Healius Limited (ASX:HLS), one of Australia's leading pathology networks, entered a Trading halt effective from the commencement of trading on Thursday, 24 September 2026. The halt was requested by Managing Director and CEO Paul Anderson, pending a material announcement regarding the Agilex Biolabs sale process.

The formal request was submitted to Ms Renee Hutchens, Senior Adviser, Listings Supervision at ASX Limited, pursuant to ASX Listing Rule 17.1. The halt will remain in place until the earlier of Healius making the announcement or the commencement of trading on Monday, 28 September 2026. Healius confirmed it is not aware of any reason the halt should not be granted.

Recent Updates from Healius

The trading halt relates directly to the Agilex Biolabs sale process that Healius announced on 13 May 2026, following several unsolicited approaches from potential acquirers. Agilex Biolabs is Healius' clinical research services Subsidiary providing bioanalytical and biomarker testing services to pharmaceutical and biotechnology companies. UBS Securities Australia Limited is assisting Healius in the process.

In its FY26 results announced on 19 August 2026, Healius reported Agilex Biolabs revenues increased 14.1% to $43.6 million, with EBITDA improving 67.2% to $10.7 million and EBIT growing 137.0% to $6.4 million. The Brisbane bioanalytical laboratory, which opened in August 2025, contributed to expanded capabilities. Healius stated at the time that the sale process had received strong interest from potential acquirers and remained ongoing.

Across the broader group, Healius reported FY26 group underlying Revenue of $1.373 billion (up 2.1%), underlying EBITDA of $258.6 million (up 8.1%), and underlying EBIT of $30.2 million (up 76.6%). Pathology revenue grew 1.8% to $1.33 billion. The reported net loss after tax, including discontinued operations, was $415.6 million, driven primarily by a non-cash Goodwill Impairment charge of $332.0 million that did not impact underlying Earnings or banking covenants.

The company ended FY26 with net Debt of $32.8 million, comfortably within its banking covenants. On the operational side, Healius completed a major digital platform implementation and headcount was reduced by approximately 5% through a labour optimisation program. The company was dealing with Fair Work Commission gender undervaluation decisions estimated to increase FY27 costs by approximately $15.0 million.

Healius also provided FY27 guidance of EBIT in line with consensus of $39.7 million and indicated its T27 Margin target of mid-to-high single-digit EBIT margins is now expected to be achieved by approximately December 2028 — approximately 18 months later than previously indicated — due to the Fair Work cost impacts and reduced GP attendances.

What Investors Will Be Watching

The trading halt announcement confirms that the Agilex Biolabs sale process has reached a decisive stage. Investors will be focused on the sale price and how proceeds will be allocated — whether to reduce net debt, return Capital to shareholders, fund the pathology business, or a combination. Any proceeds from the sale of a Business generating $10.7 million in EBITDA would represent a material event given Healius' current market position.

More broadly, investors will continue to monitor pathology Volume trends, the impact of the FWC gender undervaluation costs flowing through in FY27, and progress toward the revised T27 margin target. The strategic path for Healius post any Agilex divestment — as a focused pathology company — will also be a key consideration.