January pushed the Biotech Daily Top 40 Index (BDI-40) further into record territory, up 11.2 percent in the month to $25,841 million.

For the year to January 31, 2025, adjusting for the November Pro Medicus promotion to the Big Caps, the BDI-40 was up 70.1 percent to $48,473 million. Without the adjustment, in raw data terms, the BDI-40 was up 0.1 percent compared to January 31, 2024.

That means, that despite removing Pro Medicus worth $20,360 million at the time, the BDI-40 is still above where it was 12 months ago.

The benchmark ASX200 was up 4.6 percent in January and 11.1 percent for the year to January 31, 2025. The Nasdaq Biotechnology Index was up 5.1 percent for the month and 3.4 percent for the year.

The four Big Caps of Cochlear, CSL, Pro Medicus and Resmed (which are not included in the BDI-40) were up a collective 3.5 percent in January and 11.2 percent for the year to January 31, 2025. Resmed improved the most numerically, up $5,012 million, but Cochlear was the percentage best, up $1,905 million or 10.0 percent to $20,872 million, followed by Pro Medicus up $2,268 million or 8.7 percent to $28,405 million, with CSL easing 0.1 percent to $135,447 million.

The BDI-40 had many rises and small falls. Twenty-two companies were up, 16 by more than 10 percent, six by more than 20 percent; with 17 down, 10 by more than 10 percent.

Telix added the most to the total - $1,405 million - but the percentage best was Medical Developments up $29 million or 63.0 percent to $75 million, followed by EBR (61.05%), Paradigm (56.2%), Cyclopharm (40.3%), Dimerix (32.1%), Opthea (28.5%), Nanosonics (18.3%), Telix (17.1%). Orthocell (16.0%), Neuren (15.6%), Alcidion (14.8%), 4D Medical (14.1%), Percheron (12.5%), Resonance (12.5%), Compumedics (12.2%), Prescient (10%) and Mesoblast up $333 million or 9.4 percent.

Avita led the falls – on a January 8 revenue warning - down $166 million or 29.6 percent to $394 million, followed by Aroa (24.8%), Proteomics (20.0%), Medadvisor (17.7%), Curvebeam (17.3%), Universal Biosensors (16.1%), SDI (15.3%), Nova Eye (13.5%), Syntara (11.9%) and Clarity (10.2%).

The 11 companies in Cannabis Corner were up 5.0 percent to $294 million, but down 23.6 percent for the year to January 31, 2025; with Bioxyne up 63.6 percent to $90 million and Avecho up 25.0 percent to $10 million; while six fell, led by Inhalerx down from $7 million by $3 million or 42.9 percent to $4 million and three were unchanged.

On the Nasdaq, Bionomics was unchanged at $8 million, Kazia was up 16.7 percent to $14 million, Eyepoint (Psivida) was up 2.3 percent to $841 million, Incannex fell 21.7 percent to $47 million and Protagonist slipped 2.4 percent to $3,629 million.

Outside the BDI-40, Argenica, Arovella, Artrya, Austco, Botanix, Clever Culture, Control Bionics, Echo IQ, Imricor, Island, Microba, Optiscan, Race, Radiopharm, Respiri, Somnomed and Tryptamine, were all vying for promotion.