ASX-listed IVF operator Virtus Health’s boss Kate Munnings says the company has shown resilience over the past six months despite COVID-19 hammering its net profit.
“These are services where time is of the essence. We have been able to provide them in Victoria during stage 4 restrictions. It [IVF] is a service that can continue through future second waves,” Ms Munnings said.
Virtus eked out a $500,000 net profit after tax attributable to shareholders for fiscal 2020 after a non-cash impairment of $25 million. This was a drop of more than 98 per cent on last year’s $28.4 million profit. Profit from ordinary activities after tax was down 97 per cent to $946,000.
The company managed to avoid a loss despite its reported earnings falling 27 per cent to $46.2 million for the year, as COVID-19 elective surgery shutdowns paused operations in key markets at the start of the pandemic.