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Highlights

  • In FY24, MVF’s group revenue increased by 19.4% YoY to AUD 255 million and recorded a net loss of AUD 5.9 million.
  • MVF strengthened its position in the IVF market through the acquisition of Fertility North and has seen growth in its Women’s Imaging division.
  • In FY25, the company expects continued growth in revenue and underlying NPAT.

Monash IVF Group Limited (ASX:MVF) is an Australian provider of reproductive and fertility services. As a publicly listed company on the ASX, it delivers a wide range of specialised services, such as diagnostic obstetric and gynaecological ultrasound, along with advanced fertility treatments.

The company is focused on expanding its reach in the fertility and imaging sectors.

FY24 Financial Performance

The company reported a 19.4% YoY increase in group revenue in the financial year 2024 (FY24), reaching AUD 255 million, up from AUD 213.6 million in FY23. However, a net loss of AUD 5.9 million was reported in FY24, primarily due to the settlement of the 2020 Class Action. Despite this, net operating cash flow saw a significant increase of 34.2% YoY, rising from AUD 39.1 million in FY23 to AUD 52.5 million in FY24.

Financial Summary (AUD Million):

Parameter

FY24

FY23

YoY % Change

Group Revenue

255.0

213.6

19.4%

Reported Loss/Profit

-5.9

22.0

N/A

Net Operating Cash Flow

52.5

39.1

34.2%

 

Strategic Acquisitions and Service Expansion

MVF’s acquisition of Fertility North is a key milestone in its strategy to strengthen its position in the IVF market. Furthermore, the Women’s Imaging division of MVF has seen a significant increase in the scan volumes, contributing to overall revenue expansion. Alongside this, MVF has been actively investing in growth sectors such as genetics, donor services, and day surgeries. These investments help diversify its service offerings.

Outlook for FY25: Revenue and NPAT Growth

In FY25, MVF anticipates continuous growth in revenue and underlying NPAT. Several key factors are expected to drive this performance:

  1. The full-year contribution from Fertility North following its acquisition
  2. The ongoing recruitment of new fertility specialists
  3. The expansion of the Women’s Imaging business

MVF forecasts its underlying NPAT for the first half of FY25 to fall between AUD 15.5 million and AUD 16.0 million.

The company expects to benefit from structural demand drivers, such as increasing interest in genetics, egg freezing, and the treatment of advanced maternal age. Additionally, the company sees growing patient segments, including LGBTQIA+ communities.

Additionally, MVF anticipates continued international growth, particularly in Singapore and Kuala Lumpur. The Women's Imaging business is also expected to experience further expansion due to increased capacity and efficiency improvements.

Share performance of MVF

MVF shares closed 1.26% higher at AUD 1.21 apiece on 22 January 2025. Over the past year, MVF’s share price has decreased by almost 10.70%, and in the last six months, it has dropped by nearly 9.36%.

52-week high of MVF is AUD 1.53, recorded on 24 April 2024 and 52-week low is AID 1.105, recorded on 18 November 2024.

Note 1: Past performance is neither an Indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, and currency, is 22 January 2025. The reference data in this report has been partly sourced from EODHD/Others.