Virtus He a lth (ASX:VRT ) F I NANCI AL RE SUL T S PRE SE NT AT I ON H1F Y18 ue sd a y 20 th F T e b rua ry, 2018 9.15a m AE DT
DI SCL AI ME R T he ma te ria l in this pre se nta tio n ha s b e e n pre pa re d b y Virtus He a lth L imite d ABN 80 129 643 492 (“Virtus He a lth”) a nd is g e ne ra l b a c kg ro und info rma tio n a b o ut Virtus He a lth’ s a c tivitie s c urre nt a t the da te o f this pre se nta tio n. T he info rma tio n is g ive n in summa ry fo rm a nd inc lude s fina nc ia l a nd o the r info rma tio n a nd do e s no t purpo rt to b e c o mple te . Info rma tio n in this pre se nta tio n, inc luding fo re c a st fina nc ia l info rma tio n sho uld no t b e c o nside re d a s a dvic e o r a re c o mme nda tio n to inve sto rs o r po te ntia l inve sto rs a nd do e s no t ta ke into a c c o unt inve stme nt o b je c tive s, fina nc ia l situa tio n o r ne e ds o f a ny pa rtic ula r inve sto r. T he se sho uld b e c o nside re d, with o r witho ut pro fe ssio na l a dvic e whe n de c iding if a n inve stme nt is a ppro pria te . Pe rso ns ne e ding a dvic e sho uld c o nsult the ir sto c kb ro ke r, so lic ito r, a c c o unta nt o r o the r inde pe nde nt fina nc ia l a dviso r. T he re le a se , pub lic a tio n o r distrib utio n o f this pre se nta tio n in c e rta in jurisdic tio ns ma y b e re stric te d b y la w a nd the re fo re pe rso ns in suc h jurisdic tio ns into whic h this pre se nta tio n is re le a se d, pub lishe d o r distrib ute d sho uld info rm the mse lve s a b o ut a nd o b se rve suc h re stric tio ns. T his pre se nta tio n do e s no t c o nstitute , o r fo rm pa rt o f, a n o ffe r to se ll o r the so lic ita tio n o f a n o ffe r to sub sc rib e fo r o r b uy a ny se c uritie s, no r the so lic ita tio n o f a ny vo te o r a ppro va l in a ny jurisdic tio n, no r sha ll the re b e a ny sa le , issue o r tra nsfe r o f the se c uritie s re fe rre d to in this pre se nta tio n in a ny jurisdic tio n in c o ntra ve ntio n o f a pplic a b le la w. Ce rta in sta te me nts ma de in this pre se nta tio n a re fo rwa rd-lo o king sta te me nts. T he se fo rwa rd- lo o king sta te me nts a re no t histo ric a l fa c ts b ut ra the r a re b a se d o n Virtus He a lth L imite d’ s c urre nt e xpe c ta tio ns, e stima te s a nd pro je c tio ns a b o ut the industry in whic h Virtus He a lth o pe ra te s, a nd b e lie fs a nd a ssumptio ns. Wo rds suc h a s “a ntic ipa te s”, “e xpe c ts”, “inte nds,”, “pla ns”, “b e lie ve s”, “se e ks”, “e stima te s”, a nd simila r e xpre ssio ns a re inte nde d to ide ntify fo rwa rd-lo o king sta te me nts. T he se sta te me nts a re no t g ua ra nte e s o f future pe rfo rma nc e a nd a re sub je c t to kno wn a nd unkno wn risks, unc e rta intie s a nd o the r fa c to rs, so me o f whic h a re b e yo nd the c o ntro l o f Virtus He a lth, a re diffic ult to pre dic t a nd c o uld c a use a c tua l re sults to diffe r ma te ria lly fro m