Sonic Healthcare (SHL) +9.89%: a reassuring result yesterday for the medical diagnostics business after a tough few years, with revenue ahead of consensus and guidance maintained, while management continues to address US margin pressure that has plagued operations since the Covid bump. This is a turnaround opportunity we’ve looked at several times, and yesterday’s result was another piece of evidence that things are improving.
1H26 Highlights:
- Net income: $262.5m (+11% y/y) – consensus $261m
- Revenue: $5.45bn (+17% y/y) – consensus $5.35bn.
- EBITDA: $907.4m (+9.7% y/y) – consensus $930.8m
- FY EBITDA (ccy) guidance: $1.87bn–$1.95bn maintained – consensus was a tad higher at $1.96bn
A good print overall — with the US still the watchpoint, but the group tracking broadly to guidance.
