Monash Ivf Group Ltd · ASX:MVF
Monash Ivf — H1 2024 Earnings Presentation
30 slides from Monash Ivf's earnings presentation, Feb 23, 2024
Slide 1: What it takes, together – 1H FY24 Results Presentation
What it takes, together 1H FY24 Results Presentation 23 February 2024
Slide 2: Disclaimer
Monash IVF Group | 1H 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 da
Slide 3: 1H24 Financial Highlights
Monash IVF Group | 1H FY24 Results Presentation Page 3 1H24 Financial Highlights Monash IVF delivered 1H24 revenue and earnings growth driven by Domestic IVF and Ultrasound • 18.7% growth in Underlying NPAT(1)(2)(3) to $15.0m (upper end of guidance) • 19.3% growth in Underlying EBIT(1)(2) to $22.5m
Slide 4: 1H24 Operational Highlights
Monash IVF Group | 1H FY24 Results Presentation Page 4 1H24 Operational Highlights Australia International • 1H24 Monash IVF Australian Stimulated Cycles(1) increased by 15.1% v pcp • 1H24 International Stimulated Cycles increased by 4.1% v pcp • 1H24 Australian Industry growth(1) of 5.1% on pcp • S
Slide 5: Positive market outlook for fertility services driven by traditional and new demand drivers
Monash IVF Group | 1H FY24 Results Presentation Page 5 Positive market outlook for fertility services driven by traditional and new demand drivers Whilst the attractive industry fundamentals continue to support growth, additional demand drivers like growing patient segments and new services will fur
Slide 6: Industry Volumes – ARS Australia
Monash IVF Group | 1H FY24 Results Presentation Page 6 Industry Volumes – ARS Australia Sustainable industry growth continued in 1H24, reaffirming non-discretionary nature of IVF services Australian Stimulated Cycles(1) bi-annual growth vs pcp Number of Australian Stimulated Cycles(1) half on half 1
Slide 7: MVF Market Share – ARS Australia
Monash IVF Group | 1H FY24 Results Presentation Page 7 MVF Market Share – ARS Australia MVF upward trend in market share continues, with Stimulated Cycles market share increasing by 3.6% to 20.9% since 1H20 • MVF Stimulated Cycles(1) Australian market share grew by 1.8% to 20.9% during 1H24 on pcp 1
Slide 8: Financial Results
Monash IVF Group | 1H FY24 Results Presentation Page 8 Financial Results
Slide 9: 1H24 Revenue Analysis
Monash IVF Group | 1H FY24 Results Presentation Page 9 1H24 Revenue Analysis 21.7% revenue growth driven by growth across all business services; primarily through price growth, industry growth, market share gains in domestic ARS and contribution from the PIVET acquisition 130 125 0.3 1.7 4.8 120 115
Slide 10: 1H24 EBITDA Analysis
Monash IVF Group | 1H FY24 Results Presentation Page 10 1H24 EBITDA Analysis Positive EBITDA leverage across all services in domestic and international businesses, notwithstanding cost base inflation pressures. Further growth to be gained from new WA acquisition during 2H24 (subject to completion).
Slide 11: 1H24 Profit & Loss Overview
Monash IVF Group | 1H FY24 Results Presentation Page 11 1H24 Profit & Loss Overview • Revenue increased by 21.7% to $125.7m due to price and industry growth, market share gains and the PIVET acquisition; • 1H24 Underlying NPAT(1)(2)(3) increased by 18.7% to $15.0m, at top end of guidance provided in
Slide 12: 1H24 Cashflow Overview
Monash IVF Group | 1H FY24 Results Presentation Page 12 1H24 Cashflow Overview • Pre-tax conversion of EBITDA to operating cash flow was strong at 99%, exceeding 1HFY23 of 89% and 1HFY22 of 83%; 1H24 1H23 • $12.9m capital expenditure including: • Completed new day hospitals in Cremorne (VIC) and Gol
Slide 13: Balance Sheet Overview
Monash IVF Group | 1H FY24 Results Presentation Page 13 Balance Sheet Overview • Balance Sheet continues to be in a strong position to support both organic and non-organic growth aspirations and plans including: o Completion of new and expanded fertility clinics in Brisbane and Sunshine (VIC) and at
Slide 14: Operational Review
Monash IVF Group | 1H FY24 Results Presentation Page 14 Operational Review
Slide 15: Doctor Partnerships
Monash IVF Group | 1H FY24 Results Presentation Page 15 Doctor Partnerships Compelling Doctor Value Proposition to attract 35% increase in net Fertility Specialists since FY18 and retain highest Supporting and delivering succession and quality clinicians growth Monash IVF collaborates with existing
