Healius Limited · ASX:HLS
Healius — H1 2025 Earnings Presentation
23 slides from Healius's earnings presentation, Feb 20, 2025
Slide 1: Half Year Results 2025
Half Year Results 2025 20 February 2025
Slide 2: Forward-looking statements
Forward-looking statements This presentation may include forward-looking statements about our financial results, guidance and business prospects that may involve risks and uncertainties, many of which are outside the control of Healius Limited. Readers are cautioned not to place undue reliance on fo
Slide 3: Group overview
Group overview Paul Anderson Chief Executive Officer & Managing Director
Slide 4: Group Results 1H25
Group Results 1H25 Revenue Underlying EBIT Financial Performance $933.9m $23.7m Revenue $849.0m in pcp (up 10.0%) $15.7m in pcp (up 51.0%) • Group revenue including Lumus Imaging up 10.0% • Pathology revenue (ex Agilex) growth of 7.0% Pathology Revenue Imaging Gross Revenue (ex Agilex) • Agilex reve
Slide 5: Pathology (excluding Agilex)
Pathology (excluding Agilex) Financial • Revenue $641.7m growth of 7.0% on pcp • EBITDA of $111.2m was 3.6% lower than pcp • EBIT of $4.1m was 2.3% higher than pcp Operational • Consistent trends and growth rates in the Pathology market (including January and February) • Volume growth on improved GP
Slide 6: Pathology - operating improvements
Pathology - operating improvements ACC Closures per Week Contact Centre Performance Growth in Genomic Diagnostics 6
Slide 7: Pathology Strategy – embedded across the business
Pathology Strategy – embedded across the business Focused on providing better services for our patients and referrers to improve the volume and quality of the revenue we generate, and to become more efficient in our processes People and Customer Laboratory Emerging Digital ways of service modernisat
Slide 8: Pathology Strategy
Pathology Strategy Focused on providing better services for our patients and referrers to improve the volume and quality of the revenue we generate, and to become more efficient in our processes • Pathology strategy and operating model changes now embedded across the business • Focus on doing basics
Slide 9: Agilex Biolabs
Agilex Biolabs Financial • Revenue $18.8m vs $19.0m in pcp • EBITDA of $2.9m vs $4.1m in pcp • EBIT of $1.1m vs $2.1m in pcp Operational • 1H25 performance impacted by United States elections • Strong cost management undertaken ahead of the slowdown • Work to strengthen and benefit from global partn
Slide 10: Lumus Imaging
Lumus Imaging Financial • Gross revenue 1 $286.5m, growth of 13.3% on pcp • EBITDA of $56.4m, growth of 23.7% on pcp • EBIT of $26.4m, growth of 50.0% on pcp Operational • Investments in large-scale comprehensive clinics, improved modality mix and pricing initiatives are driving above-market growth
Slide 11: Sale of Lumus Imaging
Sale of Lumus Imaging • Sale of Lumus Imaging to Affinity Equity Partners announced 23 September 2024 • Enterprise value of $965m with net proceeds in excess of $800m • Completion anticipated to occur in 2H25, subject to certain conditions • Majority of conditions now satisfied • Proceeds of sale to
Slide 12: Key financials
Key financials Steve Humphries Chief Financial Officer
Slide 13: 1H25 Group Results
1H25 Group Results 1H25 1H24 $m $m Chg % Underlying EBIT in line with guidance Revenue (Underlying) 933.9 849.0 10.0% • Underlying group revenue growth of 10% to $933.9m EBITDA (Underlying) 164.4 159.1 3.3% • Pathology – growth in revenue underpinned by Deprecation and amortisation (D&A) (140.7) (14
Slide 14: Pathology (excluding Agilex)
Pathology (excluding Agilex) 1H25 1H24 Revenue growth 7.0% underpinned by $m $m Chg % 5.0% volume growth Revenue 641.7 600.0 7.0% • Volume growth in GP returning to historical trend and strong growth in Genomics. GP attendances EBITDA 111.2 115.3 (3.6%) improved by 3.6% in the period compared with p
Slide 15: Agilex Biolabs
Agilex Biolabs 1H25 1H24 Slow US market impacting revenue and $m $m Chg % margins with 2H25 recovery in progress Revenue 18.8 19.0 (1.1%) • EBIT margin 5.9% reflects $1.0m reduction vs pcp EBITDA 2.9 4.1 (29.3%) • Market shift caused by uncertainty created by US EBIT 1.1 2.1 (47.6%) elections, leadi
Slide 16: Lumus Imaging
Lumus Imaging EBIT growth and margin expansion driven 1H25 1H24 by revenue growth $m $m Chg % • Above-market gross revenue growth of 13.3%, which Gross revenue1 286.5 252.8 13.3% reflects: Statutory revenue 271.6 228.3 19.0% • Exam volume growth of 16.7% • Average fee 3 growth of 2.8% EBITDA 56.4 45
Slide 17: Cashflow and capex
Cashflow and capex 1H25 Gross Operating Free Cash Flow Cashflow Highlights $192.6m $45.4m • Maintenance capex $11.1m, primarily site refurbishments ($30m outflow in pcp) ($120.9m in pcp) for ACCs and imaging clinics • Growth capex $14.3m mainly comprises: 1H25 Maintenance capex 1H25 Growth capex • T
Slide 18: Debt management
Debt management 1H25 FY25 Outlook • Net debt of $345.3m ($360.7m FY24) • On completion of the Lumus Imaging sale, intention is to • Gearing1 at 3.8x – covenant2 of <4.5x refinance borrowing facilities and significantly reduce debt • Interest cover at 3.3x – covenant of >3.0x • Capital management rem
Slide 19: 2H FY25 Outlook
2H FY25 Outlook • Pathology has continued its growth trajectory during January and early February with volume and revenue growth consistent with 1H FY25 • Collection Centre productivity (labour and workforce management) a major focus for 2H25 • Pathology Strategy and Transformation Plans continue to
Slide 20: Q&A
Q&A
Slide 21: Appendix
Appendix @ ihealius ait rece os a a
Slide 22: Underlying vs Reported Reconciliation
Underlying vs Reported Reconciliation 1H25 1H24 1H25 1H24 $m $m $m $m Underlying EBIT 23.7 15.7 Underlying EBIT 23.7 15.7 Digital transformation costs (9.2) (12.5) Finance costs (39.9) (36.0) Income tax benefit 4.9 6.1 Transaction and takeover bid costs (1.4) (2.4) Underlying NPAT (11.3) (14.2) Rest
Slide 23: healius.com.au
healius.com.au