Monash IVF: Cycling along nicely

About the author:

Author name:

By Emily Porter

Job title:

Associate Analyst

Date posted:

23 August 2023, 9:00 AM

Sectors Covered:

Healthcare/Biotech

• Monash IVF's (ASX:MVF) FY23 was in line with guidance of underlying NPAT of $25.5m (up 14.%). EBITDA margins were maintained at 25% with cost pressures offset by price rises.
• We think FY24 is set for another strong year of growth benefitting from a full year contribution of acquisitions (PIVET and ART), rebound in ultrasound procedures, growth in South East Asia, price rises (5-8%), industry volumes returning to growth and continued market share gains (organic and recruitment of new specialists).
• We have made minor changes to our forecasts, increasing revenue by ~5% to incorporate price rises expected in 1H24 and have reset our cost base expectations and interest on higher debt, resulting in ~2% downgrade to underlying NPAT. We maintain our Add recommendation with a (login to view) price target.

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