would now like to hand the conference over to Mr. Mike McNaugh. Please go ahead.
Thank you, Judith, and good morning and thank you for joining us today for Monash IVF Group's results presentation for financial year 'twenty one. Our CFO, Noah Genetin, also joins me and will be later speaking us through the detail of the financials. A lot of background, Monash IVF is a market leader in providing reproductive care in our core assisted reproductive services, diagnostics, genetics, and pathology services. With a growing network of 47 IVF and women's ultrasound clinics and service centers across Australia and Southeast Asia. Our experienced and capable team include 123 doctors and an increase of 550 surgeons, nursing and support staff.
I would like to take this opportunity to thank everyone of our team for their unrelenting patient first mindset and continued agility in order to thrive during the pandemic. This focus and effort of our people is the reason we are delivering such a positive result today and have an optimistic outlook for the future. I'd now like to touch on the key points of financial year for FY 'twenty one, which are represented on Slide 3 of the presentation. Our underlying profits were ahead of guidance, underpinned by market share gains and record IRS industry growth. One might say COVID baby boom.
Our reported NPAT of $25,500,000 increased by 116%, whilst our adjusted NPAT was 23,300,000 dollars representing a 61.5 percent growth on the prior year. We delivered 26.3 percent revenue growth with significant growth delivered across all of our regions and services. IVF stimulated cycles grew by 36.6%. In our women's ultrasound business, we experienced 12.9% ultrasound growth. The IVF industry volumes were also strong at 31.3% growth from the prior year, whilst we managed to gain market share to represent 21% in our key markets.
We continue to focus to measure our future engagement with the highest ever engagement results recorded. This represented a culture of success, which we're very proud of. Furthermore, we delivered $32,800,000 free cash flow at 100 percent conversion of EBITDA and have declared a $0.40 dividend of $0.021 Our balance sheet strength is a strong enabler to drive organic and non organic strategic growth in the future. I wanted to touch on the attractive industry fundamentals as behavioral shifts support volume growth in this financial year and beyond. So I draw your attention to Slide 4.
There continues to be an advancement in maternal age as a long term trend as people have delayed starting a family, which continues to increase the fertility rates. Although there has been a significant increase in IVF demand, our patients' average maternal age of 37 has remained constant since the start of the pandemic. We believe the ongoing pandemic has changed the mindset in the community with greater focus on family, health and well-being. This is resulting in a redirection of priorities towards creating and extending their families into the future. To support that, we had a 40% increase in new patients, addressing our domestic network for stimulators cycles, which is well above the industry's growth rate.
Growth in our service offerings and advances in technology is driving improved outcomes and appeal to the fertility value proposition. There is good growth potential in donor, special patient treatments and genetic services in procedure. A significant recent improvement of 4.5% in the clinical pregnancy rate over the last 3 years is a testament to the improved quality proposition for our patients. The government funding regime for IVF and ultrasound services is stable and continues to support growth and affordability for our patients. There is also an increase in government support from the present October 2021 for patients who are carriers of known genetic disorders.
They will have access to new significant Medicare rebates for embryo testing and diagnosis to prevent their children from having genetic diseases. As we now take a look at Slide 5 to focus on the broader ARS Australian market, where demand for services in Australia continues at record highs. The left hand graph represents quarterly growth in stimulated cycles. There was significant growth experienced in the Q1 of FY 'twenty one due to pent up demand and the deferred treatment created in the Q4 of FY 'twenty. The consistent and robust growth in quarter 2, 3 and 4 continued, demonstrating strong underlying demand for IVF services.
It is worthwhile noting that the 4th quarter comparative is affected by the temporary IVF suspension of elective surgery, Hence, the 63% growth number. The right hand graph represents the number of Australian sites per year. Noting the step change in volume in FY 'twenty one with a 31.1% growth rate, with that year being a record year in the number of the strain simulator cycles performed in any year. As we move to the specifics of the rapid recovery of post selective surgery shutdown and our return to growth on Slide 6. In Australia, for our stimulated cycles in FY 'twenty one, the recovery was swift in the Q1 and growth momentum continued to build throughout the year.
