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NORTH RYDE , NSW Feb 19, 2020 (Thomson StreetEvents) -- Edited Transcript of Sonic Healthcare Ltd earnings conference call or presentation Tuesday, February 18, 2020 at 11:00:00pm GMT

* Paul J. Alexander

* David A. Low

Citigroup Inc, Research Division - Director & Head of Healthcare in Australia and New Zealand

* Megan J. Kirby-Lewis

Welcome, again, to the Sonic Healthcare half year results presentation.

I will now hand you over to your presenter, Dr. Colin Goldschmidt. Go ahead, please.

Colin Stephen Goldschmidt, Sonic Healthcare Limited - CEO, MD & Executive Director [2]

Thank you very much, Darren, and good morning, ladies and gentlemen. Welcome to Sonic Healthcare's results presentation for the half year ended 31 December, 2019.

As Darren mentioned, my name is Colin Goldschmidt, CEO of Sonic Healthcare. And joining me here in Sydney today are 3 of my colleagues: Chris Wilks, Sonic's CFO; Paul Alexander, Sonic's Deputy CFO; and Dr. Stephen Fairy, Sonic's Chief Medical Officer. I plan to take you through the results presentation. And then, after the presentation, the 3 of us -- or the 3 will join me to discuss your questions.

Before commencing the formal presentation, I'd like to just make a few comments about the coronavirus outbreak or the 2019 novel coronavirus as it's more formally known. And I'd like to make these comments particularly because Sonic Healthcare is a key provider of essential medical services to large numbers of communities around the world.

All Sonic divisions, and that's on a global basis, have been working extensively with local and national health authorities to support and implement all the necessary pandemic control measures. Our teams of people, that's clinical teams, operational teams, have responded rapidly in order to ensure the continuity of our own clinical services.

And to that end, we've done a bunch of things like providing protection for our frontline employees and customers, providing patients and customers with access to testing for coronavirus. We've also provided reliable and up-to-date information and guidance to our staff, to our patients and customers. And we've also made sure that supply lines and logistics are uninterrupted during this period.

It's an interesting fact, just to know that our lab in Bremen, that's Laboratory Bremen in Germany, was the first lab in Germany to establish a validated PCR test for the coronavirus, which has now been shared by 2 other of our labs in Germany. And we believe that this was one of the very first labs in the whole of Europe to begin using a validated test for the virus. Now depending on circumstances, the coronavirus testing can be rapidly established in other Sonic labs, including in our Australian laboratories and we'll play that one as things pan out into the future.

And just a final comment to let everyone know that there's no indication that the coronavirus outbreak has impacted our business in any way, either negatively or positively.

So if I could commence the formal presentation. Going to Slide 3, which is a slide about our headlines. And first up on that headline list just a few points about our guidance. We are today reaffirming our guidance for the full financial year 2020, and that's after 7 months of trading. Our guidance, as you remember, which we issued in August of last year, is for 6% to 8% constant currency EBITDA growth. And so for the first half of the year, our EBITDA growth came in at 11% at constant currency level.

This is a particularly strong number, which was augmented by the Aurora Diagnostics acquisition, which was completed on the 30th of January 2019. So just as a reminder, this first half result includes a full 6 months benefit of Aurora, whereas the second half in train now will only have 1 month of the Aurora acquisition benefit because the deal actually cycled on 30th of January this year.

Another point is that the impacts of both Aurora and the PAMA Medicare fee cuts in the U.S. were both factored into our guidance. And so there is no change to our expectations after the 7 months that we've traded so far.

Another point, and that's the -- starting the second major bullet point just for noting is that this is our first reporting period, which incorporates the new lease accounting standard, AASB 16, which, as you know, requires the capitalization of operating leases to the balance sheet, with amortization over the term of the lease and with some associated P&L changes.

So essentially, what this means is that the rental expense line on the P&L largely disappears and is replaced or compensated by an increase in amortization expense, which is below the EBITDA line. AASB 16 has particular relevance and significance for a company like Sonic because we operate so many property leases. In our industries, that's the pathology industry or medical laboratory industry, in radiology and primary care, we use extensively patient centers. So in particular, we operate large numbers of leased collection centers for pathology specimen collection. We also operate large numbers of spaces for laboratories themselves, for imaging centers and for GP medical clinics.

