Monash Ivf Group Ltd · ASX:MVF
Monash Ivf — FY2024 Earnings Presentation
31 slides from Monash Ivf's earnings presentation, Aug 22, 2024
Slide 1: What it takes, together
What it takes, together FY24 Results Presentation 22 August 2024
Slide 2: Disclaimer
Monash IVF Group | FY24 Results Presentation Page 2 Disclaimer The presentation has been prepared by Monash IVF Group Limited (ACN 169 302 309) (“MVF”) (including its subsidiaries, affiliates and associated companies) and provides general background information about MVF’s activities as at the date
Slide 3: FY24 Financial Highlights
Monash IVF Group | FY24 Results Presentation Page 3 FY24 Financial Highlights Monash IVF reported strong underlying revenue and earnings growth, which was offset by the agreed settlement of NIPGT Class Action • Reported Net loss after tax of $5.9m following parties agreeing to settle the NIPGT Proce
Slide 4: Settlement of NIPGT Class Action
Monash IVF Group | FY24 Results Presentation Page 4 Settlement of NIPGT Class Action • On 23 December 2020. Monash IVF Group was named as defendants in proceedings filed in Supreme Court of Victoria in relation to, or in connection with, the Group’s non-invasive pre-implementation genetic screening
Slide 5: FY24 Operational Highlights
Monash IVF Group | FY24 Results Presentation Page 5 FY24 Operational Highlights All of Monash IVF’s businesses (Domestic ARS, Ultrasound and International) delivered robust growth in FY24, with the 2H24 rebound in International providing a strong tailwind heading into FY25 Australia International •
Slide 6: Traditional and new demand drivers to underpin long-term industry growth
Monash IVF Group | FY24 Results Presentation Page 6 Traditional and new demand drivers to underpin long-term industry growth Attractive and resilient industry fundamentals, combined with new demand creation from emerging services, segments and Advanced channels, provide a positive industry growth ba
Slide 7: Industry Volumes – ARS Australia
Monash IVF Group | FY24 Results Presentation Page 7 Industry Volumes – ARS Australia Industry growth of 2.4% reflects strong growth in1H24, partially offset by soft industry volumes in 2H24 Australian Stimulated Cycles(1) bi-annual growth vs pcp Number of Australian Stimulated Cycles(1) half on half
Slide 8: MVF Market Share – ARS Australia
Monash IVF Group | FY24 Results Presentation Page 8 MVF Market Share – ARS Australia MVF upward trend in market share continues, with Australian Stimulated Cycles market share increasing by 1.5% to 21.7% in FY24 • MVF stimulated cycles increased by 10.4% driven by VIC, NSW, QLD and WA FY24 Volumes F
Slide 9: Financial Results
Monash IVF Group | FY24 Results Presentation Page 9 Financial Results
Slide 10: FY24 Revenue Analysis
Monash IVF Group | FY24 Results Presentation Page 10 FY24 Revenue Analysis 19.4% or $41.4m revenue growth driven by growth across Australia and International, primarily through domestic IVF acquisitions, patient price growth, diversification of revenue streams through growth in genetics and day hosp
Slide 11: FY24 EBITDA Analysis
Monash IVF Group | FY24 Results Presentation Page 11 FY24 EBITDA(1) Analysis EBITDA growth across all Business Services in domestic and international businesses, notwithstanding some cost base inflation pressures which stabilised during 2H24. Both recent acquisitions in Western Australia are meeting
Slide 12: FY24 Profit & Loss Overview
Monash IVF Group | FY24 Results Presentation Page 12 FY24 Profit & Loss Overview • FY24 Underlying NPAT (1)(2)(3) increased by 17.4% to $29.9m; • FY24 Underlying NPAT excl. the Fertility North acquisition was $29.4m which was within guidance range provided in February 2024; • Revenue increased by 19
Slide 13: FY24 Cashflow Overview
Monash IVF Group | FY24 Results Presentation Page 13 • Pre-tax conversion of EBITDA to operating cash flow was strong at 104% FY24 Cashflow Overview (excluding working capital impact from NiPGT Class Action balances), compared to 100% in FY23 and 97% in FY22; • $21.7m capital expenditure including:
Slide 14: Balance Sheet Overview
Monash IVF Group | FY24 Results Presentation Page 14 Balance Sheet Overview Balance Sheet ($m) 30 June 2024 30 June 23 % change • Net Debt increased by $17.7m to $48.7m as at 30 June Cash and cash equivalents 11.3 8.0 41.6% 2024. Syndicated Debt Facility was extended to February Other current assets
Slide 15: Operational Overview
Monash IVF Group | FY24 Results Presentation Page 15 Operational Overview
Slide 16: Compelling, flexible Doctor Value Proposition attracting clinicians across all stages of career lifecycle