This momentum is being carried forward into FY 'twenty two as we have a solid new patient pipeline demonstrated by our strong growth in new patient registrations over the previous 6 months. That growth was 35%. On the international front, COVID-nineteen restrictions in Malaysia impacted consumer confidence. However, these challenges however, with these challenges, the clinic still delivered 1,008 stimulated cycles in FY 'twenty one, which was well up on the prior year. Furthermore, our women's ultrasound scan growth was 12.9% in FY 'twenty one with the second half of FY 'twenty one growth being 14.2%, again further highlighting the baby boom.
Having a clear picture of the recovery and growth acceleration of our Australian IVF volumes, I would just like to cover off in more detail around our growth rates and the market shares on Slide 7. In our key markets, our simulator cycles increased by 36.6% versus industry growth of 31.1%. This led to market share gains of 0.6% to a total market share of 21%. The key contributing factors to our market share gains included a significant increase in our marketing investment that has continued to grow the short and the long term patient pipeline as we continue to dominate share of voice during the last financial year. We have 3 fertility specialists in New South Wales, Queensland and Victoria that are roughly developing their volumes.
We also had a full year contribution from the Fertility Solutions acquisition in Queensland, whereby in the previous corresponding period, we had 9 months of completion. We started to get contribution from our new Sydney 3BD flagship plant in New South Wales that continues to build good momentum. In Victoria, New South Wales, Queensland and the Northern Territory, we increased our simulated cycle market share in FY 'twenty one, while South Australia maintained majority market share above 60%. I would now like to welcome CFO, Mike Janardine, to walk us through the financial results of the year.
Thanks, Michael.
If we all turn over to Slide 9, I'll walk you through the revenue waterfall that's illustrated on that slide. You'll see that strong industry growth drove $27,500,000 of additional revenue to Monash IVF. What's important is that was demonstrated across all our domestic IVF markets. As Michael illustrated, our Q1 had all the pent up demand created at the end of last year. And you'll see in the graph on the right side, our revenues in the first half was 90,800,000 dollars What was pleasing was in the second half it was 92,800,000 dollars This illustrates that the 1st quarter pent up demand was serviced and that growth continued in the second, third and fourth quarters.
If you look at the next part, our revenue increased by $3,300,000 as a result of market share gains. And as Michael illustrated, the market share increased by 0.6% compared to last year. Looking at the next bar, we had a pricing negative impact of $1,800,000 and as mentioned at half year, that is a reflection of out of pocket simulated cycles offered to patients impacted by the suspension of NIPGT genetic testing program. If you have a look at the next one, international, our KOL business has been extremely resilient. The environment in Malaysia is extremely challenging, but that business did over 1,000 cycles, which was very promising.
If you look at the next bar, dollars 1,700,000 additional revenue from acquisitions, that is from our Fertility Solutions business that we bought in FY 'twenty. That business is a hybrid business that has low cost and full service. What drove us to that growth is a high proportion of full service cycles. What that tells us is full service business in that Queensland region is extremely promising, and it's a strong reflection of how full service can grow in the pandemic environment. Our ultrasound business generated an extra $2,800,000 of revenue on the back of ultrasound scan growth and we had additional revenue generated through our day hospitals.
Turning over to Slide 10. Our reported impact was up by 117%, which included 3 non regular items that included job keep facilities received for 'twenty one. Once you strip these out, our adjusted impact was up by 61.5%, reflecting a 37% increase in adjusted EBITDA and an EBITDA margin improvement from 23.9% to 26%. As a result of a 26% increase in revenue, we generated operating leverage which allowed us to be aggressive in marketing, drive and maintain our strong new patient pipeline and support our doctors. We've invested heavily in our nursing and scientific workforce which is improving our patient engagement and experience, which in turn is increasing our staff engagement scores.
