Resonance Health Limited (ASX: RHT) 

Fifteen years ago CSL Limited (ASX: CSL) earned under $50 million in profit. In 2013, it earned over $1.30 billion. Sirtex might not be as cheap as CSL was then, but the company's profits could follow a similar trajectory (though starting from a lower base). Where CSL supplies blood products, Sirtex Limited sells a treatment for liver cancer, a leading cause of cancer deaths worldwide. Both companies are concerned with saving lives. Back in 1999 CSL was less expensive than Sirtex is now, but Sirtex clearly belongs on any ethical investor's watchlist, and I regret not covering it sooner.

Azure Healthcare Ltd (ASX: AZV) just announced that the takeover offer won't proceed, and shareholders dumped their shares enthusiastically. I continue to hold, as I was never particularly excited about the takeover offer anyway. The long term future for Azure is bright, as it rolls out its solutions to more and more hospitals in the US. Because the new, more complete system has recurring revenue, Azure should increasingly have more stable growing cashflow. For the next 30 years or so, demand for hospital beds will only be going up. Azure helps hospitals profit more from each bed, and US hospitals love to profit.

DWS Ltd (ASX:DWS) is an IT Consulting and Software Solutions business, forever Danny Wallis Services (in my head) though apparently it's pure coincidence. Founder Danny Wallis remains the major shareholder and controls the company, but has recently stepped down as CEO. The major way that this company creates value for clients is to allow them to perform their own processes more efficiently. My view is that a lot of the work that once would have been performed by Australian IT consultants will now shift elsewhere, because of the increasing use of cloud data storage and software.

Azure Healthcare Ltd (ASX:AZV) will be losing a key person, Nathan Buzza, who was responsible for overseeing the development of the software that is now revolutionising the business. As I previously pointed out, the fact that the company now offers software solutions - not just hardware - is central to the Azure Healthcare investment thesis. Indeed, it was only once Buzza (and founder Robert Grey) both rejoined the company that its fortunes turned around. At least the software has been fully developed, so to an extent, it makes sense that Mr Buzza is now leaving. Having said that, I don't think there is any reason why the company couldn't have put it on their website or issued a press release.

Edit: Please Note this post is now out of date (see comments below) 

Answer: No. The buy thesis is broken by announcement dated 3/6/2014. Update to come.

The recently listed Beacon Lighting Group Ltd (ASX: BLX) may be of interest. It’s shares were way oversubscribed in the IPO and its share price went up 60% on listing. However, we still see good value at current prices.

Vocus Communications Limited (ASX: VOC) has pulled the annoying stunt of releasing its results 15 minutes before the market opened. I've had a quick look at the report, and decided to add the company to the Hypothetical Ethical Share Portfolio at the last traded price of $3.52 (at the time of writing). [Edit: buy price will be $3.70 or closing price today... see comments below]. [2nd Edit: whoops I added it at $3.77 instead]

I’m going to keep it short and sweet. I’ve sold out of all my Affinity Education Limited (ASX:AFJ) because my thesis is broken. In my very recent article on the company, I compared Affinity Education to G8 Education Group. I wrote:

Maybe Affinity Education has bought the worst Childcare Centres on the market, or their centres are simply not as impressive as G8′s. Because of a relatively short history as a company, we just don’t know when it comes to Affinity Education.