Monash IVF Group Ltd Annual Report 2018

FY2018 Annual Report · Monash IVF Group Ltd

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COLLIER CREATIVE 03 9088 2470
MON0019 Monash IVF Group AR 18_PFO October 11, 2018 3:53 PM

Life starts here

Annual Report 2018

Annual General Meeting

Thursday, 22 November, 2018
Monash Conference Centre
Seminar Room 2&3
Level 7, 30 Collins Street
Melbourne VIC 3000
at 2:00pm

Our Mission:

Help bring life to the world
We assist people to have
healthy children and grow
a family.

We deliver holistic care
throughout the fertility
journey.

We innovate and provide a
complete range of fertility
solutions; life starts here.

Monash IVF Group Limited

Contents

Monash IVF Group (Monash IVF
Group Ltd or The Group) is a leading
provider of Assisted Reproductive
Services (ARS) in Australia and
Malaysia. Since the early 1970s
the Group has been a market
leader in fertility care and over
the last 40 years has grown into
a specialised fertility and women's
imaging group receiving international
recognition for research, science
and innovation, helping individuals
and families achieve their goal of
having a healthy baby.

2
Financial Highlights
3
Chairman’s Report
4
Managing Director and CEO’s Report
6
Chief Financial Officer’s Report
7
Financial Performance
8
Customer (Patient) Experience
9
Clinical Excellence
10
Scientific Leadership
11
People Engagement
12
Board of Directors
13
Management Team
14
Directors Report
Remuneration Report – Audited
26
Auditor’s Independence Declaration 45

Corporate Governance Statement
Consolidated Statement
of Profit or Loss and Other
Comprehensive Income
Consolidated Statement
of Financial Position
Consolidated Statement
of Changes In Equity
Consolidated Statement
of Cash Flows
Notes to the Consolidated
Financial Statements
Directors’ Declaration
Independent Auditor’s Report
Shareholder Information
Corporate Directory

62
97
98
102
104

MonAsh IVF GRoup LIMIted
Annual Report 2018

Financial highlights

Revenue
$150.6m

2018

FY17 $155.2m
down 2.9%

eBItdA 1,2
$38.1m

FY17 $49.0m
down 22.2%

npAt 5
$21.4m

FY17 $29.6m
down 27.9%

Cash Conversion 6
93.3%

FY17 93.9%
down 0.6%

Basic eps
9.1 cents

FY17 12.6 cents
down 27.8%

FY18 dividends
6.0 cents

FY17 8.8 cents
down 31.8%

Group Revenue

EBITDA1,2

EBIT

NPAT5

EPS (cents)

DPS (cents)

Net Debt

Net Debt to Equity ratio3

Return on Equity (p.a.)4

FY18

$150.6

$38.1

$33.2

$21.4

9.1

6.0

FY17

$155.2

$49.0

$44.6

$29.6

12.6

8.8

% change

(2.9%)

(22.2%)

(25.7%)

(27.9%)

(27.8%)

(31.8%)

30 June 18

30 June 17

$94.1

56.4%

12.8%

$92.0

56.3%

18.6%

1 EBITDA is earnings before interest, tax, depreciation and amortisation.

2 EBITDA is a non IFRS measure which is used by the Group as a key indicator of underlying performance.

This and any other non IFRS measure is not subject to audit or review.

3 Net Debt to Equity is calculated using Net Debt divided by equity as at 30 June 2018.

4 Return on Equity is calculated using NPAT for the previous 12 month period divided by the average equity in the same period.

5 NPAT attributable to ordinary shareholders.

6 Pre-tax conversion of operating cashflow to EBITDA calculated as cash generated from operations divided by EBITDA.

Chairman’s Report

40,000 births and counting

since achieving the world's first IVF
pregnancy in 1973, we have enabled the
births of over 40,000 babies. today, we
operate 22 fertility clinics and 18 ultrasound
clinics in Australia and Malaysia. We have
106 Fertility specialists and sonologists,
125 scientists and over 400 nursing, health
professionals and corporate employees.