Monash IVF Group | FY24 Results Presentation Page 16 Doctor Partnerships Compelling, flexible Doctor Value Proposition 42% increase in net Fertility Specialists since attracting clinicians across all stages of career FY18 lifecycle Supporting and delivering succession and Monash IVF works with exist
Slide 17: Leading science and technology driving pregnancy rates to >40%
Monash IVF Group | FY24 Results Presentation Page 17 Leading science and technology driving pregnancy rates to >40% Examples of current investments in innovative technology to drive success rates 40.5% Clinical pregnancy rate per embryo transferred • Successful partnership with Monash University has
Slide 18: Major clinic upgrades nearing completion, with infrastructure investment reverting to more normalised levels
Monash IVF Group | FY24 Results Presentation Page 18 Major clinic upgrades nearing completion, with infrastructure investment reverting to more normalised levels Clinical Infrastructure Completion of new Brisbane flagship site in FY25 will be the culmination of our major infrastructure transformatio
Slide 19: Genetics Strategy Update
Monash IVF Group | FY24 Results Presentation Page 19 Genetics Strategy Update Industry growth in Genetic carrier screening testing has been robust since the introduction of the Medicare rebate in November 2023, which will be an important driver of future market growth for IVF. Monash IVF has strengt
Slide 20: Day Surgery Strategy Update
Monash IVF Group | FY24 Results Presentation Page 20 Day Surgery Strategy Update Monash IVF now operates four day surgeries in Melbourne, Sydney, Adelaide and Gold Coast; a fifth day surgery in Brisbane will open by end of CY25. Objective 1: Provide a seamless, high quality day surgery experience fo
Slide 21: Investing in Brand & Marketing and our People
Monash IVF Group | FY24 Results Presentation Page 21 Investing in Brand & Marketing and our People Marketing campaigns are driving market share gains, and targeted campaigns are driving growth in emerging patient segments • Integrated marketing activities driving demand creation, with FY24 market sh
Slide 22: Positive growth trajectory in Women's Imaging with scan growth of 3.9% in FY24
Monash IVF Group | FY24 Results Presentation Page 22 Positive growth trajectory in Women’s Imaging with scan growth of 3.9%(1) in FY24 Continued momentum with supply issues resolved and capacity expanded to capture greater demand • Both the Monash Ultrasound for Women (MUFW) and Sydney Ultrasound fo
Slide 23: ARS International
Monash IVF Group | FY24 Results Presentation Page 23 ARS International Strong 2H24 growth across KL Fertility, Johor Bahru, Singapore and Bali, providing positive momentum into FY25 • International Stimulated Cycles increased by 19.9% in FY24 vs pcp, with 38.6% growth delivered in 2H24 • All clinics
Slide 24: Strategy and Outlook
Monash IVF Group | FY24 Results Presentation Page 24 Strategy and Outlook
Slide 25: Vision 2026
Monash IVF Group | FY24 Results Presentation Page 25 Vision 2026 The most admired reproductive care provider in the world Best in class fertility solutions, diagnostics, genetics and pathology.
Slide 26: Outlook
Monash IVF Group | FY24 Results Presentation Page 26 Outlook The Group is anticipating revenue and underlying NPAT growth in FY25 compared to FY24 notwithstanding flat new patient registrations (excluding acquisitions) in 2H24 v 2H23. Growth can be achieved noting the following: • Full year contribu
Slide 27: Appendices
Monash IVF Group | FY24 Results Presentation Page 27 Appendices
Slide 28: FY24 Earnings Reconciliation
Monash IVF Group | FY24 Results Presentation Page 28 FY24 Earnings Reconciliation Statutory earnings adjusted for certain non-regular items $m EBITDA(1) EBIT Non-cash FY24 NPAT FY23 NPAT Interest Reported Statutory 13.2 (5.3) - (5.9) 22.0 Acquisition transaction costs 0.8 0.8 - 0.5 1.3 Commissioning
Slide 29: Treatment Mix
Monash IVF Group | FY24 Results Presentation Page 29 Treatment Mix IVF Treatment numbers FY24 FY23 % change Monash IVF Group – Australia Stimulated cycles (1) 11,401 10,323 10.4% Cancelled cycles 1,165 1,167 (0.2%) Frozen embryo transfers 8,752 7,404 18.2% Total Australian Patient Treatments 21,318
Slide 30: Overview of Monash IVF Group
Monash IVF Group | FY24 Results Presentation Page 30 Overview of Monash IVF Group ARS Australia ARS International Diagnostics Women's Ultrasound 167 1731 5621 411
Slide 31: Questions
Monash IVF Group | FY24 Results Presentation Page 31 Questions