Sonic Healthcare provides laboratory medicine/pathology and diagnostic imaging radiology. It is the third-largest private provider of laboratory medicine globally, behind Quest Diagnostics and Labcorp. Strategy focuses on being a low-cost provider and gaining cost advantage over competitors through scale. This has mostly been pursued through acquisitions, buying smaller operators to expand its market share in geographies where it operates. The firm emphasizes medical leadership, recognizing referring doctors as the primary customer, focusing on improving their experience and efficiency.