Throughout FY18, focus has been
on our strategic roadmap created
around our premium fertility offering,
diagnostic services and domestic and
international expansion. The roadmap
has provided clear direction for
delivering growth and sustainable
shareholder value.

It has also guided us in developing
and implementing our four operational
priorities: Customer (Patient)
Experience, Clinical Excellence,
Scientific Leadership and People
Engagement. Significant progress has
been made in these areas, which you
will read about in the coming pages.

Looking at the financial results for
FY18, Monash IVF Group revenue
was down 2.9% on prior comparative
period (PCP). NPAT was down
27.9% on PCP. We had strong cash
conversion of 93.3% and a total
fully franked dividend of 6.0 cents
per share.

Our Assisted Reproductive
Services (ARS) Australia Business
was significantly impacted by the
departure of a Victorian Fertility
Specialist in September 2017.
However, this was partly offset
by underlying market share growth,

price increases and expanding
our revenue base through our
non-invasive prenatal testing
(NIPT) offering. Excluding that
departure, ARS Australia Premium
Service Business remained solid,
demonstrating Stimulated Cycle
growth of 3% over PCP across
our key markets.

We also recruited seven new Fertility
Specialists in Australia in FY18, bringing
our total Australian based Fertility
Specialists to eighty-five.

Our Diagnostic Services business has
grown including NIPT volume growth
of 32.4% and Ultrasound scan volume
growth of 0.9%. We continue to build
our in-house capabilities and expand
our Ultrasound footprint.

We established a new state-of-the
art facility in Kuala Lumpur, Malaysia,
which provides the capacity to meet
growing demand and deliver positive
customer (patient) experiences.
In addition, we recruited a new
experienced Fertility Specialist
to support long-term growth
and succession planning, which
increased our number of specialists
in Malaysia to six.

Our International Business
Development Manager continues to
review opportunities with a particular
focus on expansion of Fertility and
Diagnostic Services in Asia Pacific.

The Monash IVF Group Board and
Management are committed to
ensuring we remain at the forefront
of our industry and deliver on our
mission – to help bring life to the
world. We are confident our strategic
roadmap will enable us to do just that,
in the short and long term.

Personally, I would like to thank the
Management Team and the dedicated
clinicians, nurses, scientists and staff
for their contribution throughout
FY18. Thanks must also go to our
external stakeholders and our
shareholders for their support
over the past 12 months.

On behalf of my fellow Directors, we
look forward to welcoming you at the
Annual General Meeting in November.

Richard davis
Chairman
Monash IVF Group

MonAsh IVF GRoup LIMIted
Annual Report 2018

Managing Director and CEO’s Report

Creating sustainable value and making
a significant contribution to social good

strategic priorities
Our strategic priorities will provide the
focus for our activities to drive growth
and create sustainable shareholder
value. We will remain focused on our
premium fertility offering for women
and men, including providing holistic
fertility solutions.

We will increase the integration of our
Fertility and Diagnostics (Ultrasound
and Genetics) operations.

We are establishing a more
balanced business portfolio
across Australia, increasing our
focus in underpenetrated markets.

We are pursuing International
opportunities, with a particular
focus on expansion of Fertility and
Diagnostic Services in Asia Pacific.

operational priorities
We continue to focus on our four
operating priorities of Customer
(Patient) Experience, Clinical
Excellence, Scientific Leadership,
and People Engagement.

Our Customer (Patient) Experience
provides for an empowering,
convenient and consistent experience
throughout the fertility journey.
We have increased our marketing
activities to generate awareness of
our heritage, our Clinicians, our clinic
network, our good science and our
successful fertility outcomes. We
have commenced the integration
of our channels to increase access
and improve our interaction with
Customers; including online, social
media, phone and face to face.

Clinical Excellence is focused on
partnering with our Clinicians to
deliver a superb clinical operation.
We continue to strengthen our
partnerships with our Clinicians
and recruit new Clinicians to
expand our operations in Australia.
We recruited seven Fertility
Specialists across Australia, bringing
our total to eighty-five in Australia.
This will help build a balanced State
portfolio and succession planning
for existing Clinicians.

