Sonic Healthcare Ltd

SHL: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$17.00	Dsbxkr	Ydfycnxp

Sonic Healthcare Earnings: Pathology Margins Weak but Set to Recover

Shane Ponraj

Feb 20, 2024

Narrow-moat Sonic Healthcare's first-half group revenue grew 5% to AUD 4.3 billion, driven by acquisitions and strong organic performance in Australia and Germany. However, EBITDA fell 20% to AUD 737 million. This was largely due to higher-margin coronavirus revenue falling 90%, wage inflation, and Sonic still removing legacy coronavirus-related labor and infrastructure costs.

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