During FY22 we made substantial progress towards achieving our Vision 2026. Through the resilience and agility of our people, Monash IVF Group delivered a solid FY22 result, despite the disruptions thrown in our path. In FY22, Monash IVF delivered a revenue of $192.3m with the performance of our Australian IVF operations remaining strong, partially offset by weaker performances from the Ultrasound and International businesses.
The most exciting achievement in FY22 has been the significant ramp up in business development and investment in our business to drive future growth. This reflects our strong confidence in the IVF markets in Australia and South-East Asia, and the ability of our business model and leadership team to execute on this growth.
Key highlights of FY22 include:
› Sustaining a higher than benchmark employee engagement demonstrating a “Culture of Success” for consecutive years.
› Investing in doctor partnerships: In Australia, the addition of 9 new doctors through organic recruitment and two new domestic acquisitions were executed which will add a further 15 new doctors in 1H23. The ability of Monash IVF to attract new doctors is a strong endorsement of our best-in-class clinical offering and our collaborative approach to doctor partnerships;
› Expanding domestic geographic footprint: Following our entry into the Western Australian and Cairns markets through the Pivet acquisition, Monash IVF Group will have the broadest footprint across Australia;
› Investing in state-of-the-art clinical infrastructure: In FY22, we invested in new sites in Darwin and Penrith, and new flagship sites in Melbourne and the Gold Coast are expected to open in 2H23, with both sites including day surgeries;
› Scientific leadership to improve pregnancy outcomes: Clinical pregnancy rates per embryo transferred (women aged <43 years) continue to improve across the Group growing from 32.6% in CY18 to 37.0% in CY21;
› Increasing presence in genetics: Appointment of four new clinical geneticists and the launch of our At Home Genetic Carrier Screening in November 2021;
› South-East Asia expansion gaining momentum: Our new clinic opened in Singapore in April 2022 and a new clinic in Bali opened in September 2022, taking our total clinics in South-East Asia to five.
Resilience and commitment of our people
The strength of our people and culture has been further highlighted over the past two years as we all collectively navigated the new ways of working and gained overwhelming support for the implementation of critical COVID-safe practices such as vaccinations, ensured we kept our people, patients, and the community safe. This at times was further challenged as workforce shortages became a new consideration.
I would like to take this opportunity to thank all our people and clinicians for their outstanding commitment to Monash IVF during this challenging period.
Looking to FY23 and beyond
Despite the slowing in market growth in 2H22, we are confident the strong underlying industry dynamics are unchanged. Advanced maternal age, behavioural changes in the community to focus more on family, a favourable Government funding environment and access to broader service offerings is expected to underpin industry growth into the future.
Monash IVF Group is ideally positioned to continue to grow above market in FY23 and beyond driven by several factors, including: the 31 new doctors that have recently joined Monash IVF Group; the transformation of our Melbourne, Gold Coast and Brisbane clinics as they move to new state of the art facilities over the next 18 months; the momentum building in our South-East Asia expansion; and our increased presence in the rapidly growing area of genetics.
It is with the commitment of of our people, and the support of our clinicians and our shareholders that we will meet our Vision 2026 goal of being the most admired reproductive provider in the world.
Mr Michael Knaap
Managing Director and CEO