As noted as part of the revenue slide, NIPGC has had an impact on our business, both at a revenue perspective, but also from a cost point of view. It added an extra $1,700,000 of additional costs for us to focus on the response to our notification about the suspension of the test. Depreciation and amortization was higher, reflecting the full annual cost for the new Sydney CBD premise, which opened in November and depreciation on assets that are increasing our capacity in our labs with best in class equipment. Turning over to Slide 11, we've had a very strong cash flow year. You'll see illustrated in the table, we generated additional $44,000,000 of operating cash flow.
This reflects a 100% EBITDA conversion to pretax operating cash flows, which illustrates the cash generation ability of this business, notwithstanding several cash outflows, which were deferred at the end of FY 'twenty. CapEx for the year was 10,000,000 dollars As illustrated previously, that includes the new Sydney site and new equipment in our labs. As you'll see on the next slide on the balance sheet, we reduced our borrowings by $18,000,000 and we recommenced dividend payments during the year following a temporary hold on dividend payments at the end of last year. Turning over to Slide 12. Our balance sheet is obviously in a very strong position and that will enable us to drive future growth whether it be organic or nonorganic.
We've got strong intentions to continue to improve our clinical infrastructure with projects, design or approval phase, largely for new infrastructure in Melbourne, Penrith and the Gulf Coast. We have intentions to continue to expand our Southeast Asia presence with 2 clinics now in Malaysia, a minority holding in Jakarta and a soon to be booked clinic in Mali. This strategy will continue to evolve. Our net debt is currently cash positive and our existing debt facility is due for maturity by January 2022. And our lenders have indicated strong support for the refinance.
Given the current net debt position and strong earnings that we've generated during the year, there is substantial headroom available in our banking governance. I'll pass you back to Michael.
Thank you, Millie. Now I'd like to take you to Slide 14 as we start to work through some of the details of our Australian IRS operational performance. I'll start with scientific leadership. We have continued our unrelenting focus on investing and building scientific capability to ensure we are giving our patients the best possible outcomes and differentiating our value proposition to all our patients. The chart at the bottom of this slide represents the continuous improvement in our clinical pregnancy rates across our group with clinical rates consistently improving to ultimately a 4.5% improvement in 3 years.
We have been on this journey of continuous improvement throughout our long heritage. However, it is worthwhile calling out some of the initiatives that will drive further improvements in our success rates into the future. We will continue to partner innovative organizations to advance new technologies such as the safer and softer method of ICSI that is demonstrating improved fertility rates, therefore creating more endeavors for our patients. Another new technology we are working on in partnership with Memphisys is to develop a more effective sperm selection process utilizing the Felix device. New partnerships and technologies backed by an ongoing research focus through our various research bodies will ensure we continue to evolve and improve our success rates.
The submission and presentation of 21 scientific and clinical abstracts at national and international conferences is testimony to our research commitment. Furthermore, we are transitioning our genetic labs to G category status to enable best in class pre implantation genetic screening services. As you turn to Slide 15, an essential pillar of our strategy being doctor partnerships. We continue to strive to have mutually rewarding partnerships with all of our doctors in a very transparent, collaborative and supportive way. Our partnership with our doctors has never been stronger, and this is demonstrated through the recent engagement survey as previously outlined whereby we are reflecting a culture of success.
Recruitment of doctors is a testament to this. We have recruited 5 new experienced fertility specialists that joined MIS IVF in the last financial year and will deliver future growth and support succession planning. Furthermore, we have 4 new fertility specialists graduating following completion of the Monash IVF training program. These doctors are now actively consulting and treating patients and are gradually building solid patient pipelines. We see the genetics here a key driver of growth.
And with that, we have partnered the only domestic genomic pathologists with dual qualification in genomic pathology and metrics and gynae. He is MYOS IVF's Medical Director of Genetics and will lead our next generation of genetic services.
