Monash IVF Group (MVF) AGM 2024 summary

Opening remarks and agenda

• The Chairman opened the meeting, acknowledged Traditional Custodians, welcomed attendees, confirmed a quorum, and outlined the agenda, participation, and voting procedures.

Financial performance review

• FY24 revenue grew 19.4% to $255.0m, with underlying NPAT up 17.4% to $29.9m and underlying EBITDA up 17.5% to $62.8m.

• All business segments contributed to growth, with international IVF showing 38.6% growth in the second half and international stimulated cycles up 19.9%.

• Market share in Australian stimulated cycles increased by 1.5% to 21.7% in FY2024, with a 10.4% increase in cycles.

• Women's imaging scan volumes grew 3.9% in FY2024, with capacity expansion in Sydney.

• Reported net loss after tax was $5.9m due to a $32.6m class action settlement, partially offset by insurance proceeds and a $3.6m reduction.

Board and executive committee updates

• Catherine Aston was appointed Chair of the Audit and Risk Committee in February 2024, following Josef Czyzewski's retirement.

• Board comprises Richard Davis, Zita Peach, Neil Broekhuizen, Catherine West, Richard Henshaw, Catherine Ashton, and Michael Knaap.

• Board refreshment was delayed during the class action period; the Chairman does not intend to seek reelection at the 2025 AGM.

• CEO Michael Knaap highlighted operational and strategic achievements, including recruitment and infrastructure expansion.