Australia's October Medicare growth muted; Jefferies holds view on healthcare providers

Integral Diagnostics

26/11/2025 19:26

** Jefferies says Australia's October Medicare data shows muted growth across pathology and imaging, with general practitioner (GP) and assisted reproductive volumes under pressure

** October pathology volumes rose 1.9% y/y, diagnostic imaging (DI) up 1.7%, while assisted reproductive services (ARS) fell 4.9% - brokerage

** However, sees FY26 Medicare market revenue growth outlook of 6.5% for DI, 2.6% for pathology and -1% for ARS

** Keeps forecasts unchanged for healthcare service providers Healius HLS.AX, Sonic Healthcare SHL.AX, Integral Diagnostics IDX.AX and Monash IVF MVF.AX

** YTD, as of last close, HLS, SHL, IDX and MVF have all slipped between 0.3% to 31.5%

 (Reporting by Kumar Tanishk in Bengaluru)

 ((Tanishk.Kumar@thomsonreuters.com; X: @thatstanishk http://www.x.com/thatstanishk;))