Monash Ivf Group Ltd · ASX:MVF
Monash Ivf — FY2022 Earnings Presentation
28 slides from Monash Ivf's earnings presentation, Aug 26, 2022
Slide 1: FY22 Results Presentation
FY22 Results Presentation INS Monash Ws Group Leading the future of reproduc
Slide 2: Disclaimer
Disclaimer The presentation has been prepared by Monash IVF Group Limited (ACN 169 802 309) (‘MVF") (including its subsidiaries, affliates and associated companies) and provides general background information about MVF's activities as at the date of this presentation. The information does not purpor
Slide 3: Executive Summary
Executive Summary Group FY22 Results Invest in future growth Underlying NPAT) of $22.2m and above May 22 Trading Update . 2.2 cps fully franked final FY2022 dividend stralia Strong domestic ARS performance with EBITDA growth of 6.9% v pep and Domestic Stimulated Cycle market share growth of 0.2%'2\°
Slide 4: Attractive industry fundamentals
Attractive industry fundamentals Compelling underlying demand drivers continue to build and remain unchanged Advanced maternal age Advanced * MVF average maternal age is 37 and has remained at high levels since the start of the Pandemic; meres * Supports maintenance and continued growth in the IVF s
Slide 5: Quarterly stimulated cycles trends
Q1FY21 Q2FY21 Q3FY21 Q4FY21 Q1FY22 Q2FY22 Q3FY22 Q4FY22 80% 63.5% 60% 25,189 23,467 20,110 17,614 19,976 18,690 40% 24.6% 25.5% 23.0% 20% 27,431 28,229 19,799 20,976 22,102 22,533 7.4% 0% -0.3% FY17 FY18 FY19 FY20 FY21 FY22 -7.2% -5.4% Jul-Dec Jan-Jun -20% • • • •
Slide 6: MVF Market Share - ARS Australia
MVF Market Share - ARS Australia Key markets ® MVF stimulated cycles " performed better than In Stimulated cycles" 9,783 FY219,808 | Down 0.3% Key Markets’) Market Share Stimulated Cycles 21.2% FY21 21.0% | Up Australia Market Share Stimulated Cycles 18.9% FY21 18.6% | Up FY216,769 Up 4.7% 19.6% FY2
Slide 7: Financial Results
Financial Results
Slide 8: Domestic IVF business remained solid notwithstanding Pandemic impact in 2H22
195 Domestic IVF business remained Solid notwithstanding Pandemic impact in 2H22 190 5.0 0.5 1.4 4.8 0.2 0.6 $M 185 192.3 180 183.6 175 FY21 Market Size Growth MVF Market Share Growth Price & Mix International Ultrasound DSU & Other FY22 ▪ ▪ ▪ ▪ ▪ ▪
Slide 9: EBITDA bridge FY21 to FY22
55 1.9 0.6 50 5.8 0.7 3.5 2.1 5.0 $M 45 51.2 51.0 47.7 48.1 40 43.2 35 FY21 Reported FY21 Non-regular FY21 Underlying Domestic IVF Insurance COVID inefficiency IVF Movement International Ultrasound FY22 Underlying FY22 Non-regular FY22 Reported EBITDA(1) items EBITDA(1) Growth EBITDA(1) items EBITDA
Slide 10: FY22 Underlying NPAT
(1)(2)(3) (4) • FY22 Underlying NPAT(1)(2)(3) of $22.2m, $0.2m above trading update provided in May 2022; • • o o o • •
Slide 11: FY22 Cash flow overview
FY22 Cash flow ove Solid operating cash flow generation continues m ge Free cash flow(1) of $16.7m; Reported EBITDA 43,2 51.2 (15.6%) . . * Pre-tax conversion of EBITDA to operating cash flow at 9, Movement in working capital (1.5) Ol (1600%) 97% compared to 100% in pop; Income taxes paid (9.8) (7.3
Slide 12: Capital Management
Capital Management Balance Sheet positioned for growth Ov 30 June 3 30 June 219 Cash and cash equivalents é 88 Other current assets TT 137 Current lease liabilities (71) (5.8) Current liabilities (31.0) (336) Current borrowings - (16) Net working capital (12.5) (18.5) Non current borrowings (98) - G
Slide 13: Operational Review
Operational Review
