Monash IVF expects to meet its forecasts for fiscal 2015 and is looking for expansion opportunities in Asia.
In vitro fertilisation provider Monash IVF Group has beaten its prospectus forecast for pro forma net profit in 2014 and says it is on track to meet its forecasts for fiscal 2015.
The company also says it is looking to further expand overseas, from its existing operations in Malaysia.
Monash IVF listed on the Australian Securities Exchange (ASX) in June 2014.
“Based on current forecasts and information, Monash IVF Group is on track to deliver on its fiscal 2015 forecasts as outlined in the prospectus of June 2014,” the company said in a statement on Thursday.
Monash IVF has forecast a net profit of $26 million in fiscal 2015.
Monash IVF on Thursday reported a pro forma net profit of $22.6 million for the year to June 30, 2.7 per cent above the prospectus forecast of $22 million.
Pro forma net profit excludes costs and and adjustments associated with listing on the ASX, and discontinued operations.
Monash IVF said it would “continue to explore international growth opportunities from its business base in Malaysia”.
The company also would continue to grow its low intervention service offering, which involves a select range of services for a lower cost.
The company opened a new low intervention clinic – MyIVF – in Brisbane in February 2014.
The group will open another low intervention clinic in Sydney in the first half of 2015 and assess other locations for additional clinics.
Monash IVF chief executive James Thiedeman said the group had performed strongly in fiscal 2014.
Total patient treatments – IVF cycles and frozen embryo transfers – in the Australian business grew by 9.5 per cent, to 13,388 from 12,231.
Clinics in Victoria and Queensland performed strongly but South Australia experienced increased competition in a market that contracted and was exposed to adverse economic conditions.
Monash IVF’s international business grew total patient treatments from 351 to 899 in fiscal 2014, representing a full 12-month contribution by KL Fertility in Kuala Lumpur.
The pregnancy success rate of 32 per cent beat the industry average of 25 per cent.
Shares in Monash IVF were 2.25 cents higher at $1.6475 cents at 1540 AEST.