Monash IVF Group delivered strong operating results in FY24, with revenue growth of 19.4% and Underlying NPAT1 growth of 17.4% to $29.9m. Monash IVF Group operates three businesses – Australian Domestic IVF, Women’s Imaging and International IVF – and all three businesses contributed to the robust FY24 growth.

Our recent investments in infrastructure, science, technology, and our people, positions Monash IVF Group to continue to deliver best-in-class experience for our patients and clinicians, and build on the positive growth momentum of the last two years.

Subsequent to year end, on 22 August 2024, Monash IVF Group agreed to settle the NiPGT class action that was brought against the company in 2020. As a result of the agreed settlement, a $32.6m net loss after tax was recorded in the FY24 financial results, resulting in an FY24 reported net loss after tax of $5.9m.

Our Australian IVF business grew stimulated cycles by 10.4% in FY24, driven by industry growth, doctor recruitment, market share gains and the PIVET and Fertility North acquisitions in Perth. The double-digit volume growth translated to a further increase in Australian stimulated cycle market share of 1.5% to 21.7%.

Australian industry growth in stimulated cycles was 2.4% in FY24, consisting of first half growth of 5%, partially offset by a relatively flat market in the second half. Short term volatility in IVF industry volumes is not uncommon, and such volatility is usually localised and short-lived. Importantly, underlying demand drivers for Monash IVF Group’s traditional IVF services remain compelling, and going forward will be supplemented by additional demand drivers such as a growing LGBTQIA+ patient segment and incremental referrals from an increased uptake of genetic carrier screening.

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As we look to FY25 and beyond, the Board is confident that the industry fundamentals underpinning our businesses are positive, and combined with the recent investment in clinicians, science, infrastructure and new businesses, we are well placed to deliver above market growth into the future.

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The Women’s Imaging business recorded growth in scans of 3.9% in FY24, building on the positive trajectory of the past two years across both our Sydney and Melbourne businesses. Sonographer supply has improved and we have expanded capacity by relocating two Sydney clinics to new, larger sites in St Leonards and Northern Beaches.

The International IVF business was a major contributor to growth in FY24, in particularly in 2H24 when the business delivered stimulated cycles growth of 38.6%. Our clinics in Kuala Lumpur, Johor Bahru, Singapore and Bali all exhibited strong growth in stimulated cycles in FY24. Accelerated second half growth in our two largest clinics, Kuala Lumpur and Singapore, provides significant tailwinds heading into FY25.

Monash IVF’s Group Vision to be the most admired fertility provider in the world comes with significant social and ethical responsibilities, including advocating for diversity and inclusion, and doing what we can to ensure the environment is protected for future generations. Our Environmental, Social and Governance (ESG) framework is focused on embedding ESG activities into daily routines and long-term strategies, to benefit the environment, our people and our communities. Further details of our ESG initiatives are available in the Monash IVF Group Sustainability Report.

As we look to FY25 and beyond, the Board is confident that the industry fundamentals underpinning our businesses are positive, and combined with the recent investment in clinicians, science, infrastructure and new businesses, we are well placed to deliver above market growth into the future. Furthermore, should there be any short-term industry volatility in particular markets, Monash IVF Group’s diversification across Domestic IVF (in all mainland capital cities), Women’s Imaging, Day Surgery and International IVF is advantageous in minimising any impact.

On behalf of the Board of Directors, I would like to thank our people and our clinicians for their ongoing commitment to delivering the best possible outcomes for our patients, in a kind and compassionate way. It is the people across all facets of the organisation that are driving Monash IVF Group towards our vison to be the most admired fertility provider in the world. I would also like to thank our shareholders for your ongoing support of Monash IVF Group.

Mr Richard Davis
Independent Chairman

1. Non-IFRS measure Refer to page 34 for reconciliation of Reported NPAT to Underlying NPAT. NPAT includes minority interests.