Monash Ivf Group Ltd · ASX:MVF
Monash Ivf — H1 FY2015 Earnings Presentation
19 slides from Monash Ivf's earnings presentation, Feb 25, 2015
Slide 1: Half Year Results Presentation
HALF YEAR RESULTS PRESENTATION SIX MONTHS ENDED 31 DECEMBER 2014 25 FEBRUARY 2015
Slide 2: Disclaimer
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 of this presentation. The information does not purpo
Slide 3: Overview of Monash IVF Group
OVERVIEW OF MONASH IVF GROUP Monash IVF Group (MVF) is a market leader in the fields of fertility care, womens imaging & diagnostics Core Assisted Reproductive Services Diagnostic and ancillary services Ultrasound Range of treatments and techniques to assist Diagnostic and genetic testing to ass
Slide 4: Half Year Highlights
HALF YEAR HIGHLIGHTS Underlying Revenue, NPAT and volume growth in 1H FY2015 Revenues increased $2.7M (4.7%) to $60.3M vs pcp including • International revenues up 24% vs pcp • Monash Ultrasound for Women revenues up 11% vs pcp Revenue growth achieved notwithstanding contraction in Assisted Repr
Slide 5: Half Year Financial Highlights
HALF YEAR FINANCIAL HIGHLIGHTS Profit and Loss Analysis (1) These are non IFRS definitions (2) Excludes Next Generation Fertility and Fertility East 5
Slide 6: Half Year Financial Highlights: Segment Analysis
HALF YEAR FINANCIAL HIGHLIGHTS (CONT’D) Segment Analysis (1) Operating EBITDA is non IFRS financial information 6
Slide 7: Revenue Variance Analysis
HALF YEAR FINANCIAL HIGHLIGHTS (CONT’D) Revenue Variance Analysis H1 FY2015 % of vs H1 FY2014 H1 FY 2014 $M revenue Australia Revenue excluding acquisitions Market growth -0.3 -0.6% Market share 0.8 1.4% Pricing and Mix -0.1 -0.1% Other income -1.2 -2.1% Total -0.8 -1.4% Acquisitions 3.0 5.2% Total
Slide 8: Australian Market Movement
AUSTRALIAN MARKET MOVEMENT Assisted Reproductive Services Patient Treatment growth in Australian Key Markets1 contracted -0.6% Prospectus forecast assumed market growth in Patient Treatments of 4.1% based on historical growth trend Prospectus highlighted market growth rate fluctuations occur f
Slide 9: Australian Market Share
AUSTRALIAN MARKET SHARE Overall market share in Australian Key Markets1 (excludes uplift from acquisitions) increased to 38.1% vs 37.8% pcp Victorian market share growth offset market share loss in South Australia • South Australian market share loss attributable to aggressive pricing by competi
Slide 10: Pricing and Treatment Mix
PRICING AND TREATMENT MIX Frozen Embryo Transfers (FETs) increased to 39.2% of Patient Treatments for the period Patient Treatment shift to FETs reflects ongoing change in clinical practice and improvements in FET pregnancy rates Preimplantation Genetic Screening/Diagnosis (PGS/D) volumes incr
Slide 11: Expanding Domestic Footprint
EXPANDING DOMESTIC FOOTPRINT Acquisitions & New Locations Next Generation Fertility (Western Sydney, NSW) performed to plan for period, delivering 5% of Group Patient Treatments Fertility East acquired in December 2014 and accordingly made minimal contribution to H1 FY2015 results During the p
Slide 12: International – KL Fertility
INTERNATIONAL – KL FERTILITY • Revenues increased 24% to $2.6M • Revenue growth underpinned by 14.3% increase in Patient Treatments • EBITDA increased 22% to $1.1M • Continued growth in volumes achieved by additional Fertility Specialists • Further International opportunities are being reviewed 12
Slide 13: Monash Ultrasound for Women
MONASH ULTRASOUND FOR WOMEN • Revenues increased 11% vs pcp • Scans increased 8% vs pcp • Non Invasive Prenatal Testing (NIPT) increased 115% vs pcp • MUFW provides a service complementary to our focus on women's health and delivers a diversified income source 13
Slide 14: Finance and Cash Flow Highlights
FINANCE AND CASH FLOW HIGHLIGHTS 14
Slide 15: Capital Management
CAPITAL MANAGEMENT Banking Facilities and Hedges Net Debt $83.7M ($87.2M at 30 June 2014) Existing debt - total of $105M facilities available (June 2014 $105M) drawn to $89M (June 2014 $96M) leaving $16M (June 2014 $9M) undrawn 56.2% of debt hedged with floating to fixed interest swaps (June 2
Slide 16: Capital Management (Continued)
CAPITAL MANAGEMENT(CONTINUED) 1H FY2015 Dividend Fully Franked Interim Dividend of 3.25 cents per share declared • Record Date 16 March 2015 • Payable Date 18 April 2015 Interim Dividend payout ratio 68% vs Prospectus guidance of 65% of NPAT Payout ratio for this period increased given the Gro
Slide 17: Full Year 2015 Outlook
FULL YEAR 2015 OUTLOOK H2 FY2015 is expected to show an improved financial performance (compared to H1 FY2015) based on the following: Limited market recovery in Patient Treatment numbers in Q4 FY2015 consistent with a return to the longer term trends for the industry and the 4.2% growth in Grou
Slide 18: Summary
SUMMARY Solid performance in slightly weaker overall ARS market in Australia Established NSW clinic footprint through start up and acquisitions H1 results impacted by lower than expected Patient Treatment market growth which is expected to return to normal long term growth rate Growth in New
Slide 19: Questions
QUESTIONS 19