Slide 14: Clinic and hospital development timeline FY19-FY23
30 25 20 15 24 10 5 12 12 6 0 FY19 FY20 FY21 FY22/FY23(1)
Slide 15: Acquisitions Update
Acquisitions Update Acquisitions result in 15 additional fertility specialists and Monash IVF having the broadest footprint across Australia * New doctor partnerships through the acquisition of PIVET Medical Centre (Perth and Cairns) and ART Associates Queensland (Brisbane); * — These acquisitions b
Slide 16: Monash IVF Penrith and Repromed Darwin
Monash IVF Penrith • • • Repromed Darwin • •
Slide 17: Pregnancy rates improvement
• • • • 38.0 37.0 36.4 36.0 34.7 34.0 32.6 32.0 2018 2019 2020 2021
Slide 18: Domestic ARS operations Update
Domestic ARS operations Update Continued investment in Brand & Marketing driving future patient pipeline and doctor value proposition Brand & Marketing Our marketing strategy continues to drive patient acquisition and retention underpinning key market segments of fertility, egg freezing and donor; O
Slide 19: Diagnostic Ultrasound Performance
Diagnostic Ultrasound Performance Ultrasound activity disrupted by COVID-19 and influenza; upside expected when current challenges dissipate MVF FY22 volumes are consistent with a decline across the broader industry, reflecting disruptions from COVID-19 and influenza leading to reduced patient activ
Slide 20: ARS International
ARS International Operational Performance South-East Asian expansion strategy gaining momentum despite COVID-19 challenges MVF will have five clinics in South-East Asia and is targeting SEA to contribute more than 25% of total Group stimulated cycles by FY2026 (9.9% in FY2022); International Stimula
Slide 21: Strategy and Outlook
Strategy and Outlook FY22 Results Presentation Seal
Slide 22: Our Mission
Our Mission We help bring life to the world Vision 2026 The most admired™ reproductive care provider in the world” Best in class fertility solutions, diagnostios, genetics and pathology. Our Pillars > OBC Dootor Pationt Scientific People Partnerships Experience Leadership Engagement & N Internationa
Slide 23: Strategy & Outlook
Strategy & Outlook Whilst the ongoing COVID-19 Pandemic and macro uncertainty created volatility in the Australian IVF market in 2H22, the favourable underlying demand dynamics are unchanged. Advanced maternal age and access to broader service offerings (including donor, egg freezing and genetics) a
Slide 24: Appendices
Appendices e @ Monash IVF Group
Slide 25: Treatment Mix
Treatment Mix IVF Treatment numbers FY22| FY21 —Sechangd Monash IVF Group - Australia Stimulated cycles 9,783 9,808 (0.3%) Cancelled cycles 1,202 1,023 17.5% Frozen embryo transfers 7,086 6769 47% Total Australian Patient Treatments 18,071 17,600 27% Monash IVF Group - International Stimulated cycle
Slide 26: FY22 Earnings reconciliation
FY22 Earnings reconciliation Statutory earnings adjusted for certain non-regular items $m EBITDA EBIT FY22 NPAT Reported Statutory 43.2 284 18.5 Acquisition transaction costs 24 24 15 Commissioning costs 25 25 18 Acquisition Earn-out fair value 04 04 04 Underlying 481 33.4 22.2 + $2.1m pre-tax acqui
Slide 27: Overview of Monash IVF Group
Overview of Monash IVF Group ARS Australia 24 clinics & 4 services centres 114 Fertility Specialists (i1trainees) 7 Australian States / Territories 3 day hospitals (SA, NSW and WA) IN @ Monash IVF repremed Gis sorsens OD ARS International Solinics 16 Fertility Specialists (Itrainee) 5 international
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