Report
Chris Kallos, CFA
EUR 101.80 For Business Accounts Only

Medicare IVF Data Uptick Encouraging; Maintaining FVE for Virtus Health

We maintain our AUD 6.50 fair value estimate for no-moat-rated Virtus Health following the release of Medicare IVF volume data for February 2017. Total fresh and frozen cycle volumes, on a combined basis, increased by 4% on the previous corresponding period, or pcp. This comprised an 8% rise in frozen embryo transfer cycles and a more modest 1% gain in fresh IVF cycle volumes compared with the pcp. On a 12-month rolling basis, fresh and frozen cycle volumes combined increased by 1%.
Queensland o...
Underlying
Virtus Health

Virtus Health is a global healthcare company engaged in the provision of healthcare services which included fertility services, medical day procedure services and medical diagnostic services. As an Assisted Reproductive Services provider in Australia and Ireland with a presence in Singapore, Co. provides patients with access to some of the clinical and scientific capabilities in fertility treatment as well as assisted reproductive technologies.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Chris Kallos, CFA

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