Sonic Healthcare (ASX:SHL) completed its Bowen Hills laboratory sale-and-leaseback, improving liquidity and supporting capital management initiatives, though earnings and reimbursement pressures continue to weigh on the outlook, Jarden said in a Monday note.

The company has completed the sale and leaseback for AU$445 million, in line with expectations, with the property now subject to a 20-year triple-net lease generating around AU$25 million in annual rent and Consumer Price Index-linked increases capped at around 3.5% per annum.

The company expects a one-off pre-tax gain of about AU$100 million and will apply accumulated capital losses of roughly AU$170 million to reduce the tax liability on the transaction to around AU$40 million.

Jarden said the transaction supports the company's capital management strategy and is expected to improve near-term liquidity, with proceeds broadly in line with guidance and helping to ease cash flow pressure from elevated capital expenditure, tax instalments, dividends, and potential Change Healthcare-related repayments.

The advisory firm added that net debt-to-earnings before interest, taxes, depreciation, and amortization rose to 2.5 times in the first half from 2.1 times following recent acquisitions, with the cash injection expected to support gradual share buybacks alongside potential further asset sales.

Jarden cut fiscal year 2027 and fiscal year 2028 diluted earnings by 1.7% and 1.4% on higher depreciation and net interest expense from the transaction structure.

Jarden maintained its neutral rating on Sonic Healthcare and increased its price target to AU$22.30 from AU$21.90.