tho se e xpre sse d o r fo re c a ste d in the fo rwa rd-lo o king sta te me nts. Virtus He a lth c a utio ns inve sto rs a nd po te ntia l inve sto rs no t to pla c e undue re lia nc e o n the se fo rwa rd-lo o king sta te me nts, whic h re fle c t the vie w o f Virtus He a lth o nly a s o f the da te o f this pre se nta tio n. T he fo rwa rd-lo o king sta te me nts ma de in this pre se nta tio n re la te o nly to e ve nts a s o f the da te o n whic h the sta te me nts a re ma de . Virtus He a lth will no t unde rta ke a ny o b lig a tio n to re le a se pub lic ly a ny re visio ns o r upda te s to the se fo rwa rd-lo o king sta te me nts to re fle c t e ve nts, c irc umsta nc e s o r una ntic ipa te d e ve nts o c c urring a fte r the da te o f this pre se nta tio n e xc e pt a s re q uire d b y la w o r b y a ny a ppro pria te re g ula to ry a utho rity. A numb e r o f fig ure s, a mo unts, pe rc e nta g e s, e stima te s, c a lc ula tio ns o f va lue a nd fra c tio ns in this pre se nta tio n a re sub je c t to the e ffe c t o f ro unding . Ac c o rding ly, the a c tua l c a lc ula tio n o f the se fig ure s ma y diffe r fro m the fig ure s se t o ut in this pre se nta tio n. In a dditio n, a numb e r o f fig ure s ha ve b e e n c a lc ula te d o n the b a sis o f a ssume d e xc ha ng e ra te s, a s se t o ut in this pre se nta tio n. T o the ma ximum e xte nt pe rmitte d b y la w, ne ithe r Virtus He a lth no r its re la te d b o die s c o rpo ra te , dire c to rs, o ffic e rs, e mplo ye e s, a g e nts, c o ntra c to rs, a dvise rs no r a ny o the r pe rso n, a c c e pts, a nd e a c h e xpre ssly disc la ims, a ny lia b ility, inc luding witho ut limita tio n a ny lia b ility a rising fro m fa ult o r ne g lig e nc e , fo r a ny e rro rs o r missta te me nts in, o r o missio ns fro m, this pre se nta tio n o r a ny dire c t, indire c t o r c o nse q ue ntia l lo ss a rising fro m the use o f this pre se nta tio n o r its c o nte nts o r o the rwise a rising in c o nne c tio n with it. 2
RE SUL T S & OPE RAT I ONAL OVE RVI E W H1F Y18 3
H1F Y18 F ina nc ia l 4 Re sults Hig hlig hts NPAT attr ibutable to or dinar y e quity holde r s Re ve nue 1.8% DA 9.7% E BIT 12.6% $133.8m $34.8m $16.6m PS 12.4% E BIT DA Mar gin E Inte r im Divide nd 14 c ps 20.62 c e nts 1.9% fully fr anke d Virtus re ma ins le a de r in a n inc re a sing ly c o mpe titive do me stic ARS ma rke t; o ur uniq ue • pla tfo rm e na b le s pa rtic ipa tio n a c ro ss a ll se g me nts He a dline e a rning s g ro wth drive n b y c o nsiste nt Austra lia n ARS pe rfo rma nc e ; c o ntinue d • g ro wth in dia g no stic s & inte rna tio na l a c tivitie s suppo rte d b y e ffe c tive c o st ma na g e me nt L e a ding de mo g ra phic drive rs fo r fe rtility se rvic e s c o ntinue to drive se c to r g ro wth • 4
AUST RAL I AN SE GME NT PE RF ORMANCE 5