And incredibly, all up, we have over 4,500 leases. So you'll get a sense of the magnitude of the task involved in order to transition to this new accounting standard. And so I guess, this would be a good time for me to acknowledge the incredible work completed by the Sonic finance team, assisted by Sonic's finance staff throughout the world and other staff in order to bring this essentially mammoth project to a successful completion.

So just looking at those headline numbers. Our revenue growth came in at 15% at actual currency level and 12% at constant currency level, and you'll see the Delta there is about 3%, which is due to foreign currency tailwind.

Our organic revenue growth came in at 5% on a constant currency basis. And the underlying EBITDA number, which I mentioned, was 11% at constant currency level and 14% at actual currency level. And net profit growth was at similar metrics. Now pleasingly, we did achieve margin accretion in both the laboratory and imaging segments.

And the next point, just 1 year post acquisition, the Aurora Diagnostics acquisition is tracking well and performing to expectation. And I'll discuss a bit further the interim dividend for FY 2020, which has been declared at $0.34 per share.

If we move on to Slide 4, the table on this slide presents a summary of Sonic's headline financials for the half year. Including in the far right column, that's with the red heading, our headline numbers expressed under AASB 16 for the first time. And you'll see there that the most striking features to change to Sonic's EBITDA number, which for the half increases by around $150 million.

So if we look at the full year expectation, we're anticipating that EBITDA will increase by around $300 million for the full year under this standard. Also, just a reminder that the numbers in this table are expressed in actual currency in Australian dollars.

Just a few further comments about the table. Our actual revenue growth for the half came in at 15%, as mentioned, and the organic growth rate was 5% for the half. And these are pleasing numbers for us, especially in the face of some of the headwinds that we're experiencing with fees in the U.S. and the choppiness in Germany associated with the EBM fee quotas, which we can talk a bit about later.

Also, very pleasingly, we achieved 10 basis points of margin accretion in the global laboratory division. And this is a very good result, given the headwind that we're experiencing in the U.S., in particular, in terms of top line.

The Imaging division continues to perform strongly and achieved 40% -- 40 basis points of margin accretion in the half. The net profit number, the growth of 15% was in line more or less with our growth in revenue. Earnings per share, however, was impacted by the shares issued as part of the equity raise associated with the Aurora acquisition, which does give us balance sheet flexibility for future growth.

And finally, another point, the lower than usual growth in cash generation from operations and the conversion of EBITDA to gross operating cash flow is due to timing of creditor payments in the period, and we do expect this to reverse favorably in the second half of the year. And I guess I should just mention a final point about the FX tailwind. As I mentioned, it comes in at about 3% at both revenue and earnings levels. And just to give you the absolute numbers, the FX tailwind for the half was worth $83 million of revenue and about $13 million of EBITDA.

If we could turn to Slide 5. And this is really for information more than commentary. The first bullet point is essentially a reminder of our first year guidance, which is unchanged from August of last year when it was issued. And then the second major bullet point, we're reaffirming our guidance of 6% to 8% EBITDA growth at constant currency level.

Going to Slide 6, which we show in the table, a $0.01 increase in the interim dividend for FY 2020, which is a 3% increase over the interim dividend last year. The dividend will be franked to 30% and the record and payment dates are 11 and 25 March 2020, respectively. The dividend reinvestment plan is to remain suspended, particularly in light of the major equity raise as part of the Aurora acquisition.

Now if we go to Slide 7, where we show our usual pie chart. In statutory revenue, Australian dollars, split by country and major division, and just to note, this pie does not include small impacts from interest income and AASB 16. At the full year result in August last year, we did flag that Sonic's U.S. division would move clearly into the #1 position as our largest division in FY 2020, and you can see this now clearly on the chart already for the half year.

And just a few other observations about the chart, particularly when you compare it to a year ago. First of all, the pie itself has increased by 15%. That's our actual currency revenue growth. And then just of interest of our total revenue of $3.34 billion for the half, 63% of Sonic's revenue is now international, with 37% in Australia. 5 years ago, that split was around 50-50, Australia to International. So you can really see a trend that is set to continue well into the future.

If you look at just our laboratory division, that's the pathology segment by taking out Imaging and SCS, 73% of Sonic's revenue is international, with 27% Australia. So just for the laboratory division, the split is about 3/4 to 1/4, as we speak right now. And as mentioned, we certainly expect the International division to keep growing, and its growth will outstrip the Australian growth as we capitalize on the greater opportunities in M&A and contracts and joint ventures in the U.S.A., U.K. and Europe.

