CEO’s Report
Michael Knaap
Chief Executive Officer & Managing Director
FY20 has been a year that we will all remember for its challenges and the way we have overcome them. I am proud of Monash IVF Group for our commitment during this time. We have demonstrated strength by continuing to live by our principles and deliver a safe environment for our people, doctors and patients.
FY20 performance
Our experienced and capable team of 121 doctors and over 550 scientific, nursing and support team members showed exceptional resilience, agility and courage in FY20. This aided in reconfirming our best in class position as a leader in reproductive health care.
Although our FY20 results were adversely impacted by a temporary suspension of elective surgery, our recovery was strong and swift. Our stimulated cycles were up by 33.6% in the June to July 2020 period versus the previous corresponding period.
In our key markets, stimulated cycle market share was relatively stable at 20.4%. Our market share improved by 0.8% compared to the six-month period to December 2019, reflecting positive operational momentum and a successful recovery after the COVID-19 suspension.
Our Kuala Lumpur clinic is on the path to recovery after a sustained period of Movement-Control Orders in Malaysia, having demonstrated 72% stimulated-cycle growth in the month of July versus the previous corresponding period.
Our Ultrasound business operated throughout COVID-19 with a significant focus on effective infection control and social-distancing measures, providing a safe environment. We demonstrated scan growth during the June-July period of 9.5%, with total scans for FY21 across the Group increasing by 1.8%. In light of a moderate decline in the March to June period, this was a good result.
Collaborating through COVID-19
Thank you to our clinician group for their exceptional contributions during COVID-19. They supported the safe clinical protocols, minimal disruption in services and the recovery phase.
Our future foundations continue to be strong as we welcome and support our new clinicians to the Monash IVF Group network.
We’re looking forward to collaborating with our doctors – new and existing – to develop and grow their business. This is particularly exciting with our increased focus on patient and doctor engagement through digital pathways, such as webinars, Facebook and telehealth services.
People engagement remains a key priority. Our people continue to be celebrated for their exceptional work, passion and pride in Monash IVF Group and our principles.
Throughout the COVID-19 crisis, our team remained supportive and responsive to provide our community with a safe environment. Safety protocols – including hygiene and infection control measures, social distancing and remote and virtual working – ensured we could continue supporting our patients.
We also continue to build specialised capabilities and knowledge through our dedicated learning and development framework and platforms.
Our future foundations continue to be strong as we welcome and support our new clinicians to the Monash IVF Group Network.
Progress of our strategic roadmap
Despite the challenges of COVID-19, we were able to continue the momentum of our strategic plan and break new ground, with improvements in science, patient care and services.
Increased marketing activities are driving growth in the patient pipeline. Our patient engagement activities during the shutdown period have driven a strong recovery of pent-up demand.
We were excited to launch a new ‘Brave Together’ advertising campaign to illustrate our progressive, empathetic and empowering approach to patient care.
We are investing in expanding our clinic and consulting network, while enhancing our value proposition to patients and specialists.
Our new Sydney CBD flagship clinic is on track to open during the second quarter of this financial year and will represent best-practice patient experience. This clinic is a key initiative to attract new fertility specialists into the Monash IVF family.
The strategic priority of clinic infrastructure has continued to be a focus in FY20 with a particular focus on transformation of our Melbourne footprint, a new full-service clinic in Penrith, which commenced in October and a refurbishment completed in our Dulwich, South Australia clinic.
In a positive milestone for our international expansion, we acquired a majority stake of a boutique IVF operation in Johor Bahru, Malaysia, increasing our footprint in the South East Asian region.
Domestically, we celebrated the acquisition of Fertility Solutions and taking a majority share in the Tasmania clinic. Both our international and local acquisitions and growth are supported by our unrelenting focus on building scientific capability to give our patients the best possible outcomes.
We have demonstrated improvement in our success rates in FY20. In addition, we continue to partner with innovative organisations to advance new technologies, such as a safer and softer method of ICSI that is demonstrating improved fertility rates and therefore creating more embryos for our patients.
Looking ahead
Our strategic roadmap, Vision 2022, will continue to guide our priorities, actions and decisions to achieve success and deliver profitable growth in the oncoming years.
Our capital metrics following the equity raise allowed us to navigate the uncertainty of COVID-19 and will allow us to maintain momentum on strategic growth initiatives to achieve our Vision 2022.
As a business, we will continue to be agile to provide a safe environment for our people, doctors and patients. Thank you to our people for supporting our community in this uniquely challenging and uncertain environment. Together we will continue to embrace new ways of working to be the leaders in reproductive care.
Michael Knaap
Chief Executive Officer & Managing Director