Austra lia n Ope ra tio ns 6 F e rtility Austra lia ’ s ma rke t le a ding F e rtility Pro vide r Ove ra ll ma rke t vo lume a lo ng e a ste rn se a b o a rd up 6.1% o n pc p • Drive n b y 24.4% g ro wth in Que e nsla nd - unde rlying ma rke t g ro wth 1.8% e xc luding QL D • Virtus Austra lia o ve ra ll c yc le a c tivity H1F Y18 fla t a t 7,929 c yc le s • Virtus NSW g re w 8.0% o utpe rfo rming ma rke t g ro wth o f 3.0% • Virtus VI C g re w 1.2% o n pc p a he a d o f 0.3% ma rke t g ro wth • Virtus o ve ra ll g ro wth o ffse t b y ma rke t sha re lo ss in pric e se nsitive QL D a nd T AS ma rke ts • Virtus T F C a c tivity inc re a se d 9.3% • Se rvic e mo de l a nd pric ing re vie ws impro ve d pe rfo rma nc e in VI C a nd NSW • Ma rg in a nd vo lume e ro sio n in the pric e se nsitive QL D ma rke t • T F Cs re pre se nt 13.7% o f o ve ra ll Virtus Austra lia n a c tivity (H1F Y17:12.4%) • Austra lia n se g me nt Re ve nue $111m in line with pc p • Austra lia n se g me nt E BI T DA up 6.2% to $36.0m (H1F Y17: $33.9m) a s a re sult o f • o pe ra tio na l e ffic ie nc ie s a nd c o st o ut initia tive s Re ve nue a nd Austra lia n se g me nt E BIT DA inc lude s Dia g no stic s a nd Da y Ho spita ls Austra lia n IVF Cyc le s So urc e : Me dic a re Austra lia 6
Va ria b ility in Austra lia n 7 Ma rke t Gro wth Annua l g ro wth ra te va ria b ility is no rma l – H1F Y18 vo lume impro ve me nts fo llo wing a sub due d F Y17 Annua l Industr y Gr owth r a te s (F Y10-17) Ma r ke t Volume s (HY13-18) 23,383 10% 23,500 23,095 23,000 8% 22,500 6% 21,719 21,890 22,000 4% 21,432 21,500 2% 20,758 21,000 0% 20,500 2010 2012 2014 2016 H1F Y18 -2% 20,000 -4% 19,500 -6% 19,000 -8% H1F Y13 H1F Y14 H1F Y15 H1F Y16 H1F Y17 H1F Y18 *Annua l Gro wth Ra te s Numb e r o f I VF Cyc le s H1F Y18 re fle c ts na tio na l ma rke t g ro wth o f 5.5% o ve r pc p to 23,095 c yc le s • Unde rlying ma rke t g ro wth is 1.8% (e xc luding QL D) • * Gro wth rate s to 2017 re fle c t annual g ro wth rate s – H1 g ro wth rate s re fle c t De c e mb e r 2018 ye ar to date g ro wth 7 Austra lia n I VF Cyc le s So urc e : Me d ic a re Austra lia
Austra lia n Ope ra tio ns 8 Dia g no stic s Stro ng re ve nue a nd E BI T DA g ro wth Dia g no stic re ve nue inc re a se d 5.8% a nd E BI T DA inc re a se d 31.2% o ve r pc p • E BI T DA g ro wth drive n b y sig nific a nt o pe ra tio na l impro ve me nts in F Y17 • Re ve nue g ro wth re fle c ts • Stro ng e r I VF a c tivity • Co ntinue d g ro wth o f PGD/ PGS up 27.3% - utilisa tio n a t 18.9% o f fre sh c yc le s • H1F Y18 (H1F Y17: 12.3%) 6% inc re a se in ne w re fe rring Do c to rs • F o c us o n furthe r g ro wth thro ug h; • Ne xt Ge ne ra tio n Se q ue nc ing , g e ne tic sc re e ning a nd e xpa nsio n o f PGD/ PGS • se rvic e s e xte rna lly E xpa nde d pa tho lo g y te sting pla tfo rm • E xpa nde d g e ne ra l pa tho lo g y c o lle c tio n c e ntre fo o tprint • E xpa nsio n o f Virtus Dia g no stic se rvic e s in T a sma nia & ACT • 8
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