Now moving on to some commentary on our divisions. First of all, the U.S.A., where revenue came in at 45% in Australian dollars, in actual dollars, and 37% on a constant currency basis. Obviously, that number is big because it includes the Aurora acquisition. Our organic revenue growth came in at 2% on a constant currency basis, and it was impacted by the PAMA Medicare fee cuts to the tune of about 1.3% of revenue. So I guess, ex-PAMA, our organic growth rate would be 3.3% for the half.

About the Aurora acquisition, as I mentioned, the business is performing to expectation, and we are well underway with a major cost and revenue synergy program. The cost synergies include things like procurement, IT and administration. And as flagged previously, the revenue synergies include things like cross-sell between anatomical pathology and clinical pathology, but we also get revenue synergies in oncology and molecular pathology offerings. And also in ThyroSeq, which is a new test, which I'll discuss in a moment.

And just for interest, an example of cross-sell is that, at the moment, we -- one example is that we are referring dermatopathology specimens, that's skin pathology specimens, from our Los Angeles operations where we do not have a histopathology lab, to our Aurora anatomical pathology lab in Las Vegas. That's one example. And we believe there will be several more to come.

In terms of our U.S. operations, our growth strategies are gaining momentum. It's likely that despite the slight headwind from the PAMA Medicare fee cuts, we will be presented with additional opportunities because this is probably going to encourage further consolidation of the market. We certainly feel we are large enough and strong enough not only to weather the somewhat choppy conditions, but, in fact, also to benefit from them.

Under the strong leadership of Sonic's U.S. CEO, that's Dr. Jerry Hussong, we are pushing forward with a comprehensive program to enhance Sonic's position in the U.S. lab market, which is the largest medical lab market in the world. This is a program which includes a growth initiative. And that's particularly following the Aurora acquisition, but it also includes an efficiency drive and a push to greater service excellence, and these are all under the guidance of our medical leadership principles.

Finally, just a word about ThyroSeq. This is a relatively new and clinically valuable genetic test, which predicts the malignant potential of thyroid masses or thyroid nodules. Something like 20% to 30% of thyroid nodules are diagnosed as indeterminate after they undergo fine needle aspiration, which is the normal way of initial assessment of a thyroid mass.

The ThyroSeq test then allows classification of these indeterminate cases into those that need immediate surgery and those that can be watched. And the whole purpose of this is to avoid the unnecessary costs and complications of unnecessary surgery. We have licensed this test on an exclusive basis from UPMC, that's the University of Pittsburgh Medical Center, and we offer the test out of our CBLPath lab in New York, which is already an established thyroid cancer center of excellence. The test is fully reimbursed by Medicare and by most of the private payers that we deal with. And we're embarking on a national sales initiative to push this test as strongly as possible into the market, and it certainly does present a very exciting opportunity for Sonic in the U.S.A. We also have and are pursuing an active pipeline of further acquisitions in the U.S. market.

Moving on to Slide 9, which is Australian Pathology. And by way of a general comment about Australian Pathology or an introduction, I should say, we are the #1 player and the market leader in Australia. And our Australian Pathology division is an outstanding Sonic division, which is in a strong and very stable position. And also performing to the highest standards of laboratory medicine. We have outstanding leadership teams and staff throughout Australia who are essentially continually pushing to the edges of best practice, both at operational level and at financial level. And again, under Sonic's medical leadership model.

Revenue for the half came in strong at 7%. At an earnings level, the result was also strong, and we delivered margin accretion to boot. The margin accretion was largely due to the healthy top line growth, but also due to the stabilization of collection center costs and the ongoing scale and synergy benefits, we continue to work on in this division.

At operational level, we are currently building a dedicated Sonic Pathology Australia management team under the leadership of our Australian Pathology CEO, Dr. Ian Clark. And as flagged previously, we've almost completed the national rollout of our total automation system, which is actually the GLP Systems -- Total Lab System, which commenced some years ago, first in Sydney and then in Brisbane and now being rolled out nationally. This rollout brings us absolute cutting-edge operations in our labs. It'll add to our financial efficiencies, and it's also going to improve workflows and are already excellent turnaround times.

