Virtus & Monash: IVF cycle numbers bounce

Monthly IVF cycle numbers for April were released yesterday, highlighting a much needed bounce across the board of 7.4% on pcp to 3,480 cycles, mainly driven from a bounce back in NSW cycles, up 12.6% on pcp. This produces a 12 month rolling change of 0.2% to April 2015, turning around from -0.8% in March. Over time we believe organic domestic growth to revert to the long term average of 2-3%pa, but need to see continued improvement here before confidence around this data is achieved. Another interesting development in the Fertility space, is the Fertility Society of Australia (FSA) are reported to be looking at rolling out a web-based tool later this year which predicts patients' liklihood of delivering a live baby, providing the ability for consumers to compare clinics, like the SART tool for member clinics in the US. Monash IVF (MVF, Add, price Target A$2.03) and Virtus (VRT, Add, Price Target A$8.78). Here is the link to the blog site: (VIEW LINK)


Scott Power
Senior Analyst
Morgans

Senior Analyst at Morgans covering healthcare, life science, telecommunications, technology and media. I've spent the last twenty years investing in and researching emerging companies and have developed a wide network of contacts across these...

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