Healius, the ASX-listed pathology group which has suffered a collapse in profits and faces an investor backlash, has appointed investment bankers at UBS to oversee a strategic review of the business that will likely lead to the sale of assets.

The company replaced its chief executive, Maxine Jacquet, earlier this month after just 12 months in the job. Jenny Macdonald left the Healius board in November after failing to gain the backing of enough investors for her re-election after the company, once known as Primary Health Care, lost $2 billion in value in two years.