In our Australian division, we continue to record strong growth in our genetics sub-division, and we expect this positive trend to continue as demand increases for the existing tests. And as we bring onstream new genetic tests, which keep happening as we go.

Now moving on to Slide 10, which is Germany. And just as an introduction, Germany, as you can see on that pie chart, is one of our 3 largest divisions. Its annual revenues are well in excess of $1 billion. So it's a pretty big division and growing all the time. We are the market leader, the #1 player in the German clinical pathology market. And excitingly now, we've also entered the fragmented anatomical pathology market as well. And so when you put the 2 together, we are very optimistic about our future growth in Germany.

Sonic's medical leadership culture, and I think I've made this point at previous presentations, is deeply embedded in our German division. And it's a division which consistently delivers outstanding services and financial results. And I have to say, the ongoing performance of Sonic Healthcare Germany is a function of not only our staff, but an incredibly dedicated leadership team, headed by our CEO in Germany, Evangelos Kotsopoulos, whom some of you on the call will know.

So looking at the numbers for the half, we achieved 5% revenue growth or 3% organic at constant currency level. That organic growth has been impacted by statutory insurance fee quota changes. But on a positive note, I can say that we are, more recently, sensing that the fluctuations around the EBM fee quotas as they are known, are slowly subsiding. And just a reminder to all that EBM fees represent about 40% of our total Sonic Germany revenues.

What we're observing this financial year is that our organic volume growth is slowly strengthening as we proceed through the year, and we certainly expect that to continue in the remaining 5 months of the year.

In terms of our operations, there continue to be a wide range of activities underway, all aimed at extracting synergies. These include a few laboratory mergers. A comment about our Trier acquisition, which was some 18 months ago. This is an anatomic -- our first anatomical pathology acquisition. This business is performing strongly and we expect that performance to continue. We're working and succeeding at synergy capture between anatomical pathology and clinical pathology. And these can be divided into revenue and cost synergies, as I've mentioned in the U.S. market.

We're achieving revenue synergies via new hospital contracts also via new molecular pathology testing. And also, interestingly, by international referrals of histopathology specimens into our anatomical pathology labs. We do service countries like the Middle East in the clinical pathology space. And so we've now been able to add significant volumes of anatomical pathology specimens, which we can now refer to our own labs.

And in terms of cost synergies, we're finding these in areas of molecular testing and logistics and administration, similar to the situation in the U.S.A. We also have an active pipeline of potential further acquisitions that we're looking at, and these are both in the clinical pathology and anatomical pathology spaces.

And in terms of the regulatory environment in Germany, we continue to work through these ongoing fluctuations in the EBM quota levels, but they are manageable. And I guess we can say that the environment is essentially stable.

Moving on to the next slide, which is the U.K. and Ireland, our revenue growth for the half was 16% or 13% at organic and constant currency level. We continue to enjoy strong growth in both private and the National Health Service market segments.

We're certainly very proud to have won the contract to provide cervical cytology screening, which includes HPV testing for the Greater London region. And I should say that exceptional work was done by our U.K. team, assisted by senior Australian cytology specialists with prior experience in this space here in Australia to launch this program successfully and to deliver it on time. So that cervical cytology contract commenced in the December just past. It's a GBP 15 million per annum contract and a 7-year term on it.

We were also successful in the half in renewing for 10 years the London North West NHS Trust contract, that's an existing contract, but we were pleased to renew that one for a 10-year period. We were not successful in our bid for the large, but I have to say, highly complicated, South East London NHS contract. In this particular situation, our bid was very competitively priced. And I should say that if we were under bid on this deal, as we do suspect, then this would be a deal that we would probably not be comfortable to proceed with at that sort of pricing. We are bidding on further NHS contract opportunities, and these have significant revenue potential as well.

There's also a bit of late-breaking good news in that Sonic's TDL business has been selected to provide laboratory services to the Cleveland Clinic London, which is a flagship new private hospital in Central London, slated to open sometime next year. This is a GBP 1 billion investment by the Cleveland Clinic from the U.S.A. and it seems sure to become a masthead for the brand outside of the U.S.

We are going to open an in-house lab at the same time that the hospital opens next year. But we are going to begin providing outpatient services to this hospital sometime later this year. So the hospital plans to commence outpatient clinical work much sooner than the inpatient beds will open sometime next year.

