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Monash IVF Group Limited (ASX:MVF) develops assisted reproductive technologies (ART) and tertiary level prenatal diagnostics, and it provides a complete range of specialist diagnostic obstetric and gynaecological ultrasound and fertility treatments to its patients.
Today (25 February 2019), the company announced its half-year results for FY 2019. For the half-year period, the company has reported a decline of 19.8% in its statutory net profit after tax (NPAT) and before noncontrolling interests which has reached to $9.7 million. The companyâs revenues were in line with the previous corresponding period (pcp) at $77.2m. Further, the companyâs NPAT, before one-off non-recurring items related to the Mosman Clinic closure and CEO separation costs, declined by 11.3% to $10.7 million as compared to pcp. The companyâs NPAT has exceeded the guidance which was provided at the Annual General Meeting.
For the half year period, the companyâs revenue increased by $0.2 million to $77.2 million as compared to pcp. The company reported strong Stimulated Cycle growth in New South Wales (NSW), Queensland (QLD), South Australia (SA) and Malaysia which mitigated the impact of the departure of a Specialist in Victoria in September 2017.
During the half year period, the International Stimulated Cycles increased by 25.4% as compared to pcp, due to higher demand from the introduction of a new Fertility Specialist and greater capacity from the relocation to the Damansara Mall Clinic. Moreover, the Preimplantation Genetic Screening/Diagnosis (PGS/D) has declined by 9.4% in 1H FY19 as compared to pcp, driven by the decline in Australian Stimulated Cycles with a stable penetration rate of 19%.
The companyâs revenues in Australia declined by 1.9% to $71.6 million in 1H FY19 as compared to pcp due to the 3.6% decline in Stimulated Cycles in Australia as a result of strong growth in NSW, Qld and SA, which is offset by the volume decline from a Specialist departure in September 2017. The revenues were also driven by price increases and higher day surgery income from the sole day surgery service in SA.
The companyâs International segment demonstrated strong growth from demand and the move to the new Kuala Lumpur premise which is providing greater capacity to meet demand. International revenues increased by 41.7% to $5.5 million in 1H FY19 as compared to pcp driven by Stimulated Cycle growth of 25.4% to 518 while Frozen Embryo Transfers increased by 43.7% to 480.
The companyâs Board has declared a fully franked interim dividend of 3.0 cents per share reflecting a decline of 0.4 cents per share and an 11.8% decline against prior year. The record date for the dividend is 8 March 2019 and the payment date for the dividend is 5 April 2019.
In FY 2019, the company is expecting a moderate underlying Full Year NPAT growth compared to pcp. The company is also expecting that its market share will improve in FY 2019 as compared to pcp. In the second half of FY 2019, the company is expecting more than 15% growth in its NPAT as compared to pcp.
MVFâs shares traded at $0.985 (+4.787% intraday) with a market capitalization of circa $217.91 million as on 25 February 2019 (AEST 1:36 PM).
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