Highlights

• Healius agreed to sell Agilex Biolabs to Novotech for A$160 million enterprise value, with completion expected in second half FY2027.

• Underlying EBITDA rose 8.1 percent to $258.6 million in FY26, while underlying EBIT climbed 76.6 percent to $30.2 million.

• A non-cash goodwill impairment of $332.0 million pushed the reported net loss after tax to $415.6 million for the year.

• Healius now expects mid-to-high single-digit pathology EBIT margins around December 2028, roughly 18 months later than previously planned.

Healius Limited (ASX:HLS) has put a price on the biggest non-pathology asset in its portfolio. The company agreed on 25 September 2026 to sell Agilex Biolabs to a subsidiary of Novotech Health Holdings for an enterprise value of A$160 million, five weeks after reporting a year in which earnings improved but statutory results sank under a large writedown. Shares were trading at A$0.435 on 23 October 2026, up 4.82%.

What Novotech Is Paying

The price equals about 19.8 times Agilex's FY2026 EBITDA on a pre-AASB 16 basis. Healius expects cash proceeds of about A$155 million after separation and transaction costs, subject to usual adjustments for working capital, cash and debt, and does not expect to pay tax on the sale.

Completion needs approval from the Foreign Investment Review Board and the Australian Competition and Consumer Commission, and Healius expects it in the second half of FY2027 if the conditions are met. The company has not decided how to use the proceeds and said it will keep assessing capital needs, though it expects to hold net cash after completion.

The sale follows a process that began on 13 May 2026, after unsolicited approaches, when Healius said it was exploring a sale. In FY26 Agilex lifted revenue 14.1% to $43.6 million, with EBITDA up 67.2% to $10.7 million. Healius said the sale will not affect pathology operations, which it plans to keep growing.

A Better Underlying Year, a Heavier Reported Loss

Results released on 19 August 2026 showed underlying revenue of $1,373.2 million, up 2.1%. Underlying EBIT rose from $17.1 million to $30.2 million. Pathology contributed revenue of $1,329.6 million, up 1.8%, and EBIT of $23.8 million.

Cost control did much of the work. Total cost growth was held to 0.8%, labour costs were flat and headcount fell by roughly 5%. Annualised corporate and support savings reached $24.4 million, ahead of a $15.0 million to $20.0 million target. Collection centres were trimmed by 100 to 1,883, and pathology volumes slipped 1.3% as the average fee per episode rose 4.0%.

Reported figures told a different story. The $332.0 million goodwill impairment is non-cash and does not affect underlying earnings, cash flow or banking covenants, the company said. Reported net loss after tax was $415.6 million, against $151.2 million a year earlier. Net debt was $32.8 million at 30 June 2026. No final dividend was declared.

Pathology Targets Move Out

The T27 program aimed at mid-to-high single-digit EBIT margins now stretches to about December 2028. Healius pointed to Fair Work Commission wage outcomes, lower GP attendances and a shift towards telehealth. The Commission's gender undervaluation decision cost $1.8 million in FY2026, with phase two from 1 October 2026 and an estimated full-year impact of about $15.0 million in FY2027.

Priorities for FY2027

For FY2027 Healius plans to hold pathology cost growth to 3.5%, including Fair Work impacts, and expects like-for-like collection centre volumes to grow in line with Medicare Benefits Schedule trends. The digital program has moved into business-as-usual, with the Medway Collections Portal live across more than 1,700 centres and over 80% of episodes processed digitally. Updates on the use of Agilex proceeds are expected closer to completion.