In 2025/26, Monash IVF's domestic business recorded stimulated cycles totalling 10,057, down seven per cent on the year before, and frozen embryo transfers of 9124, down three per cent.
"IVF demand can appear economically sensitive, but it's not simply discretionary," chief executive Victoria Atkinson told an earnings call on Monday.
In fact, historical analysis of Monash IVF stimulated cycle volumes against unemployment and high interest rates doesn't suggest a linear relationship, although affordability does matter.
"The underlying biological imperative does not disappear because economic conditions become more difficult," Dr Atkinson said.
Nevertheless, the group, which has a market share of about 20 per cent, reported a 2025/26 bottom line net profit of $8.3 million, down 67.6 per cent from the previous year.
The result followed softer domestic stimulated cycle volumes, partially offset by growth in its international, genetics, and ancillary revenue streams.
It also faced higher wages, supplier cost inflation and clinic operating costs.
The underlying net profit was $16.1 million, below its recent guidance of a result between $17-$18 million, on revenue of $269.5 million.
But the second half of the year produced a pick-up in stimulated cycle volumes, as clinical pregnancy rates for patients under 43 rose 1.8 per cent to 42.1 per cent over the year. The average age was 36.7 years.
The group also picked up about one per cent more of the assisted reproduction market, giving it a runway into the new financial year.
"We've begun to turn the wheel, with early momentum now evident in our underlying performance," Dr Atkinson said.
"But there is much to do."
Looking ahead, Dr Atkinson said the group was focused on growing cycle volumes and market share and delivering more organic growth in its international business in South East Asia, where it operates five clinics across Malaysia, Singapore, and Indonesia.
Stimulated cycle volumes lifted eight per cent to 1366 in the international business.
Asked about new patient numbers going into 2026/27, Dr Atkinson said the group was seeing good early indicators.
"It's certainly looking like there's been some uplift in new patient registrations in the first bit of financial year 2027, as well as stimulated cycles," she said.
Monash IVF's shares were up more than five per cent to 71.5 cents in afternoon trading.
About 20,000 babies conceived by IVF are born in Australia each year, according to the latest figure from the Australian and New Zealand Assisted Reproduction database.
This represents about one in 18 children, rising to one in 10 for those born to mothers aged 35 and older.
In April, Monash IVF rejected a takeover offer of 90 cents per share from investment vehicle WHSP Holdings and private equity group Genesis Capital, saying that it undervalued the group.
It was not the first time the pair had cast their eyes over Monash IVF. They first pursued the target in November, when it was under pressure over an embryo implant scandal.
A patient at a laboratory in Melbourne's southeast was implanted with her own embryo in June 2025 rather than one from her partner, as requested.
The company later blamed human error and IT limitations for the incident.
At the time, WHSP and Genesis offered 80 cents per share for all the stock in Monash IVF, which has struggled to trade above 90 cents for more than 12 months.
Monash IVF declared a final dividend of 1.3 cents, taking the total for the year to 2.5 cents.
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