Scientific Leadership is about
advancing good science and
innovative technology to improve
the Customer experience, our clinical
practices and most importantly to
support our market leading success
rates. We are harmonising our
scientific methods and we continue
to invest in our laboratories with state
of the art technology and equipment.
We are expanding our Diagnostic
services in Ultrasound and Genetics,
increasing referrals between Fertility
and Diagnostic services. We continue
to enhance our Research and
Development capabilities to focus
on advancing good science, clinical
practice and commercialisation of
new technologies. We will continue
to be the pioneers and innovators
of the future.

We are fortunate to have world
renowned Clinicians, Nurses, Scientists
and an incredible support team, all
dedicated to assist people to have
healthy children and grow a family.
And we will strive to attract and retain
the best people.

our mission is to
help bring life to
the world. We have
developed our
strategic roadmap
and operational plan
to help us navigate
our journey over
the coming years.

Financial summary
FY18 Revenue declined by 2.9%
to $150.6 million and NPAT declined
by 27.9% to $21.4 million.

In Tasmania where we have
a 35% holding in a Fertility Clinic,
we demonstrated strong growth
and also gained market share.

Our ARS Australia Premium Service
business, excluding departure of
the Victorian Fertility Specialist
in September 2017, remains solid
demonstrating stimulated cycle
growth of 3.0% in FY18 over PCP.

FY18 stimulated cycles in Victoria
increased by 4.2% over PCP, excluding
the impact of the departing Victorian
Fertility Specialist. Stimulated Cycles
in South Australia increased by
2.2%, including an 18.4% increase
in the second half due to the
commencement of new Fertility
Specialists. Stimulated Cycles in our
Queensland Premium Service business
were maintained and we increased
market share in the second half of
2018. In New South Wales, market
share decreased due to the transition
of the low intervention Mosman Clinic
to a premium service clinic.

ARS International (Malaysia) business
was a highlight with ARS Revenue
increasing by 40.5% and representing
5.8% of Group Revenue and EBITDA
growing 50.2% and representing 9.9%
of Group EBITDA. Stimulated Cycles
increased by 23.2% and total patient
treatments increased by 24.2%.
We have also recruited a new
Fertility Specialist to support
long term growth and succession
planning, making a total of six
Fertility Specialists in Malaysia.

Our Diagnostics business continues
to grow as we build our in-house
capabilities and leverage our
Ultrasound service offering.
Ultrasound volumes increased by
0.9% with the second half delivering
1.8% growth over PCP. NIPT volumes
increased by 32.4% with 99.1%
of tests performed in-house and

strategic and operational priorities

contributed additional revenue
of $2.4 million. Pre-implantation
genetic screening/diagnosis
decreased by 14.4%, which is
commensurate with the decline
in stimulated cycles, although the
penetration rate to stimulated
cycles remains stable at 19.1%.

It is an exciting time to have joined
such an innovative Company, one with
a strong heritage and at the forefront
of fertility and diagnostic treatment.
We will continue to build on our great
success and work together to help
bring life to the world.

david Morris
Chief Executive Officer
and Managing Director
Monash IVF Group

our Mission is to help bring life to the world, life starts here

strategy

operations

outcomes

Fertility
(Women and Men)

premium offering

diagnostics
(Ultrasound, Genetics)

Australia and
International
(Asia Pacific)

Customer
(Patient) experience

Clinical
excellence

scientific
Leadership

Value Creation

people engagement

operating principles

MonAsh IVF GRoup LIMIted
Annual Report 2018

Chief Financial Officer’s Report

Monash IVF Group's underlying
business remains solid

We continue to invest in strategic
growth initiatives despite FY18 npAt
being down 27.9% to $21.4m.

Furthermore, we absorbed
one-off, non-recurring costs
of $1.2m associated with a Fertility
Specialist's departure in Victoria
and restraint legal proceedings,
recruitment of key personnel
and organisation restructure.

