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3 ASX shares to add to your watchlist this week

If you’re on the hunt for ASX growth shares, here are three I think are worth having on your watchlist.

PolyNovo

Polynovo Ltd (ASX: PNV) is a medical device manufacturer that’s been working on its flagship product, NovoSorb BTM since the late ’80s. BTM is used for serious burns victims and helps regenerate human tissue where It’s been severely damaged.

PVN share price

Source: Rask Media PNV 1-year share price chart

It’s also in the development stage for other products such as hernia treatments and breast reconstruction.

Now that a lot of the research and development has been done for BTM, its current challenge is selling the product on a global scale through distribution partners and a direct sales team on the ground.

To read more about PolyNovo, click here to read: Down 20% in 6 weeks: Are Polynovo (ASX: PNV) shares in the buy zone?

Infratil

Infratil Ltd (ASX: IFT) could be another one to add to your watchlist. It’s a New Zealand-based infrastructure investment company that invests in high-growth areas like renewable energy, data centres and healthcare.

In April, Infratil told the market that it will acquire a majority stake in Pacific Radiology Group Limited – a comprehensive diagnostic imaging company also based in New Zealand.

Pacific has 30 clinics that can perform five types of diagnostic scans, including ultrasounds, magnetic resonance imaging (MRI), computed technology (CT), and positron emission tomography (PET).

This acquisition could work quite well with its current holding in Qscan, which is another diagnostic imaging company with 300 machines across eastern Australia.

For more reading on Infratil, click here to read: Why I think Infratil (ASX: IFT) is one ASX share to look out for.

Tyro Payments

One final ASX growth share to watch is Tyro Payments Ltd (ASX: TYR).

TYR share price

Source: Rask Media TYR 1-year share price chart

You’ve likely swiped your card through one of its terminals while shopping for something. Tyro also performs the basic functions of a bank, meaning it can hold its customers’ money in the form of a deposit, as well as issue businesses loans to manage working capital and investment needs.

Tyro is one of many fintechs trying to take on the big four banks that still have the majority of the Australian market in terms of EFTPOS machines.

Even at Tyro’s current size, it still has a relatively small share of the available market, so there could be more potential upside as more businesses shop around for EFTPOS providers that can give them a better deal.

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Information warning: The information on this website is published by The Rask Group Pty Ltd (ABN: 36 622 810 995) is limited to factual information or (at most) general financial advice only. That means, the information and advice does not take into account your objectives, financial situation or needs. It is not specific to you, your needs, goals or objectives. Because of that, you should consider if the advice is appropriate to you and your needs, before acting on the information. If you don’t know what your needs are, you should consult a trusted and licensed financial adviser who can provide you with personal financial product advice. In addition, you should obtain and read the product disclosure statement (PDS) before making a decision to acquire a financial product. Please read our Terms and Conditions and Financial Services Guide before using this website. The Rask Group Pty Ltd is a Corporate Authorised Representative (#1280930) of AFSL #383169.

At the time of publishing, the author of this article does not have a financial or commercial interest in any of the companies mentioned.
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