Now obviously, this is a great honor for Sonic, not only to have been selected, but for us to become now closely associated with the Cleveland Clinic brand, which is certainly one of the most respected medical brands in the world. Our NHS -- our non-NHS business, such as our private business, also remains very strong in the U.K. So this is made up of private hospital pathology, private referrals from the Harley Street market, direct-to-consumer testing, and other non NHS work as well.

We've also, in the period, established a couple of new laboratories to facilitate centralization of our service and this includes the creation of the U.K.'s largest anatomical pathology laboratory. This new anatomical pathology laboratory is located at 60 Whitfield Street, which is the address of our previous central laboratory in London before we relocated to the Halo lab on Houston Road. So we're now processing all the histopathology from UCLH and from the Royal Free Hospitals, which, as you know, are large tertiary teaching hospitals. And we're also processing privately referred specimens coming from private hospitals and the Harley Street market as well.

So you can tell from this particular slide how busy we are and how active we are in the U.K. pathology market. It's certainly a dynamic, if not, sometimes complicated market, but a market that's offering us great opportunities for the future. We're certainly very lucky to have an outstanding leadership team in London. So ably led by Sonic's U.K. CEO, David Byrne.

Moving on to Slide 12, which is Switzerland. We are the market leader in Switzerland as well. We operate in Switzerland under 2 brands: the Medica brand, which is the dominant player in Zurich; and Medisupport, which is headquartered in Geneva on the other side of Switzerland, which has extensive operations throughout the French and German-speaking regions of Switzerland. Both of our Sonic practices continue to operate at exemplary levels. Again, both at operational and financial levels together.

The revenue was strong at 13%, actual currency, 6% constant currency organic. At operational level, we've added a few hospital contracts following the major Zug Cantonal Hospital contract that we won, which we announced previously. We're -- we've completed an upgrade of our Zurich laboratory and efficiency programs have resulted from that upgrade. And the regulatory environment in Switzerland remains stable.

Belgium, and just an introductory few words, this is a strong and stable business, which continues to perform with distinction. Our main laboratory, as you know, is located in Antwerp, but we also run several other laboratories scattered throughout the northern part of Belgium or the Flanders part of Belgium.

All these labs are working together cooperatively to achieve synergies. The revenue growth for the half was 4%, 2% organic growth at constant currency level. And at operational level in keeping with our aim to drive synergies, we've completed the standardization of a Sonic National IT system or LIS system, laboratory information system. We're also expanding our menu of complex testing, and this include genetic tests and we're also working to enhance efficiencies at operational levels wherever we can. And in this half, this included 2 small mergers. The regulatory environment in Belgium also remains stable.

Moving on to Slide 14, which is a slide on Sonic Imaging. The Imaging division produced another strong result, with 8% revenue growth and 10% earnings growth, including a 40 basis point increment in margin, which is a great outcome. On the operations side, I'm pleased to announce that our Queensland X-Ray practice commenced providing imaging services at the Mater Public Hospital Brisbane, and this commenced in November 2019 under a long-term agreement.

Like some of the other deals that we've won or contracts that we've won, this is a great honor for Sonic Imaging, and it really is a tribute to the outstanding stature of our Queensland X-Ray practice. I should say that the strong result in our Imaging division does sheet to our excellent team of Sonic radiologists and imaging staff as well as to our very, very capable leadership teams in all 4 of our practices. It's also in part due to continuing investments that we're making in greenfield sites and in new equipment, and it's good to see the benefits flowing through from those capital investments.

At a regulatory level, the environment is stable. We are going to gain, though, a small benefit from the implementation, a partial fee indexation, which is due to commence July of this year. And also from the introduction of a new MRI and PET CT fee for breast cancer, which has already commenced last November.

And finally, just while on the imaging slide, I'm also pleased to announce that Dr. Julian Adler is to take on the role of CEO Sonic Imaging, and that'll be from the end of this month. But for those of you who don't know Julian, he's a radiologist who joined Sonic 12 years ago. And he has been the CEO of Sonic's Castlereagh Imaging and Illawarra Radiology Group for most of his time with Sonic. And I want to take this opportunity to welcome Julian to Sonic's corporate leadership team.

Slide 15 on Sonic Clinical Services. Again, just to revise, SCS includes all our medical centers under a sub-division, IPN, and a large occupational health division under the brand Sonic HealthPlus. We are the largest primary care provider in Australia and the largest occupational health provider as well. We're operating 229 medical centers at the moment. And we have 2,450 GPs working in our centers, both IPN and Sonic HealthPlus.

Revenue growth for the half came in at 3%. And our sense is that the slightly difficult market conditions in terms of volumes or consultation levels is beginning to improve. Our operations are strong and active. And certainly benefit from an outstanding and very experienced corporate leadership team, headed by our SCS CEO, Dr. Ged Foley, who is an experienced ex-GP himself.

Our doctor recruitment and retention remains strong, and we're actively also engaged in the streamlining of our operations and rationalization of our low-performing centers, and we do this to enhance our efficiencies. And I guess, this will be one of those continuous improvement programs, of which we have many around Sonic Healthcare. The regulatory environment is stable in the private care market.

Moving on to Slide 16. The table on this slide shows only little change in our debt metrics over the prior period. But in summary, our balance sheet is very strong. It's at investment-grade level. And we have around $1 billion of headroom to fund our future growth, which is a nice position for us to be in.

And just a final slide, looking ahead, just a few points. And I guess on that first bullet point, I wanted to say that Sonic is in a strong and stable position. We've -- and it's very much enriched by our deeply embedded culture of medical leadership. As I've said before, it's this culture which continues to drive our brands, which are highly respected and our very high-quality services as well.

So I guess, overall, I feel I can say that Sonic Healthcare is in very good health at this point in time. But having said that, I want to reassure people that we are never complacent. There's no evidence of complacency anywhere around Sonic. And in fact, when I look around the company, I am constantly impressed by the energy, the flexibility or agility of our leaders and staff. And how can I put it? There's a sheer will to win attitude right across our global operations. And it's a good thing to know that Sonic is a company in which culture does run deep. And personally, as just one of our 37,000 employees in Sonic, I can say that it feels pretty good to be part of the spirit that is so strong within the company.

Moving on, and as we look ahead, we are also fortunate in Healthcare to enjoy favorable industry dynamics, which doesn't apply to all industries around the traps. Our industry provides fairly stable, ongoing, noncyclical organic growth. And this is driven by population, aging, new tests, preventative medicine, et cetera.

Looking into the future, our organic growth will obviously be assisted by these favorable industry dynamics, but of course, we also expect major enhancements to that growth to come from new acquisitions, joint ventures and contracts. In other words, the nonorganic growth -- growth of the nonorganic kind.

Our geographical diversification is another thing that we value enormously because it continues to provide benefits going forward. And that's both in terms of new growth opportunities in various markets, but also very much in terms of risk mitigation. We talk about the risk mitigation. If we were experiencing a bit of headwind in the U.S. at the moment with PAMA fee cuts, other divisions are performing strongly, and that leads to a smoothing out of our portfolio. And this has occurred going back many, many years. So there is a huge benefit in being in the 8 good markets that we currently operate in.

Our balance sheet remains pretty strong, as I mentioned, with investment-grade credit metrics, providing us flexibility for growth. And I guess, I do want to acknowledge this as -- and the whole Sonic finance team, which is obviously headed up by Chris and Paul sitting with me today, but also to make special mention of our treasury management team who've done an outstanding job over many years in managing Sonic's balance sheet as well as they have.

The last 2 bullet points on this slide are there to emphasize the ultimate importance of culture, which, as you know, I talk a lot about. Maybe too much about, although I say never too much about, but it's there to emphasize the importance of our -- not only culture, but leadership and our people as well in Sonic's future. And I guess, I have covered off on those sufficiently in this presentation.

So at this point, thank you very much for listening to the presentation. I'm now going to hand you back to our operator, Darren. And ask Chris, Paul and Stephen to join me to take your questions.

Thank you, and thank you, Darren.

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Questions and Answers

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Operator [1]

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The first question is from Lyanne Harrison from Bank of America, Sydney.

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Lyanne Harrison, BofA Merrill Lynch, Research Division - VP [2]

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First of all, can we touch on a little bit on the Australian market. Obviously, some very good organic growth there.

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Colin Stephen Goldschmidt, Sonic Healthcare Limited - CEO, MD & Executive Director [3]

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Sure. What's the question?

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Lyanne Harrison, BofA Merrill Lynch, Research Division - VP [4]

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Edited Transcript of SHL.AX earnings conference call or presentation 18-Feb-20 11:00pm GMT - Yahoo Finance

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