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Healius (ASX:HLS), a pathology provider, has been a difficult turnaround for fund managers. In August 2026, Investors Mutual noted the market doubts that the industry's third-largest pathology player can earn higher margins than larger rivals, pointing to ongoing struggles at Healius. Ellerston reported a 33% fall in May after weaker-than-expected GP pathology volumes led to a 4.1% EBITDA downgrade. Wentworth Williamson frames Healius as a margin improvement story, with management cutting headcount and modernising systems, while Blackwattle warned of further earnings miss risk. Healius operates in the Healthcare sector within the Healthcare Providers and Services industry, and Thesis Tracker has captured 20 comments from 8 fund managers, including Investors Mutual, Ellerston, Wentworth Williamson and Blackwattle. Founded in 1985 and headquartered in Sydney, Healius provides pathology services through Laverty, Dorevitch, QML and Western Diagnostic, and has sold its imaging and day hospitals businesses.
Company figures as of 15 Oct 2026. For information only.
Fund managers including Spheria Asset Management, Perpetual Asset Management, Tamim Funds Management, Wentworth Williamson, Blackwattle Investment Partners, Ellerston Capital, First Samuel, Investors Mutual Limited and Paragon Funds have invested in Healius Ltd (ASX:HLS).
Wentworth Williamson sees a margin improvement turnaround after years of underperformance, with management reducing headcount, modernising IT systems and restructuring operations.
Ellerston and Blackwattle highlight weaker GP pathology volumes, an EBITDA downgrade and the risk of further earnings misses, while Investors Mutual notes doubts about Healius achieving competitive margins against larger rivals.
Healius Ltd. is a Sydney-based healthcare company founded in 1985 by Edmund Gregory Thomas Bateman. The company provides healthcare technology and diagnostic services, operating through three primary segments: Pathology, Imaging, and Other. The Pathology segment delivers pathology services, while the Imaging segment provides diagnostic imaging through stand-alone sites, hospitals, and medical centers. The Other segment encompasses the company’s corporate support functions. Healius focuses on integrated healthcare delivery systems to support patient outcomes across Australia.
General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.
11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.