Our revenue declined by 2.9%
to $150.6m having been impacted
by a Fertility Specialist departure,
a decline in the Australian ARS market
and the strategic repositioning
of a low intervention clinic in
Mosman to a premium service clinic.
The pleasing aspect was that the
revenue decline was partly offset
by market share growth (excluding
a specialists departure and Mosman
clinic repositioning), price increases,
strong growth in our Malaysian clinic
and expanding our revenue base
through our non-invasive prenatal
testing offering.

We experienced strong revenue
growth in Malaysia of 40.5% as the
new state-of-the-art facility in Kuala
Lumpur provided the capacity to
meet the growth in demand and
deliver a positive patient experience.
The revenue growth resulted in an
EBITDA increase of 50.2% to $3.8m.

We continue to have excellent
cash flow generation and earnings
conversion generating $25.9m in
net operating cash flow after tax,
in line with FY17. As a result of
the strong cash flow we were able
to fund dividend payments in the
period of $18.6m and support a
capital expenditure program of
$6.6m in FY18 geared around
patient management system
enhancements, investment in new
scientific equipment and upgrades.

Our Net Debt to Equity Ratio of
56.4% was stable at 30 June 2018
vs the prior year at 56.3% and
we currently have access to debt
capacity of $57.0m to support
strategic growth opportunities.

All of our capital management metrics
are comfortably compliant with our
banking covenants with significant
headroom. Our key leverage ratio was
at 2.46 times and our interest cover
was strong at 11.1 times. In addition,
we delivered sound capital return
metrics with a 12.8% return on equity
and a 7.3% return on assets for FY18.

The board declared a 2.6 cents fully
franked FY18 final dividend, bringing
the total fully franked dividend in FY18
to 6.0 cents per share, 31.8% decline
on prior year and represents a 65.9%
dividend payout ratio.

Michael Knaap
Chief Financial Officer
and Company Secretary
Monash IVF Group

Financial Performance

stimulated Cycles

Revenue ($m)

eBItdA3 ($m)

npAt ($m)

FY18 – 5 Year CAGR 1 of 2.8%

FY18 – 5 Year CAGR 1 of 9.4%

FY18 – 5 Year CAGR 1 of 1.8%

FY18 – 5 Year CAGR 1 of 3.2%

FY17 – 5 Year CAGR 1 of 6.2%

FY17 – 5 Year CAGR 1 of 11.6%

FY17 – 5 Year CAGR 1 of 11.8%

FY17 – 5 Year CAGR 1 of 14.3%

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1 CAGR is Compound Annual Growth Rate.

2 FY14 adjusted to exclude IPO costs and restructuring costs.

3 Earnings before interest, tax, depreciation and amortisation (EBITDA) is a non-IFRS measure which is used by the Group as a key indicator

of underlying performance and is not subject to audit.

4 FY15 earnings were impacted unfavourably by below industry trend growth rates and one off start up & acquisition costs of $975k (Pre-tax).

MonAsh IVF GRoup LIMIted
Annual Report 2018

Customer (Patient) Experience

An empowering and supportive journey

Fertility is often a
long and emotional
journey and we
need to empower
and support our
Customers (patients)
throughout their
fertility journey.

During the year we began
implementing changes to empower
and support our Customers to feel
more confident and to help make
their journey as convenient, seamless
and consistent as possible.

We continue to optimise our brand
position and marketing activities
to generate increased awareness
of our heritage, our Clinicians, our
clinic network, our good science and
our successful fertility outcomes.

We have also enhanced and
integrated our communication
channels to increase access and
improve our interaction with
customers. Our omni-channel
strategy includes online, social
media, phone and face-to-face.

We have established a 24/7 telephone
service so people can contact us at
any time for support throughout their
fertility journey.

During the year we introduced
Customer Net Promoter System (NPS).
This tool is helping us measure the
customer experience and provides
a range of valuable insights that will
inform future improvements to the
customer experience.

