalysts ahead. Pic: Getty Images
Morgans senior healthcare analyst Scott Power said several ASX healthcare stocks have significant catalysts coming up before the end of 2026
Topline results from Actinogen’s phase 2b/3 XanaMIA trial of Xanamem in Alzheimer’s remain on track for November
US respiratory season is the near-term catalyst for Lumos as it drives FebriDx adoption across urgent-care sites
As the ASX healthcare sector finds itself back in favour with investors, Morgans senior healthcare analyst Scott Power told Stockhead that upcoming clinical, regulatory and commercial milestones were likely to remain a key focus.
Power said near-term clinical data, regulatory decisions and commercial updates would provide important markers of progress and where value could emerge.
Healthcare has shown signs of recovery after a prolonged period of underperformance, surging 18.83% in August to become the best-performing sector on the ASX.
“With geopolitical and economic pressures, including higher interest rates continuing to weigh on global equity markets, investors are likely to remain focused on companies with clear near-term catalysts,” Power said.
“There are several companies with upcoming significant catalysts so it will be a big end to the year.
“AGM season (October/November) is just around the corner, where companies will provide trading, clinical and regulatory updates which will determine momentum into the rest of the year.”
With the final few months of 2026 ahead, here are some ASX healthcare stocks with upcoming catalysts.
1. Actinogen – Countdown on to November trial results
Topline results from Actinogen Medical’s (ASX:ACW) phase 2b/3 XanaMIA trial of lead drug candidate Xanamem in Alzheimer’s disease remain on track for November.
Alzheimer’s remains a difficult disease to treat, with no cure and limited options for slowing its underlying progression.
“The upcoming trial readout in November is a potentially transformational event for the company, for the clinical science, and most importantly, for patients living with Alzheimer’s all around the world,” ACW chief financial officer Will Souter told Stockhead.
Researchers are pursuing a range of approaches with Xanamem described as the “first and only potent oral inhibitor of 11β-HSD1”, an enzyme involved in producing cortisol in brain regions linked to memory and mood.
The aim of the oral drug candidate is to slow cognitive decline while preserving normal cortisol levels elsewhere in the body.
“Xanamem offers a truly unique mechanism by targeting elevated brain cortisol without interfering with the body’s essential stress response,” Souter said.
“Current treatments are not fulfilling patient needs; our goal with Xanamem is to deliver a safe, daily oral therapy that can genuinely slow disease progression.
“With full enrolment complete across our participating trial sites and our independent Data Monitoring Committee confirming safety and futility milestones, we remain fully focused on delivering our Phase 2b/3 topline results this November.”
2. US respiratory season near-term catalyst for Lumos
The upcoming US respiratory season is the near-term catalyst for Lumos Diagnostics (ASX:LDX), as it drives adoption and utilisation of its flagship FebriDx point-of-care (POC) blood test across a growing network of urgent-care sites.
FebriDx uses a finger-prick blood sample to help distinguish bacterial from non-bacterial acute respiratory infections.
The test helps support doctors to identify patients who may be appropriate for antibiotic treatment while helping avoid unnecessary prescribing where antibiotics are unlikely to be beneficial.
“The US respiratory season typically starts to build during December and January, creating an opportunity for Lumos to demonstrate the clinical and commercial value of FebriDx as respiratory infections increase,” CEO Doug Ward told Stockhead.
The FDA cleared FebriDx in 2023 and in March this year LDX’s commercial opportunity expanded significantly with the regulator granting the test a Clinical Laboratory Improvement Amendments (CLIA) waiver.
This waiver allows FebriDx to be deployed across more than 300,000 US healthcare settings, including retail health, primary care, urgent care and pharmacy clinics.
LDX estimates this represents an addressable population of around 80 million patients annually.
A longer-term catalyst is also a CLIA-waiver study for paediatric patients aged 2-12 years currently being undertaken, which could further expand the market opportunity for FebriDx.
LDX’s commercial rollout is now gathering pace with the company targeting the top 100 US urgent care groups, which it estimates represent around 40% of total US urgent care sites.
In its latest update, Lumos said 215 US sites were live with FebriDx, up from 170 in July, while a further 405 sites were under evaluation.
Two additional top 100 US urgent-care groups have committed to deploying FebriDx across more than 40 sites, moving into the network.
3. EBR updated procedure numbers for WiSE
Power said EBR Systems (ASX:EBR) should release updated procedure numbers next month for the US rollout of its WiSE wireless cardiac pacing system for heart failure in the US.
The WiSE system was implanted in 46 commercial patients during Q2 CY26, taking total commercial implants across its pilot launch phase and limited market release to 117.
“EBR will have their next quarter procedure numbers in October,” Power said.
EBR announced on Monday it had secured higher US Medicare inpatient reimbursement for WiSE, a change expected to support hospital adoption as the company scales commercial rollout.
CEO John McCutcheon said the changes would reduce reimbursement-related barriers for hospitals as the company scales US commercialisation for WiSE.
“The final FY27 Medicare payment rates represent a significant reimbursement and commercial milestone for WiSE,” he said.
“The increased inpatient reimbursement provides hospitals with a clearer and stronger payment pathway for eligible WiSE procedures, while better recognising the resources required to deliver this differentiated leadless technology.”
4. Imricor’s big catalyst year not over yet
It’s been a big year of catalysts for Minnesota-based Imricor Medical Systems (ASX:IMR), which has developed the world’s first guided cardiac ablation catheter for use with MRI.
In January IMR received FDA 510(k) clearance for the Vision-MR Diagnostic Catheter, followed by 510(k) clearance for its NorthStar Mapping System in February.
A 3D mapping and guidance system, NorthStar directs the company’s cardiac ablation catheters to the right spot.
In July, the company’s Vision-MR diagnostic catheter and NorthStar guidance system were also cleared for paediatric use.
“Imricor is working through the US FDA approval process for their products,” Power said.
“The big one being the approval for atrial flutter and that is expected later this year or early next year.”
5. Tetratherix awaits dental and orthopaedic FDA clearances
Power said Sydney-based Tetratherix (ASX:TTX) also has upcoming catalysts before the end of 2026.
TTX has developed a proprietary injectable polymer platform Tetramatrix that solidifies into a three-dimensional matrix at body temperature.
Its initial three core clinical franchises based on its Tetramatrix platform include bone regeneration, tissue spacing and tissue healing.
TTX this year also launched a precision medicine franchise and inked an exclusive R&D and licensing deal with US-based Superpower Health.
Under the deal, Superpower is paying Tetratherix a licence fee of US$3m a year for up to 10 years, and is purchasing Tetratherix’s Tetramatrix polymer, branded STEPP, for intranasal delivery of hormones and peptides, like GLP-1s.
“Tetratherix had multiple upcoming catalysts including FDA 510(k) clearances for its dental product Tegenix and TegenEOS orthopaedic product along with progress on its pivotal trial for tissue spacing product Tutelix,” Power said.
The company has already signed a distribution agreement with global healthcare products distributor Henry Schein for Tegenix.
The views, information, or opinions expressed in the interview in this article are solely those of the interviewee and do not represent the views of Stockhead.
Stockhead has not provided, endorsed or otherwise assumed responsibility for any financial product advice contained in this article.
Disclosure: Scott Power owns shares in EBR Systems, Imricor Medical Systems and Tetratherix.
Morgans Corporate Limited was Joint Lead Manager to the placement of shares for EBR Systems in June 2026 and has received fees in this regard.
At Stockhead we tell it like it is. While Lumos Diagnostics and EBR Systems are Stockhead advertisers, the companies did not sponsor this article.