Sonic FY15 results were in-line with our expectations, with solid top-line growth constrained by well-flagged challenging market conditions in both Australia and US pathology flat-lining underlying profit. However, we believe the worst is behind us, as strengthening 2H organic volume growth across all regions, a restructured US business, along with ongoing cost-out initiatives, uplift from recent acquisitions and FX tailwinds, strengthen our confidence in a solid recovery and return to a more stable earnings growth profile. (SHL, Add, Price Target A$22.33) Report attached, here is the link to the blog site (VIEW LINK)