Monash IVF Group has delivered a second consecutive year of double-digit revenue and underlying earnings growth, which is a significant achievement given the cost of living and inflationary pressures that families are facing. This resilient performance reinforces the essential nature of reproductive health services, and the prioritisation people place on realising their dream of creating or growing their family.

Group Revenue increased 19.4% in FY24 and Underlying EBITDA1 increased by 17.5%, with all three of our businesses (Australian Domestic IVF, Women’s Imaging and International IVF) contributing to the strong growth. Particularly pleasing was the buoyant rebound in International in the second half, providing momentum heading into FY25.

We are moving closer to achieving Our Vision 2026, with success rates at all-time highs, doctor and employee engagement at record levels, and our significant recent investment in infrastructure and technology is continuously enhancing our best in class patient experience.

Key highlights of FY24
Our Australian IVF business grew stimulated cycles market share by a further 1.5% to 21.7% in FY24. Over the last four years Monash IVF Group has grown Australian market share by 3.8%, with our compelling doctor value proposition, market-leading success rates and best in class patient experience combining to make Monash IVF Group the destination of choice for doctors and patients.

Over the last 18 months we have acquired two high quality businesses in Perth in Western Australia, PIVET and Fertility North, with both businesses performing well.

“

Recent investment in future growth and our market-leading success rates position Monash IVF Group to grow above market, deliver best-in-class experiences and outcomes for our patients, and drive optimisation and efficiencies across our businesses.

”

We now have a well-established presence in all mainland capital cities across Australia. The two acquisitions in Perth were preceded by two very successful acquisitions in Queensland, Fertility Solutions and ART Associates. Our ability to attract and integrate doctor-owned businesses into the Monash IVF Group family is a testament to the value add we can provide to doctors.

Over the last two years we have attracted 45 new fertility specialists to our Australian business, demonstrating the attractiveness of our doctor value proposition. We are very agile in designing innovative partnerships with clinicians ensuring they are attracted to Monash IVF Group on a long-term, collaborative basis. We will continue to focus on doctor recruitment in areas where we are under-represented or where opportunities exist to complement our diverse geographic footprint.

Our major infrastructure transformation is nearing completion, with four new flagship sites providing the highest levels of patient care in warm and welcoming environments, and state-of-the-art scientific and clinical workflows. Each of these new sites have day surgeries, providing convenience for patients and doctors, and a further diversification of revenue.

Our market-leading success rates continue to move from strength to strength reflecting our leading-edge science and world class embryology team. Clinical pregnancy rate per embryo transferred (women aged <43 years) increased a further 1.5% to 40.5% in the first four months of this calendar year, which is an exceptional result. This takes the total increase in pregnancy rates over the last six years to 7.9%.

Monash IVF has strengthened its genetic testing offering by partnering with a global leader in genetics. Increased penetration of genetic carrier screening following the introduction of the Medicare rebate in November 2023 will be an important driver of future IVF industry growth. Through partnering with a global leader in genetic testing, we can offer the highest quality genetic testing and counselling, which in turn will maximise referrals to our IVF business.

Our International business gathered positive momentum across FY24. Singapore and Jahor Bahru performed strongly across the year, with KL Fertility turning the corner to deliver robust second-half growth. New patient consults, positive industry indicators, and the move to a new expanded Singapore clinic sets our Southeast Asia business up for an exciting growth phase ahead. With existing clinics bedded down and industry growth returning to the region, we will actively explore new growth opportunities in Southeast Asia.

Our People
At the centre of ensuring our patients have the best chance of a successful pregnancy is our People: From our clinicians, embryologists and nurses who drive our market-leading success rates, to our people that work tirelessly to deliver the best end-toend patient experience across ultrasound, genetics and IVF. Our people across the entire organisation contribute to the culture of success, which we are very proud of.

I would like to take this opportunity to thank every one of our team for their commitment to Monash IVF Group and their unrelenting patient first mindset.

FY25 Outlook
As we look into FY25 and beyond, our diversified revenue base across Domestic ARS (presence in all mainland capital cities), Ultrasound, Day Hospitals and Southeast Asia, provides an excellent platform for Monash IVF Group to deliver sustainable revenue and earnings growth. Recent investment in future growth and our market-leading success rates position Monash IVF Group to grow above market, deliver best in class experiences and outcomes for our patients, and drive optimisation and efficiencies across our businesses.

I would also like to take this opportunity to thank our shareholders for their ongoing support of our Vision 2026 journey to become the most admired reproductive care provider in the world.

Mr Michael Knaap
Chief Executive Officer &
Managing Director

1. Non-IFRS measure Refer to page 34 for reconciliation of Reported EBITDA to Underlying EBITDA.