3 ASX healthcare stocks to buy while they are down

The following ASX healthcare stocks are very promising at current valuations supported by industry tailwinds including ageing populations and rising healthcare spending.

ASX healthcare stocks to buy

Mesoblast Limited (ASX: MSB) 

ResMed Inc. (ASX: RMD) 

Orthocell Limited (ASX: OCC) 

Mesoblast Limited (ASX: MSB) 

has established itself as one of the best ASX healthcare stocks. It reported a solid March FY26 quarter with gross sales of US$35.3 million for Ryoncil while management stated that annualised revenue is approaching US$100 million following the product launch last year.

The company also reported a major improvement in cash efficiency as quarterly net operating cash spend fell to only US$4.1 million compared to earlier periods which was supported by customer receipts of US$34.6 million and disciplined control over operating expenses.
Mesoblast at 31 March 2026 held an impressive cash balance of US$122 million while operational progress across the business was phenomenal.

Mesoblast achieved patient recruitment targets in its pivotal Phase 3 chronic low back pain trial for rexlemestrocel-L and also advanced several late-stage inflammatory disease programs together with its FDA-cleared label expansion strategy for Ryoncil.

The stock has declined 26.75% year-to-date but the company still has a market capitalisation of about $2.58 billion and the recent pullback may offer an attractive opportunity for investors to get exposure to a solid regenerative medicine business.

ResMed Inc. (ASX: RMD) 

has a market capitalisation of about $41.37 billion and recently reported a strong quarterly result for the period ended March 31 2026.

The stock has fallen 25% over the last 12 months which has created a compelling opportunity for investors to gain exposure to one of the best ASX healthcare stocks at an attractive valuation.
The company in Q3 2026 reported revenue of US$1,431.4 million which increased 11% year-on-year while net income rose 9% to US$398.7 million compared with the prior corresponding period.
Gross margin improved to 62.2% during the quarter because of manufacturing and logistics efficiencies along with lower component costs which highlighted the company’s strong operational efficiency.

Management maintained a positive outlook for future growth which is supported by a strong product pipeline and the continued global rollout of the AirSense 11 device.
The business is also in a strong financial position with cash and cash equivalents of US$1,660.5 million which will provide substantial flexibility for future research and development or strategic acquisitions.

Orthocell Limited (ASX: OCC) 

has a market capitalisation of approximately $224.2 million and has made major progress in its global commercialisation strategy for the Remplir nerve repair device.
The stock has fallen 40% over the last 12 months which has created an opportunity for investors to invest in one of the best ASX healthcare stocks at a more attractive valuation.

The company for the period ended 31 March 2026 reported year-to-date revenue of $9.4 million which was 45% higher than the prior corresponding period.

Recent developments also reflect strong execution because the company achieved its first commercial sales in the Canadian market and recorded an 89.7% treatment success rate in the Remplir Real World Evidence study.

Momentum has increased in the company-led U.S. market after access was secured to a network of 221 military medical centres and the company reported its first material quarter of U.S. sales.
The business is in a very strong financial position with cash reserves of $48 million which provides a healthy runway for commercial expansion and a clear path to profitability.

Management is optimistic about future growth as the company prepares to enter the US$750 million European and UK markets following expected regulatory approvals in 2H CY26.

(Source: Company Reports)