Since the start of the year the All Ordinaries index has risen an impressive ~17.5% excluding dividends.
Whilst this is undoubtedly a strong gain, some constituents of the index have managed to vastly outperform it.
Three shares that have at least doubled in value in 2019 are listed below. Here's why they are on fire:
The AVITA Medical Ltd (ASX: AVH) share price has been the best-performer on the index this year with a massive 425% gain. Investors have been buying the global regenerative medicine company's shares due to the potential of its RECELL System. The RECELL System is a regeneration platform which was granted U.S. FDA approval last year as a Class III device for the treatment of acute thermal burns. At the end of the third quarter the company reported year to date sales of $11.5 million, which was an 86% increase on the prior corresponding period. Whilst this is strong growth, it is still only scratching at the surface of a U.S. market that management estimates to be worth US$5.7 billion per year.
The Bubs Australia Ltd (ASX: BUB) share price may have faded over the last few weeks but is still up a sizeable 102% since the start of the year. A series of positive developments have helped drive the baby food and infant formula company's shares higher in 2019. These include an agreement with Chemist Warehouse, the acquisition of a manufacturing facility, and its expansion into cow milk infant formula. The latter was seen as a major positive as the cow milk formula market is materially bigger than the goat milk formula market, giving it a much larger addressable market. Bubs is targeting the premium side of the market and will offer an organic grass-fed range.
The Zip Co Ltd (ASX: Z1P) share price has rocketed 192% higher since the start of the year. The payments company has caught the eye of investors in 2019 thanks to an impressive first half result and equally strong third quarter result. In the third quarter Zip Co posted a 20% increase in quarterly revenue to a record $23 million. This was driven by the addition of several key retailers to its platform and another jump in customer numbers. During the quarter the company added a further 143,000 customers to its platform, taking its total to a sizeable 1.2 million.