The ultimate measure of customer
satisfaction is to have a healthy child.
Our clinicians, nurses and scientists
are making that possible for more
people every single day.

Clinical Excellence

Turning clinical excellence into
positive customer outcomes

our pursuit of Clinical excellence is at the heart of our drive for
positive Customer outcomes. All our activities are undertaken to
improve the fertility journey for our Customers and to assist them
to have healthy children and grow their family.

During the year we have strengthened
our partnerships with our Clinicians.
This included increasing our focus
on marketing, referrals, clinical service
and scientific research.

We have recruited new Fertility
Specialists to help build a balanced
state portfolio and expand our
Australian operations. The new
Fertility Specialists are also part of
our succession planning to ensure
we continue to have the very best
specialists for years to come.

We are developing more routine
and agile clinical procedures that
are compliant and scalable and
we continue to upgrade our
information technology and facilities
across our clinic network. All our
clinics which were audited during
the year by the Fertility Society of
Australia’s Reproductive Technology
Accreditation Committee, received
certification with no restrictions.

The pursuit of Clinical Excellence
is ongoing, so we will embrace new
technology and evolve our clinical
practices to deliver the best possible
outcomes for our Customers.

MonAsh IVF GRoup LIMIted
Annual Report 2018

Scientific Leadership

Pioneers today and tomorrow

our pioneering work over the decades has
led to a Monash IVF Group baby now being
born every 2.5 hours. We continue to lead
the world in fertility treatment, science and
research and are passionate about advancing
good science to assist more people to have
healthy children and grow their family.

Our Group Scientific Advisory
Committee (GSAC) brings our
scientific leaders together to share
their knowledge and a Monash IVF
Group way of working. During the
year the GSAC commenced the
harmonization of scientific methods
and invested in our laboratories with
state-of-the-art technology and
equipment to continue to support
our market leading success rates.

expanded genetic services
Our state-of-the-art genetic
testing services are now available
at three additional sites: Sunshine
in Melbourne and in the regional
centres of Geelong in Victoria
and Rockhampton in Queensland.
The expansion has made PGT-A
and PGT-M services, which assess
embryos for chromosome errors and
single gene disorders, more accessible
for more patients.

expanded egg freezing program
After recent legislative changes, South
Australian women have the same
fertility rights as all other Australian
women. To help them preserve their
fertility without needing to travel
interstate, we have now expanded
our social egg freezing program into
South Australia.

donor sperm supply secured
Monash IVF Group entered into
an exclusive arrangement with
an American company, California
Cryobank for the supply of donor
sperm. This means we now have
a secure and reliable source of
donor sperm and can capitalise
on this growing market.

the authority in fertility
Our scientists were highly active in
the scientific community throughout
the year. They have published
abstracts and papers in leading
international journals and have given
presentations and lectures at national
and international conferences. We are
especially proud that our scientists
were the recipients of the prestigious
Fertility Society of Australia Scientific
Prize. We will continue to engage in
developing the next generation
of scientists.

exciting developments
Significant progress was made in
the development of non-invasive
screening of embryos for pre-
implantation genetic screening.
This is one of the areas where
we are leading the world and are
currently conducting clinical trials.

We also developed our own culture
media which provides a new way of
culturing embryos. A patent was filed
and it has been licensed to Vitrolife,
a biotech company based in Sweden.

Research and development
Monash IVF Group has continued its
long heritage of being at the forefront
of innovation with our research
portfolio spanning the areas of IVF,
Ultrasound and Genetics, through
basic research, translational studies
and applied projects. Our approach
of capturing and supporting the
research ideas of our clinicians,
nurses and scientists ensures our
research outcomes are quickly
embedded into improving patient
care. Our clinical staff are engaged
in several clinical trials focused on
improving pregnancy outcomes for
patients including studies to optimise
drug treatments as well as markers of
endometrial receptivity. Examples of
our basic research projects include
the development of a new method
for culturing embryos in partnership
with the University of Adelaide. The
patent of this technology has been
licensed and this innovation will
begin translation into clinical trials
for our patients in FY19. Further,
we have continued to develop our
novel intellectual property (IP) in
non-invasive genetic screening of
embryos. We have completed our
first pilot clinical trial and we are
continuing to develop this exciting
new genetic solution. Our pipeline
of research will continue to provide
innovative treatment solutions for
patients with several new applications
expected to be rolled out across the
Group in FY19.

