Sonic Healthcare Stock Earnings Reports

Sonic Healthcare reported FY2025 statutory revenue of AUD 9.645bn (+8%), EBITDA AUD 1.725bn (+8%) and NPAT AUD 514m (+7%). Organic revenue growth was 5% and normalized EBITDA margin expanded ~40bps. The board declared a final dividend of AUD 0.63/share (total AUD 1.07, +1%). FY2026 constant-currency EBITDA guidance is AUD 1.87–1.95bn (AUD 1.94–2.02bn at current FX), implying up to ~13% EBITDA growth (c.16% at current FX) and EPS growth up to ~19% at the top of the range. Guidance includes completed acquisitions (notably LADR in Germany and Cairo Diagnostics in the U.S.) and excludes any PAMA changes; interest expense is expected to rise ~15–20% (constant currency) and the effective tax rate ~27%. Key operational notes: U.S. faced headwinds (lost an Alabama payer contract, Change Healthcare billing disruption) but July showed a rebound (~2.5% organic growth) and management highlighted new payer wins and initiatives to lift growth (salesforce restructuring, Pathology Watch rollout, nationalizing Cairo offerings). Australia performed strongly (organic +6%), with growth in genetics and continued collection-center rationalization; Radiology and Germany also performed well, and Swiss integration synergies are expected to meaningfully contribute in FY26–27. Balance sheet remains strong (c. AUD 1.4bn headroom pre-final dividend, debt cover ~2.1x) and management says acquisition capacity remains. Key risks called out: potential U.S. PAMA reform, FX moves, and higher interest costs from recent acquisitions and property investment.