Monash IVF Group: FY25 Performance and Outlook

Monash IVF Group Limited (ASX: MVF) reported FY25 revenue of AU$271.9 million, up 6.7% from the prior year, with underlying EBITDA rising 5.6% to AU$66.3 million. Underlying NPAT was AU$27.4 million, down 8.1% due to weaker domestic IVF volumes and international headwinds, though in line with revised guidance. Reported NPAT improved significantly to AU$25.7 million compared to an AU$5.9 million loss in FY24, which was affected by class action costs.

Operationally, the company strengthened its clinical outcomes, with pregnancy success rates improving to 40.3%, and added 11 new fertility specialists. Domestic stimulated cycles fell 5%, reflecting industry softness, while international cycles dropped 6.4% due to macro conditions. The Women’s Imaging business delivered mixed results, with growth in Melbourne offset by capacity challenges in Sydney. Looking ahead, Monash IVF expects FY26 NPAT of AU$20–23 million amid industry weakness but remains confident in long-term growth, supported by genetics, egg freezing, and expanding patient segments.

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