If you
take a look at our clinical infrastructure progress and plans outlined, this is on Slide 16. The strategic priority of our clinic infrastructure continues to be focused on the medium term horizon. The lab clinics are paramount to the execution of our strategic growth objectives. Our new Sleeping CBD flagship clinic opened in November, representing best practice patient experience with 4 fertility specialists now based at the new clinic, including 3 new experienced CREI qualified fertility sub specialists. We are pleased with the progress and having performed more than 200 simulated cycles in June 'twenty one, the clinic will further improve its earnings in FY 'twenty two given the caliber of doctors that have recently joined us.
The transformation of our Melbourne footprint is well advanced with the new large scale fertility clinic and Bay Hospital expected to open in Cremoyne, located in the inner east of Melbourne. We expect to open this clinic towards the end of financial year 2022. Furthermore, a new Gold Coast fertility clinic complemented with a day hospital is expected to open late in financial year 'twenty two. And other fertility clinics are also expected to open in the latter half of the financial year 'twenty two, including Penrith in Western Sydney and Darwin, both of which are replacement and upgrading of existing facilities. I'll draw your attention to Slide 17.
This positive engagement remains a key priority, and we are pleased with the further improvement in our employees' engagement score, exceeding any previous year and demonstrating a culture of success. This also exceeded our Vision 2022 target and is well exceeding the industry benchmarks. Our employer value proposition has been a key priority, and we continue to position ourselves as a dynamic industry leader in reproductive care, offering dynamic workplaces that are driven to make a difference. We will continue working with our leadership teams to drive engagement to create high performing accountable, importantly, fun, safe and inclusive workplaces. Our significant strategic marketing investment is a key driver of our market share gains and in particular drove a 40% increase in new patient stimulated cycles, which was well above market growth as previously outlined.
During the last 12 months, our new Monash IVF brand was launched with innovative targeted advertising. This brand launch was supported with a comprehensive online event strategy and website upgrades. A very important element for our referral pathway are for GPs and we continued our GP engagement strategy to drive strong GP referrals and engagement. As we turn to our diagnostic ultrasound performance on Slide 18. FY 21 ultrasound volumes increased by 12.9%, and non invasive prenatal testing increased by 17.8%, being the strongest growth we have seen in this service offering for many, many years.
And yes, the baby boom is upon us. Ultrasound stand volume growth was experienced in all markets with Sydney growing by 14.5% and Melbourne growing by 4.8%. Due to COVID-nineteen movement restrictions, out of suburban ultrasound clinics demonstrated significant growth whilst inner city locations are yet to return to pre COVID levels and in fact have softened further given recent lockdowns. However, we do have the flexibility with the good spread of suburban clinics in Sydney and Melbourne to effectively manage the geographical shift in demand. Following significant increase in demand for reproductive carrier screening services, we assume commencing distribution of a new productive genetic screening kit that will be available online and through obstetricians, gynecologists and fertility specialists.
This is a key strategic growth driver that will lead to future stimulated cycle growth to prevent genetic disease in children as awareness of the service grows. I just wanted to quickly touch on the group proceedings against Monash IVF as was previously announced. We have lodged our defense for that class action in June 2021 against the alleged claims. Furthermore, the matter to the claims have been indemnified by our insurers. I just want to move on to abroad with our IRS International operational performance on Slide 19.
We have had solid progress in our sterile gas station expansion strategy despite the COVID-nineteen challenges. Although movement control orders have and continue to heavily impact the operating environment at our Kuala Lumpur clinic, we delivered a stimulated spike increase of 21.6% for the financial year. But still slightly below FY 'nineteen pre COVID levels. Kuala Lumpur revenue increased by 5% to $10,400,000 compared to financial year 'twenty, reflecting volume increase partly offset by a reduction in average revenue per stimulated cycle. This was due to promotional and discount offerings in light of the continued competitive pricing pressure and the weak macroeconomic and political environment.
We anticipate the competitive pressure on pricing will dissipate when the international border reopens. That's the progress in our long term strategic expansion in the Southeast Asian region. Our Juhu Baru Malaysian Fecurity business acquired in June 2020 continues to be restricted by the closed border between Singapore and Juhu Baru. However, this remains a key long term strategic growth asset in the region. In January 2021, we moved in partnership with a large Indonesian private hospital group, Mitza Kaluaga, and a greenfield facility clinic in Jakarta, whereby we hold a minority shareholding.
