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Highlights

  • Macquarie Research rates IDX as “Outperform” with a price target of AUD 3.40, reflecting an 11.48% upside.

  • Canaccord Genuity assigns a “Buy” rating with a price target of AUD 3.40, also suggesting 11.48% upside.

  • Ord Minnett maintains a “Buy” rating with a price target of AUD 3.00, slightly below the current share price.

  • Bell Potter Securities issues a “Buy” rating with a price target of AUD 4.00, indicating a 31.15% upside.

Integral Diagnostics Limited (ASX:IDX), a leading provider of diagnostic imaging services across Australia and New Zealand, has received a series of favorable analyst recommendations following the release of its full-year results for the 12 months ended 30 June 2025 (FY25).

Macquarie Research analyst Rachael Harwood has reaffirmed an “Outperform” rating on IDX, setting a price target of AUD 3.40. The rating implies an upside of 11.48% from the current trading level of AUD 2.99.

Canaccord Genuity analyst Elyse Shapiro also provided a “Buy” recommendation, with a price target of AUD 3.40, aligning with Macquarie’s expectations. 

Ord Minnett, represented by analyst Tom Godfrey, has maintained a “Buy” rating with a price target of AUD 3.00, which is marginally below the current price. 

Bell Potter Securities (Institutional) analyst Martyn Jacobs has delivered the most optimistic assessment, assigning a “Buy” rating with a price target of AUD 4.00, representing a 31.15% potential upside.

Financial Performance

financial results for the year ended 30 June 2025, showing significant growth across key metrics. On a consolidated basis, revenue and other income reached AUD 628.0 million, an increase of 33.7% compared to the prior year. This growth included contributions from Capitol Health Limited, which came under IDX control from 20 December 2024.

Operating EBITDA rose by 38.3% to AUD 126.5 million, benefiting from AUD 7.0 million in merger synergies. The company also improved its operating EBITDA margin, which expanded to 20.1%, up from 19.5% a year earlier. Operating NPAT climbed sharply, increasing 77.4% to AUD 31.6 million.

Statutory NPAT, however, stood at AUD 4.8 million, as results were impacted by AUD 26.8 million in transaction and integration costs, restructuring expenses, amortisation of customer contracts, and share-based payments to doctors.

Operating free cash flow strengthened to AUD 80.0 million, marking a 42.9% improvement, supported by robust operating leverage and working capital management. Net debt to operating EBITDA reduced to 2.6x, or 2.4x on a pro forma basis including annualised synergies, down from 2.8x at 31 December 2024.

Earnings per share also improved, with operating diluted EPS increasing 32.9% to 10.2 cents per share. The Board declared a fully franked final dividend of 4.0 cents per share, payable on 3 October 2025.

On a standalone basis, excluding Capitol Health, IDX achieved operating revenue growth of 6.7%, with Australian organic growth at 7.3% (6.9% adjusted for working days). This performance helped narrow the gap to comparable Medicare growth of 8.3% (7.9% adjusted). Capitol contributed additional growth, delivering 5.2% revenue growth under IDX ownership, or 7.3% when adjusted for clinic closures, a clinic sale, and a fire insurance recovery.