Australia's Sonic Healthcare slumps on profit forecast downgrade

Sonic Healthcare

21/05/2024 02:53

** Shares of Sonic Healthcare  SHL.AX  fall as much as 11.4%
to A$23.580, set for worst day since March 20, 2020, if losses
hold         
    ** The healthcare provider says it expects FY24 EBITDA of
A$1.6 bln ($1.07 bln), compared with previous forecast of A$1.7
bln-1.8 bln
    ** Expects to achieve EBITDA of A$1.70 bln-A$1.75 bln in
FY2025
    ** Profit forecast lowered due to "inflationary pressures
and currency exchange headwinds," says co
    ** Stock hits lowest level since April 14, 2020
    ** About 3.2 mln shares change hands, compared with the
30-day average volume of 1.3 mln    
    ** SHL stock down 17.1% YTD, as of last close

    ($1 = 1.4981 Australian dollars)

 (Reporting by Adwitiya Srivastava in Bengaluru)
 ((Adwitiya.Srivastava@thomsonreuters.com;))