The Hardman & Co Healthcare Index (HHI) has been running since 2009. Its main function is to highlight the attractions of life sciences investments over the long term. After two exceptional years, 2022 was a year of attrition. The HHI fell 24.1%, to 502.3, which was better than the fall for the FTSE AIM All-Share Index (-31.7%), but well below the outcomes for both the FTSE 100 (+0.9%) and FTSE All-Share (-3.2%) indices. Only seven companies in our index saw share prices rise in 2022. Despite challenges in raising new capital from the market, 18 companies (34%) did achieve successful outcomes, with a further two closing in 1Q’23. A number of companies are running low on cash and will need more capital in order to get auditors to sign off their accounts – so 2023 looks as though it will be quite busy.
Specific comments on the top five and bottom five performers:
