Shares of Sonic Healthcare (ASX:SHL) dropped by as much as 6% down to A$31.93, marking their biggest intraday decrease since February 2022.

This sharp descent makes Sonic Healthcare one of the top 10 losers in the ASX 200 benchmark index.

The company’s current trading level is at its lowest since March 3.

Sonic Healthcare reported a FY23 net profit of A$685 million, which is a 53% decrease compared to the previous year.

Total revenue also fell by 13% settling at A$8.17 billion as earnings originating from the COVID era begin to wane.

The healthcare provider anticipates that the FY24 EBITDA will range between A$1.7 billion and A$1.8 billion, which is slightly higher than the A$1.71 billion accrued in FY23.

Despite the current downturn, Sonic Healthcare’s shares have climbed by 13.4% this year up to the last closing.

In contrast, the ASX 200 benchmark index only recorded a 2.2% increase.

Sonic Healthcare is a global healthcare company that specializes in providing laboratory services, imaging services, and primary care services.