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Healius Ltd HLS

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Economic Moat




Healius Returns to Business Post-Coronavirus, Cost Reductions Drive FVE Increase to AUD 3.30

Grant Slade, CFA Equity Analyst

Analyst Note

| Grant Slade, CFA |

No-moat Healius had already announced fiscal 2020 underlying EBIT, which at AUD 102.7 million was 19.1% down on the previous corresponding period, or pcp. The decline is attributable to a steep decrease in the imaging segment in the second half as a result of the coronavirus impacting elective and other routine procedures. Although non-COVID-19 pathology testing also experienced a decline, COVID-19 testing revenue provided some relief and continues to boost revenue into fiscal 2021. Looking through the noise of the fiscal 2020 result, we calculate underlying EPS from continuing operations at AUD 8.9 cents per share, down 23.9% from AUD 11.7 cps in the pcp. Underlying results exclude the impacts of the new lease accounting standard AASB 16, strategic project spending, and other once-off items. 

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Company Profile

Business Description

Healius is Australia’s second largest pathology provider and medical centre operator and third largest diagnostic imaging provider. Pathology and imaging revenues are almost entirely earned via the public health Medicare system. The company recently announced the sale of its medical centres business with the deal expected to close in the first half of fiscal 2021. Healius earns approximately 75% of revenue from pathology, and 20% from imaging and the remainder from day hospitals and IVF clinics.

203 Pacific Highway, Level 6
Sydney, NSW, 2065, Australia
T +61 294329400
Sector Healthcare
Industry Medical Care Facilities
Most Recent Earnings
Fiscal Year End Jun 30, 2021
Stock Type
Employees 12,500