October 2026
Largest Medical Imaging & Diagnostics Public Companies in Australia
Benchmark revenue and EBITDA valuation multiples for public comps like
Pro Medicus, Sonic Healthcare, Telix Pharmaceuticals, Integral Diagnostics and Australian Clinical Labs.
 | Pro Medicus is a healthcare IT company specializing in radiology imaging software. Its main product, Visage 7, is a clinical desktop application that radiologists use to view, enhance, and manipulate images from any device and make a diagnosis. Its main customers are US private academic hospitals. In fiscal 2025, Pro Medicus earned 90% of revenue in North America, 8% from Australia, and the remaining 2% in Europe. | $136 | -21% | $14B | $14B | 76.3x | 96.7x | ||
| Sonic Healthcare is an Australian medical diagnostics company that provides pathology and clinical laboratory services, diagnostic imaging and primary care medical services. It was listed on the Australian Securities Exchange in 1987 and has grown largely through acquisitions in Australia, New Zealand, the United Kingdom, the United States, Germany, Switzerland and Belgium. The group reported revenue of A$9.6 billion and a net profit of A$514 million for the year to June 2025 and employs more than 45,000 people. It describes itself as the third largest provider of pathology and clinical laboratory services in the world and the largest private laboratory operator in Australia, Germany, Switzerland and the United Kingdom. It is also the second largest participant in Australian diagnostic imaging, and its Sonic Clinical Services division runs medical centres, skin cancer clinics and occupational health services in Australia. Revenue comes from fees for tests and scans paid by patients, Medicare and other public and private payers, and from hospital and NHS laboratory outsourcing contracts. The company is headquartered in Sydney and operates through a decentralised structure built around what it calls Medical Leadership. | $13 | -4% | $6.6B | $10B | 1.4x | 7.8x | ||
| Telix develops radiopharmaceuticals to manage cancer. Radiopharmaceuticals are radioisotopes bound to molecules that can target specific cells. At low doses, these drugs can bind to specific cancer cells with radiation, and then positron emission tomography imaging can accurately visualize tumors. At high doses, these drugs can selectively target and treat tumors with radiation, known as radioligand therapy. Radiopharmaceuticals are usually injected into the bloodstream. Telix has a pipeline of potential radiopharmaceuticals but currently earns most of its revenue from US sales of Illuccix, largely used as an imaging agent to visualize the spread of prostate cancer. | $10 | -9% | $3.3B | $3.6B | 4.5x | 122.5x | ||
| 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. | $1 | -13% | $551M | $938M | 1.7x | 9.6x | ||
| 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. | $2 | +20% | $382M | $602M | 1.2x | 4.5x | ||
| 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 | -50% | $211M | $864M | 0.9x | (12.2x) | ||
| Cyclopharm Ltd is a company that engages in the manufacture and sale of medical equipment and radiopharmaceuticals, including associated research and development. It operates through the following segments. The Technegas segment involves supplying diagnostic equipment and consumables used by physicians in the detection of pulmonary embolism, and distributor of products to the diagnostic imaging sector. The Molecular Imaging segment offers to produce radiopharmaceuticals to be used by physicians in the detection of cancer, neurological disorders, and cardiac disease. The firm generates maximum revenue from the Technegas segment. | $0 | -39% | $32M | $29M | 2.4x | (2.6x) | ||
| Micro-X Ltd operates in the medical industry. The company is engaged in the design, development, manufacturing, and commercialisation of imaging products for the healthcare and security markets utilising Micro-X’s proprietary cold cathode X-ray technology. Its products include Head CT, Rover, Argus, Checkpoints, and Baggage CT Scanner imaging devices. In addition, the group also offers custom imaging solutions based on the specific requirements of its customers. Its geographical operating segments are the United States, which generates maximum revenue, and Australia. | $0 | -43% | $31M | $33M | 3.1x | (5.8x) | ||
| Resonance Health Ltd is engaged in the development and commercialisation of software-as-medical-device (SaMD) technologies and services for the quantitative analysis of radiological images in a regulated and quality-controlled environment. The Group’s core SaMD product is FerriScan, a non-invasive liver analysis technology used for the assessment of iron in the liver. The Company also has several AI-assisted SaMDs including FerriSmart, HepaFatSmart, and LiverSmart. Its business segments are; SaMD1 which derives key revenue, Corporate, TrialsWest, and Resonance Clinica. Geographically, it generates maximum revenue from the Asia Pacific region and the rest from North America, and Europe, Middle East and Africa (EMEA) regions. | $0 | +79% | $27M | $27M | 2.4x | 16.0x | ||
| CurveBeam AI Ltd is a manufacturer of specialized imaging equipment that has developed software that, through the use of artificial intelligence (AI), and deep learning AI (DLAI), automates the scan processing and analysis of the high-quality images produced from the company’s CT devices to assist in the clinical assessment. The company has one operating segment, being the research, design, manufacture and sale of cone beam CT imaging equipment for orthopaedic specialties, which includes the development, validation and preparation for commercialisation of a HRpQCT Medical Device and Software as a Service (SaaS) platform. | $0 | -44% | $13M | $24M | 3.9x | (2.3x) | ||
| Median | $1 | -17% | $297M | $733M | 2.4x | 6.2x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.