High Growth Tech Stocks to Watch in Australia September 2024

The Australian market has seen a 1.7% increase over the last week, with the Materials sector up by 4.0%, and an impressive 12% rise over the past year, supported by annual earnings growth forecasts of 12%. In this favorable environment, identifying high-growth tech stocks that can capitalize on these trends is crucial for investors looking to maximize their returns.

Top 10 High Growth Tech Companies In Australia

Name	Revenue Growth	Earnings Growth	Growth Rating
Clinuvel Pharmaceuticals	22.41%	27.42%	★★★★★★
Pureprofile	14.94%	80.73%	★★★★★☆
ImExHS	20.47%	111.20%	★★★★★★
AVA Risk Group	32.56%	118.83%	★★★★★★
DUG Technology	10.90%	32.21%	★★★★★☆
Pointerra	56.62%	126.45%	★★★★★★
Careteq	34.13%	126.60%	★★★★★☆
Wrkr	36.31%	100.29%	★★★★★★
Adveritas	57.98%	144.21%	★★★★★★
SiteMinder	19.39%	60.31%	★★★★★☆

Click here to see the full list of 62 stocks from our ASX High Growth Tech and AI Stocks screener.

We're going to check out a few of the best picks from our screener tool.

Pro Medicus (ASX:PME)

Simply Wall St Growth Rating: ★★★★☆☆

Overview: Pro Medicus Limited is a healthcare informatics company that develops and supplies imaging software and radiology information system (RIS) software and services to hospitals, imaging centers, and healthcare groups in Australia, North America, and Europe, with a market cap of A$17.56 billion.

Operations: Pro Medicus Limited generates revenue primarily from producing integrated software applications for the healthcare industry, totaling A$161.50 million. The company serves hospitals, imaging centers, and healthcare groups across Australia, North America, and Europe.

Pro Medicus, a prominent player in medical imaging software, reported remarkable financial performance for the year ending June 30, 2024. Revenue surged to AUD 166.33 million from AUD 127.33 million last year, while net income jumped to AUD 82.79 million from AUD 60.65 million—a notable increase of over 36%. The company's earnings per share also rose significantly, with diluted EPS climbing to AUD 0.791 from AUD 0.58 previously. Investing heavily in R&D has been a cornerstone of Pro Medicus' strategy; their expenditure here underscores their commitment to innovation and maintaining competitive advantage within the healthcare sector. With revenue growth forecasted at an impressive annual rate of 16.8%, outpacing the broader Australian market's expected growth of just 5.3%, Pro Medicus stands out for its robust financial health and strategic focus on technological advancements in medical imaging solutions.

• Navigate through the intricacies of Pro Medicus with our comprehensive health report here.

• Review our historical performance report to gain insights into Pro Medicus''s past performance.

WiseTech Global (ASX:WTC)

Simply Wall St Growth Rating: ★★★★★☆

Overview: WiseTech Global Limited develops and provides software solutions for the logistics execution industry across various regions including the Americas, Asia Pacific, Europe, the Middle East, and Africa, with a market cap of A$43.66 billion.

Operations: WiseTech Global Limited generates revenue primarily through its Internet Software & Services segment, which reported A$1.04 billion. The company's operations span multiple regions including the Americas, Asia Pacific, Europe, the Middle East, and Africa.

WiseTech Global's recent financial performance underscores its robust growth trajectory, with revenue reaching AUD 1.04 billion for the year ending June 30, 2024, up from AUD 816.8 million previously. The company's earnings also saw a significant increase to AUD 262.8 million from AUD 212.2 million last year, reflecting a strong net profit margin of approximately 25%. Notably, WiseTech has been investing heavily in R&D; their expenditure here represents around $161 million or about 15% of total revenue—highlighting their commitment to innovation and maintaining competitive advantage in the logistics software sector.

• Click here to discover the nuances of WiseTech Global with our detailed analytical health report.

• Explore historical data to track WiseTech Global's performance over time in our Past section.

Xero (ASX:XRO)

Simply Wall St Growth Rating: ★★★★★☆

Overview: Xero Limited, along with its subsidiaries, offers software as a service (SaaS) solutions for small businesses and their advisors in Australia, New Zealand, and internationally, with a market cap of A$22.61 billion.

Operations: Xero Limited generates revenue primarily by providing online solutions for small businesses and their advisors, amounting to NZ$1713.77 million. The company operates internationally, focusing on SaaS offerings.

Xero's revenue is projected to grow at 13.5% annually, outpacing the broader Australian market's 5.3%. The company anticipates earnings growth of 24.2% per year, highlighting robust financial health and strong market positioning. Recent product launches like Xero Inventory Plus and strategic integrations with platforms such as Amazon's FBA and Shopify enhance its SaaS offerings, driving recurring revenue streams. R&D expenses accounted for $161 million or about 15% of total revenue, underscoring a commitment to innovation in cloud-based accounting solutions for SMEs globally.

• Unlock comprehensive insights into our analysis of Xero stock in this health report.

• Evaluate Xero's historical performance by accessing our past performance report.

Next Steps

• Investigate our full lineup of 62 ASX High Growth Tech and AI Stocks right here.
• Got skin in the game with these stocks? Elevate how you manage them by using Simply Wall St's portfolio, where intuitive tools await to help optimize your investment outcomes.
• Maximize your investment potential with Simply Wall St, the comprehensive app that offers global market insights for free.

Looking For Alternative Opportunities?

• Explore high-performing small cap companies that haven't yet garnered significant analyst attention.
• Fuel your portfolio with companies showing strong growth potential, backed by optimistic outlooks both from analysts and management.
• Find companies with promising cash flow potential yet trading below their fair value.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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