May 2026
đź“Ł VC round data is live. Check it out!
Largest Laboratory Services Public Companies in Australia
Benchmark revenue and EBITDA valuation multiples for public comps like
ALS, Sonic Healthcare, Integral Diagnostics, Australian Clinical Labs and Healius.
 | Founded in the 1880s and listing on the ASX in 1952, ALS operates two divisions: commodities and life sciences. ALS commodities traditionally generated the majority of underlying earnings, providing geochemistry, metallurgy, inspection and mine site services for the global mining industry. Expansion into environmental, pharmaceutical and food testing areas has lessened earnings exposure to commodities. | $17 | +47% | $9B | $10B | 4.5x | 20.2x | ||
| Sonic Healthcare is a global pathology provider. It is the largest private operator in Australia, Germany, Switzerland and the UK, the second-largest in Belgium and New Zealand, and the third largest in the US. In addition to pathology, which contributes roughly 85% of group revenue, Sonic is the second-largest player in diagnostic imaging in Australia and the largest operator of medical centers in Australia. The company typically earns about 35% of group revenue in Australia and New Zealand, 25% in the US, and 40% in Europe. | $14 | -27% | $7B | $11B | 1.5x | 8.8x | ||
| Integral Diagnostics is a major Australian diagnostic imaging provider. In Australia, imaging revenues are almost entirely earned via the public health Medicare system. Integral typically earns approximately 90% of group revenue from diagnostic imaging in Australia and the remainder from diagnostic imaging in Auckland, New Zealand. In Australia, Integral services regional areas in Queensland, Victoria, New South Wales, and Western Australia. | $2 | -13% | $584M | $991M | 2.2x | 12.7x | ||
| Australian Clinical Labs is Australia’s third-largest private pathology provider. ACL earns almost its entire group revenue from pathology services in Australia, which are mostly earned via the publicly funded health Medicare system. ACL is well established in the states of Western Australia, South Australia, Victoria, and the Northern Territory. | $1 | -25% | $279M | $489M | 0.9x | 3.6x | ||
| Healius is Australia’s second-largest pathology provider. Pathology revenue is almost entirely earned via the public health Medicare system and makes up the majority of Healius' group revenue. A small portion comes from its clinical testing business, Agilex. | $0 | -57% | $175M | $813M | 0.8x | 5.3x | ||
| Microba Life Sciences Ltd is a commercial-stage company with technology for measuring the human gut microbiome and engages in providing gut microbiome testing services globally to consumers, clinicians, and researchers. It is also involved in developing new pathology services, therapeutics, and diagnostics based on the human gut microbiome. The company's operating segments are: Testing Services and Supplements, which derive key revenue, and Research and Development. Geographically, the company derives maximum revenue from Australia and the rest from Europe, New Zealand, the United States, Asia, and other regions. | $0 | -- | $30M | $23M | 2.1x | (3.1x) | ||
| Median | $2 | -25% | $431M | $902M | 1.8x | 7.1x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
Recent Insights
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.