The Pro Medicus Ltd (ASX: PME) share price has suffered a 60% decline in the past six months, at the time of writing. For many years, I’ve considered Pro Medicus to be one of the best businesses in Australia.

However, it’s understandable why the market has sent it lower. The company was priced on expectations that its revenue and net profit were going to soar significantly in the coming years.

On a price/earnings (P/E) ratio basis, the Pro Medicus share price may have raced ahead of itself when it soared above $300.

However, at a much lower valuation, I think the business could be an appealing buy. After falling 60%, it could even be called a contrarian buy, though it does still trade on a high earnings multiple.