2256 GMT - Funding risk is growing for Sonic Healthcare, says UBS. "While management has historically deemed U.S. and German funding reforms as unlikely, we believe growing policy momentum makes that view increasingly difficult to sustain," UBS says. In the U.S., PAMA reimbursement cuts have been proposed. These would reduce earnings by A$15 million, UBS says. In Germany, the local laboratory association has warned reforms could reduce private billing revenues by 34%. "Notably, the debate has shifted from whether reform proceeds to how severe the impact will be," UBS says. "We remain more optimistic than the industry's assumptions, modelling a 4% revenue headwind." Sonic ended last week at A$18.46. The stock is down 22% from its mid-August high.