That clinic is currently impacted by the COVID-nineteen conditions in Indonesia. However, it's quickly building a brand and reputation in the region. In June 2021, we cemented another joint venture partnership as a majority shareholder with a private hospital group in Bali, Indonesia. Together, we will build and operate a new fertility clinic that will open during the next financial year. Given our presence in the Southeast Asian region and recent progress on expansion, we are very well placed to execute on acquisition and partnership opportunities, which continue to evolve and present in the Southeast Asian region.
As I draw your attention to Slide 21 in reference to our strategy. Our Vision 2022 strategic roadmap has been upgraded with Vision 2026. Vision 2026 is the next generation of our strategic journey, and it is important to note that our Vision 2026 is fundamentally consistent with our objectives and aspirations of Vision 2022. We have made significant progress on our strategic pillars as previously outlined. And with this platform established, we will continually evolve and improve in order to deliver our Vision 2026.
Vision 2026 will continue to enable everyone to understand the priorities, actions and decisions required to achieve success and deliver profitable growth in the oncoming 5 years. I would also like to say that in the confusion, uncertainty and interruptions as a result of the pandemic, we successfully navigated our way through these challenges and continue to maintain momentum in our strategic growth initiatives. These will become more transparent in time. As we move to the all important outlook statement for FY22 and beyond on Slide 22. We believe there is a fundamental shift in the community whereby the ongoing pandemic has changed the mindset of our patient cohort with greater focus on family, health and well-being, resulting in redirection of priorities towards family extension.
This shift has driven strong growth in FY 'twenty one and is expected to be maintained in FY 'twenty two. I would like to emphasize our key initiatives that will support our future growth. The new fertility specialists partnered in FY 'twenty one will drive volume growth in FY 'twenty two, and we are well positioned to attract additional experienced fertility specialists. Opening of new clinical infrastructure in the latter part of FY 'twenty two, including new projects that are well advanced in Melbourne, Gold Coast and Penrith continue to drive increased volume. The conversion of our current strong new patient and returning patient pipelines will continue to drive growth.
Our second half 'twenty one new domestic patient registrations were 8% higher than in the first half of FY 'twenty one and 35% higher than the second half of FY 'twenty. We will continue to invest in sustainable innovative marketing that is expected to continue to maintain and build a new patient pipeline. We're also expanding our genetics capabilities and service offerings such as the newly commercialized reproductive genetic screening kits. We will continue our unrelenting focus on improving our success rates, and we will enhance our patients' experience. We plan to identify and execute on non organic growth opportunities, both in Australia and abroad, including our expansion into Southeast Asia.
Therefore, with these drivers of growth, we are confident revenue and earnings can grow in FY 'twenty two, subject to any adverse impact from the ongoing pandemic. We will provide you with a further update at our 2021 Annual General Meeting that's planned to be held in November. That concludes the formal part of the presentation, and Malik and I are happy to take questions. Thanks, Judith.
Thank you very much, sir. The first question comes from Rachel Hammond of Macquarie. Please go ahead.
Hi, Michael and Malik. Thanks for taking my question. Hi, Rachel. Hi. Hi, Rachel.
Hi, Rachel. Thanks. I guess my first question is just around market share. So it looks like you've gained market share in Australia. I mean, you touched on the reasons behind it briefly, but maybe could you just expand what you're seeing with your customer market at the moment, just given this big increase in overall cycles?
And then I guess how you're thinking about market share in FY 'twenty two?
Yes, yes, sure. Look, I can point it only, John, based on our internal data. Certainly, as far as the industry sustainability and growth into the future, our pipeline certainly suggests that it's going to grow on the PCP or on FY 'twenty one, which is a record year. Where I get the comfort on that is that the inbound inquiries from new patients, which actually takes sort of time to convert to a treatment is up on the previous years. And that was on high basis over the last sort of 3 months.
