ASX 200 healthcare shares have endured a tough start to FY26.
Since 30 June, the S&P/ASX 200 Health Care Index (ASX: XHJ) has lost 4.1% of its value while the ASX 200 has lifted 4.6%.
FY25 was no party either, with ASX 200 healthcare shares falling 5.99% in value while delivering just a 1.38% dividend.
By contrast, the ASX 200 lifted 9.97% and delivered a 3.84% dividend on top.
In this article, we reveal three ASX healthcare shares with sell ratings, and explain why the experts are calling time on these stocks.
Analysts call time on 3 ASX healthcare shares
Pro Medicus Ltd (ASX: PME)
Pro Medicus provides medical imaging software and services to hospitals and healthcare organisations around the world.
The ASX 200 healthcare darling closed the session yesterday at $302.38 per share, down 0.35%.
Peter Day of Sequoia Wealth Management has a sell rating on Pro Medicus shares.
Day said the company delivered FY25 results that were broadly in line with expectations.
On The Bull this week, Day summarised the key data:
Revenue from ordinary activities of $213 million was up 31.9 per cent on the prior corresponding period.
Net profit of $115.2 million was up 39.2 per cent.
During the year, Pro Medicus announced $520 million in new contracts.
The Pro Medicus share price has risen from $176.88 on 7 April to $302.38 now.
Day said:
We retain our sell rating as we believe the company's valuation is stretched.
Our target price is $220, up from $165.
Cochlear Ltd (ASX: COH)
Cochlear develops, manufactures, and supplies hearing implants.
Morgans recommends that investors trim their position in this ASX 200 healthcare share after reviewing the company's FY25 report.
The broker said the FY25 result was "below expectations" and at the low end of guidance.
It said net profit was impacted by compressing margins and modest sales growth.
The broker raised its 12-month share price target to $299.54.
The Cochlear share price closed at $301.01 yesterday, down 0.41%.
Looking ahead to FY26, Morgans commented:
While Nexa's US launch should support CI demand through FY26, we caution against assuming uplift similar to prior product transitions, as Nexa is aimed at workflow efficiency and patient convenience rather than a step-change in hearing performance, so more of an evolutionary not revolutionary refinement that may take time to translate into material volume or margin gains.
Healius Ltd (ASX: HLS)
Healius is a diagnostic pathology company.
The Healius share price leapt 12% to 94 cents per share yesterday.
Investors may be buying the dip on this ASX healthcare share, with no fresh price-sensitive news to explain the rise.
Healius shares took a 14% beating after the company released its FY25 results last Thursday.
Since then, the stock has roared back, rising 33.5% over the past three trading days.
Tony Paterno of Ord Minnett has a sell rating on this ASX healthcare share.
Paterno summarised the FY25 results (courtesy The Bull):
The company generated revenue of $1.34 billion in fiscal year 2025, up 5.7 per cent on the prior corresponding period.
However, underlying earnings before interest and tax of $17.1 million were down 27.2 per cent.
The company reported a net loss after tax of $151.2 million.
Paterno points out that Healius shares closed at $1.60 on 7 May, so there's been a 41% decline since then.
He concluded:
In our view, other companies offer better returns and brighter prospects.