People Engagement

Defining our Peo p le Engagement Strategy

Attracting and retaining the best people has always been fundamental
to the success of our Business. We conducted extensive consultation
with our employees and with thoughtful analysis of the findings,
we have developed a people engagement strategy that we believe
will confirm Monash IVF Group as an employer of Choice.

our people engagement
objective has five key
areas of engagement
aimed at creating
greater job satisfaction
and empowering our
people. they are:
mission, performance,
respect, reward and
communication.

Mission
We are ensuring everyone
within the organisation
is aligned with our mission
– help bring life to the world.
We are working to articulate
this mission effectively and to
help our employees understand
that what they do every day,
regardless of their position,
contributes to achieving
our mission.

performance
We are enhancing our
performance and development
processes to empower
employees to take initiative
and be accountable for
delivering positive customer
and commercial outcomes.
During the year more than
70 of our leaders took part
in our Leading for High
Performance program.

Respect
We are committed to a diverse
and culturally inclusive work
environment and to ensure
all employees are valued
and safe in our workplace.
One of our initiatives was
to partner with Pride in
Diversity, a Not-for-Profit
Employer Support Program.
The Program provides
education to organisations
to help foster respect and
inclusiveness while supporting
the LGBTIQ community.

Reward
For many years our Service
Award program has recognised
those who have made a
longstanding commitment to
the organisation. This year, we
began identifying new ways
to recognise the exceptional
contributions our Employees
make to our Customers, their
Colleagues and the Business.
Going forward, rewards
will be linked to employee
contributions to our key
operating objectives.

Communication
We have established a number
of communication forums that
provide regular and meaningful
information for our employees.
This access to information
is raising engagement levels
and better equipping our
people to deliver our mission.
We are also conducting more
regular Engagement Pulse
Checks, to check in with
employees and continually
improve our workplace.

MonAsh IVF GRoup LIMIted
Annual Report 2018

Board of Directors

Mr Richard davis (a)
Independent Chairman
Mr. Richard Davis joined the Group
in June 2014 and is currently serving
as a non-executive director of ASX
listed companies, InvoCare Limited
and Australian Vintage Limited (and
Chairman of Australian Vintage).

Richard worked for InvoCare for
20 years until 2008. For the majority
of that time he held the position of
CEO and managed the growth of
that business through a number
of ownership changes and over
20 acquisitions, including offshore
in Singapore.

Prior to InvoCare Limited, Richard
worked in venture capital and as an
accounting partner of Bird Cameron.
Richard holds a Bachelor of Economics
from the University of Sydney.

Mr Josef Czyzewski (b)
Independent
non-executive director
Mr. Josef Czyzewski joined the Group
in June 2014 and has over 30 years
of experience in senior finance
positions and significant experience
in the health industry.

Josef has held the positions of
CFO at Healthscope Limited and more
recently CFO/General Manager Strategy
and Development at Spotless Group
Limited following its takeover
by private equity interests in 2012.

Prior to that time, Josef had held
various senior finance positions
with BHP Billiton including VP Finance
and Corporate Treasurer. He holds
a Bachelor of Commerce from the
University of Newcastle and is a
Graduate Member of the Australian
Institute of Company Directors.

Ms Christina (‘Christy’) Boyce (c)
Independent
non-executive director
Ms Christy Boyce joined the
Group in June 2014. Christy is also
a director of Port Jackson Partners
and a non-executive director of ASX
listed companies, Greencross Limited
and Oneview Healthcare. Christy is
a former director of Cryosite Limited.