But also our new patient registrations which are outlined is an indicator of the next 3 to 6 months volume and we have a 35% increase in our new patient registrations over the last 6 months. So it gives us some confidence that we've got the right engine to grow into FY 'twenty two. In regards to marketing, I think the other question was, Yes, look, we've been quite active in the market and been really strong on investing in advertising and above the line and below the line. But we've done 2 TV3 radio campaigns
and a
2nd generation campaign that was just recently launched. Hopefully, you've all seen those that are in our target market, which is getting some great results as well as inbound inquiries. We've certainly done a lot of work in regards to digital engagement, things like fertility retreats, basic Q and As with our fertility doctors, sessions with the CPs on education and learnings and also contributed to build our digital presence through social media and also through reentering and rebranding our website. So those types of initiatives will carry forward into FY 'twenty two and we expect that will continue to drive volume to support growth in FY 'twenty two.
Yes, that's great. And then I guess just following on from that, you did mention a big increase in new patient starts. Do Give a sense as to the split between new patients and returning patients? And then how do you think this translates into cyclical cycles over FY 'twenty two?
Rachel, it's Malek. And it's Alex again from Macquarie covering our stock. On that question, in a business as usual environment where we prior to the pandemic, we probably had about 48% to 49% of our activity on new patients and the remainder are returning patients. For the last 12 months that's flipped. That's just a reflection of the number of new patients that have accessed our network and probably accessed the general market as well.
So in FY 'twenty one, that new patient numbers were at 52% of our total activity. So we that will probably revert back to normal at some point in time, but given the current new patient pipeline is still quite strong, we'll still see a pretty high split of new patients versus returning patients.
Yes, that's great. And then I guess just final question for me for now. It's just I guess how you're seeing exit rates in terms of volumes in July August and then how you're thinking about I guess you expect the higher volumes with the increased pipeline in FY 'twenty two, but do you think there's going to be an impact just given the current lockdowns at the moment?
So just on exit rates, I guess I'll pass your mind back to July August sort of last year whereby we had sort of industry record highs and was catching up from the printout demand. So we're seeing that we can still grow on those volumes. And that comes through through our new patient registrations growth, which is supporting that growth. The other question was sorry, Rachel?
Just on COVID. Yes, just on COVID in the pandemic.
Yes. Look, there is shift in our ultrasound business as I said through from CBD servicing to out of suburban servicing as people tend to are staying at home. And we're seeing no significant shift in regards to inbound inquiries, inpatient registrations, doctor consults from an IVF perspective and certainly no shifts in people being hesitant to come through for guidance. So, haven't seen any impact at that particular point. In saying that, It's quite a dynamic environment and there's quite a deep penetration of COVID in New South Wales, possibly, but also in Victoria.
But I guess I can pass your mind back to when Victoria was in that 1st long lockdown last year. IVF services continue to be performed in that environment. I think Victoria hit over 7 100 COVID-nineteen cases at that particular time. And it's a part of the patients to want to come in. So an environment that's safe and protected and we do a lot of work around ensuring that they feel safe and protected for our staff and for our patients.
And it can demonstrate any slowdown whatsoever and it isn't currently with the penetration of COVID in New South Wales and in Melbourne.
That's great. Thank you.
Thank you. Next question comes from David Sutton of Jefferies.
Good morning, team, and thanks very much for taking my questions. Firstly, quite a strong CapEx number in 2021 as we would expect. Can you give us any kind of color for CapEx for 2022, please?
Hi, David. It's Milek. Expect similar numbers. As we called out in the present, we've got strong intentions for clinical infrastructure growth and we called out Melbourne, Penrith as well. So they're going to be commensurate in terms of the Sydney project, particularly in Melbourne.
And it's a bit smaller. But again, you might expect $10,000,000 $11,000,000 $12,000,000 in F1 'twenty two.
Great. And if you move to the sort of fertility doctors, specifically in Australia, you see you had from my analysis and stop me if I'm wrong here, basically unchanged number of fertility specialists on a sequential half year basis. That's the first question. And the second question from then is how many of those facilities doctors, particularly in Australia, are encompassed by profit share?