Slide 16: Infrastructure investment has created state-of-the-art facilities across ARS, day surgery and ultrasound
Monash IVF Group | 1H FY24 Results Presentation Page 16 Infrastructure investment has created state-of-the-art facilities across ARS, day surgery and ultrasound Clinical Infrastru cture Completion of the new Brisbane flagship site in FY25 will be the culmination of our major infrastructure transform
Slide 17: Acquisitions Update
Monash IVF Group | 1H FY24 Results Presentation Page 17 Acquisitions Update Continuing to build our presence in the attractive Western Australia market through the acquisition of Fertility North. Fertility North and our existing Monash IVF business in Perth are complementary to each other, servicing
Slide 18: Science and technology to drive ongoing improvements in success rates
Monash IVF Group | 1H FY24 Results Presentation Page 18 Science and technology to drive ongoing improvements in success rates 38.9% Clinical pregnancy rate per embryo transferred Multi-centre clinical trial for novel PIEZO-ICSI (novel microinjection (women aged <43 years) in CY23 (Jan-Nov); sperm se
Slide 19: Medicare rebate for Genetic Carrier Screening introduced in November 2023
Monash IVF Group | 1H FY24 Results Presentation Page 19 Medicare rebate for Genetic Carrier Screening introduced in November 2023 Government funding of genetic testing in Australia is rapidly expanding which will drive a significant increase in uptake of genetic testing, leading to increased pipelin
Slide 20: Investing in Brand & Marketing and our People
Monash IVF Group | 1H FY24 Results Presentation Page 20 Investing in Brand & Marketing and our People Current marketing campaigns are driving strong market share gains and growth in patient pipeline leading into second half of FY24 • Refreshed egg freezing and donor campaigns to drive continued grow
Slide 21: Women's Imaging continues on a positive trajectory
Monash IVF Group | 1H FY24 Results Presentation Page 21 Women’s Imaging continues on a positive trajectory Scan growth of 7.0%(1) demonstrating the turnaround is sustainable across the Sydney and Melbourne businesses • Sydney Ultrasound (SUFW) and Monash Ultrasound (MUFW) businesses showing strong,
Slide 22: ARS International
Monash IVF Group | 1H FY24 Results Presentation Page 22 ARS International Varied performance across SE Asia business in 1H24 but positive signs leading into 2H24 • International Stimulated Cycles increased by 4.1% in 1H24 vs pcp • International FY24 EBIT decreased by $0.3m vs pcp • Performance was m
Slide 23: Strategy and Outlook
Monash IVF Group | 1H FY24 Results Presentation Page 23 Strategy and Outlook
Slide 24: Vision 2026
Monash IVF Group | 1H FY24 Results Presentation Page 24 Vision 2026 The most admired reproductive care provider in the world Best in class fertility solutions, diagnostics, genetics and pathology.
Slide 25: Outlook
Monash IVF Group | 1H FY24 Results Presentation Page 25 Outlook The Australian IVF Industry and Monash IVF will continue to be a The key drivers of revenue and earnings growth in 2H24 compared beneficiary of underlying structural demand drivers whilst to 2H23 are: supplemented by emerging services s
Slide 26: Appendices
Monash IVF Group | 1H FY24 Results Presentation Page 26 Appendices
Slide 27: Treatment Mix
Monash IVF Group | 1H FY24 Results Presentation Page 27 Page 27 Treatment Mix Note: 1H23 includes activity in Fertility Tasmania and Gold Coast Ultrasound for Women which ceased being part of Monash IVF in 2H23. Stimulated cycles exclude activity performed in Jakarta and Canberra as they are minorit
Slide 28: 1H24 Earnings Reconciliation
Monash IVF Group | 1H FY24 Results Presentation Page 28 1H24 Earnings Reconciliation - $0.5m acquisition costs including the Fertility North acquisition; - $1.4m commissioning costs related to pre-opening expenditure for new fertility clinics and day hospitals including Melbourne, Gold Coast, Brisba
Slide 29: Overview of Monash IVF Group
Monash IVF Group | 1H FY24 Results Presentation Page 29 Overview of Monash IVF Group ARS Australia ARS International Diagnostics Women's Ultrasound 161 1651 5461 401
Slide 30: Questions
Monash IVF Group | 1H FY24 Results Presentation Page 30 Questions