Christy has over 20 years of
management consulting experience
in both Australia and the United States
and has worked extensively with major
corporations on corporate strategy.
Prior to joining Port Jackson Partners,
Christy spent 14 years with McKinsey
and Company, where she was a partner.

She holds a Bachelor of Economics
from the University of Sydney,
a Masters of Management from the
Kellogg Graduate School of Business
(Northwestern University) and is
a Graduate Member of the Australian
Institute of Company Directors.

Mr neil Broekhuizen (d)
Independent
non-executive director
Mr. Neil Broekhuizen is the Joint
Chief Executive Officer of Ironbridge.

Neil has 25 years of private equity
experience with Investcorp and
Bridgepoint in Europe and Ironbridge in
Australia. Neil has sat on the Ironbridge
Investment Committee since inception
and also represents the Ironbridge Funds
on the Board of Bravura Solutions.

Neil is qualified as a Chartered
Accountant and holds a BSC (Eng)
Honours degree from Imperial
College, University of London.

david Morris (e)
Chief executive officer
& Managing director
Mr David Morris joined Monash
IVF Group in the Chief Executive
Officer & Managing Director role
in November 2017.

David has more than 20 years of
leadership, international business
development and strategy experience,
previously working with Cochlear
Limited, the global leader in
implantable hearing solutions, as
Chief Strategy Officer. Prior to joining
Cochlear Limited, David worked at
Accenture in the strategy practice.

David has extensive experience
internationally and domestically in
the healthcare, consumer produce,
utilities and financial services
industries. David holds degrees in
Business and Applied Science from
Monash University, Melbourne. He has
also completed an Advanced Business
Management Program at Kellogg School
of Management in Chicago and is a
graduate of the Australian Institute
of Company Directors.

Management Team

dr Richard henshaw (f)
executive director
Dr Richard Henshaw MD FRANZCOG
FRCOG has practiced in the field of
reproductive medicine since 1995.

Richard works as a Fertility Specialist
for the Group.

Richard has served on many national
bodies, including RANZCOG Council,
the IVF Medical Directors Group
of Australia and New Zealand,
and the Reproductive Technology
Accreditation Committee.

Ms Zita peach (g)
Independent
non-executive director
Ms Zita Peach has more than 25 years
of commercial experience in the
pharmaceutical, biotechnology,
medical devices and health
services industries.

She worked for major industry players
such as CSL Limited and Merck Sharp
& Dohme, the Australian subsidiary
of Merck Inc.

Ms Peach's most recent executive
position was as Managing Director
for Australia and New Zealand and
Executive Vice President, South Asia
Pacific for Fresenius Kabi, a leading
provider of pharmaceutical products
and medical devices to hospitals.
Previously, Zita was Vice President,
Business Development for CSL Limited,
a position she held for ten years.

Ms Peach is a Non-executive Director
of the ASX listed AirXpanders, Inc.,
Starpharma Holdings Limited, Pacific
Smiles Group Limited and Visioneering
Technologies, Inc. Zita is also a member
of the Hudson Institute of Medical
Research Board.

Ms Peach is a Fellow of the Australian
Institute of Company Directors
and a Fellow of the Australian
Marketing Institute.

top to bottom:

May Q, Loke
Centre Manager, KL Fertility
& Gynaecology Centre

professor Michelle Lane
Director of Research & Development

Brett Comer
Chief Operating Officer

tom sexton
General Manager – Queensland

Jan Lagerwij
International Business
Development Manager

tedd Fuell
Quality, Regulatory & Risk Manager

Michael Knaap
Chief Financial Officer &
Company Secretary

hamish hamilton
Regional Manager-South Australia,
Northern Territory & Ultrasound

pierre Abou haila
Chief Information Officer

everard hunder
General Manager Marketing

Malik Jainudeen
Finance & Strategy Manager

peggy north
Chief People & Culture Officer

Clementina singh
General Manager – New South Wales

professor Luk Rombauts
Group Medical Director

MonAsh IVF GRoup LIMIted
Annual Report 2018