ASX 200 Healthcare Shares at Multi-Year Lows

The following 3 ASX 200 healthcare stocks are currently trading near multi-year lows and appear attractive from a valuation perspective, particularly for long-term investors as the sector is bound to benefit from strong structural demand and multiple tailwinds. 

Healthcare Shares At Multi-Year Lows

Sonic Healthcare Limited (ASX: SHL) 

Cochlear Limited (ASX: COH) 

Pro Medicus Limited (ASX: PME) 

Sonic Healthcare Limited (ASX: SHL) 

fell to a decade low of $19.57 last week and the stock is down 9.53% year-to-date and 20.6% over the past year although the current annual dividend yield is 5.28% which may support investors.

The company in H1 FY2026 reported revenue up 17% year-on-year to $5,445 million while EBITDA rose 10% to $907 million and net profit increased 11% to $262 million compared to the previous corresponding period.

The company is relatively undervalued among ASX 200 healthcare stocks and has maintained its FY2026 EBITDA guidance of $1.87–$1.95 billion which indicates a stable earnings outlook supported by organic growth acquisitions and cost control initiatives.

Operational performance also benefits from acquisitions such as LADR and Cairo Diagnostics along with digital pathology rollout and laboratory consolidation which are expected to improve margins over time.

Cochlear Limited (ASX: COH) 

in H1 FY2026 reported sales revenue of $1,176 million which rose 1% while underlying net profit fell 9% to $195 million because delays in contract renewals for the new implant system led to a slower first half.

The company is a still a solid pick among ASX 200 healthcare stocks and share price fell to a six year low of $160 last week while the current annual dividend yield is 2.53%.

EBIT margin declined from 25% to 22% while gross margin fell to 73% because of higher R&D investment and product rollout costs but operating cash flow and free cash flow improved in the same period.

The company expects a stronger second half which should be supported by a wider rollout of the Nucleus Nexa System along with growth in services revenue and better momentum in the acoustics segment.

Pro Medicus Limited (ASX: PME) 

fell to a two year low of $107.75 late last month and is down 46.8% YTD and 41.21% over the past year because of valuation compression rather than operational weakness.

The company reported strong HY2026 results as revenue rose 28.4% year-on-year to $124.8 million and underlying EBIT increased 29.7% to $90.7 million while profit after tax jumped 230.9% compared to the previous corresponding period.

Underlying EBIT margins are 72.6% and the balance sheet is debt free while cash and investments increased to $221.8 million.

The outlook is positive because of a strong contract pipeline and an expanding global footprint especially in the U.S. hospital market while long-term growth is supported by higher medical imaging data volumes and the company’s scalable business model.

(Source: Company Reports)