Yes. Thanks for your question. In the second half, we did recruit a couple of new doctors, particularly in South Wales and CBD. But there was also a couple of retirements that offset that number, which we've managed through from a succession planning perspective. So that's why it's got the initial result.
In regards to profit share, most of our business are on a fee for service arrangement. So they get a percentage of the stimulated cycle or frozen embryo transfer that they perform or they're responsible for. In regards to profit, the other on the profit share is that our doctors probably hold around about 5% of our shareholding, so profit share through that arrangement and dividends applicable to those shareholdings is relevant to those options that are holding shares. But at the very, I guess, structured general profit share arrangement outside of the way they're being remunerated and whether they're owners in equity.
Understood. And my final question, coming back to market share. Firstly, where are we in terms of remediation cycles? How many more do we have to do do you guys have to do in 2022 compared to what you've done in 2021, please?
Just in terms of patients that access NIPGT prior to October, Dave, There's been a number of different offers to patients throughout the journey. It's very individualized. Some patients have had more than one cycle in terms of remediation, others haven't had any. So it's really on an individual basis. We think a majority of patients have washed through.
Each patient has impacted as a different journey. So I don't think there's any material cycles to come. But we'll just have to see how that
plays out. But the tail we can see the tail. I mean, we're into 10 to 20 sort of cycles a month now as opposed to what it was in the initial phase. So it's diluting its impact on overall margins.
Okay. And then I guess how much of the 60 basis point increase in market share or the call it 2,600 increase in cycles has come from remediation cycles. Can you give us an update on that, please?
Yes. The overall remuneration cycles was just in excess of 500. But David, just in our view, that hasn't exacerbated our market share. They see the patients that were with us, that were in a treatment program that continued on their treatment. We just financially supported them as a result of the indications of the suspension of non invasive PGT.
So we expect that that market share was going to continue to grow regardless of the financial outlook.
Understood. Thank you very much.
Thank you. We have a follow-up question from David Tanton of Jefferies.
Happy to dominate questions here, Terence. And I guess, just to reiterate your final statement then, you think those market share bottom line, you think those market share gains that you've had in F 'twenty one whether from remediation or are they can be maintained into F 'twenty two? We should be thinking yes.
Yes. Absolutely. And we do have an optimistic view that we can grow some market share given our pipeline into FY 'twenty two as well. Okay.
And then you've also had price increases in F 'twenty one. And as we get back into this F 'twenty one, what should we be thinking about price potential price increases in FY 'twenty two, please?
We increased by between 2% to 3% again in every market during FY 'twenty one, it keeps a big. Victoria moved on the 1st July by just under 3%. So that's the impact that we'll have in our pipeline next year. No doubt about it. Those prices are executed.
Quotes are at those new pricing and we think that will come through.
Understood. And I guess it's interesting to see that you're talking about second half domestic patient registrations were about accessing higher on a sequential basis. Just to confirm what you said on a previous question that you tend to see that volume come through around the 6 month mark at around the 6 month mark. Is that correct?
Yes. It's probably the 3 to 6 months sort of mark depending on circumstances. So probably a higher percentage come through at 3 to 4 months than they do at 5 to 6.
And Dave, just on our comfort on that conversion, we know 7 out of 10 convert, and that conversion rate has not changed for a very long time, and it hasn't changed during the pandemic. So once they're registered, we expect 7 out of 10 to come through.
And finally for me, would it be fair to say that during this COVID or post COVID more than anything else, we've seen an increased willingness by at least the Australian consumer to go into sort of the higher end cycles that have potentially higher levels of success rates. And how should we be thinking about the balance in the industry between low end and high end cycles going forward in your view?
You're making the most of this, Doctor. Dave, aren't you?
This is it. Yes, man.
Look, we only play at the premium end of the market and that's our strategic decision. And clearly, based on anecdotal evidence and some numbers that have been published, probably more so in the first half, The premium in the market has grown at a better rate than lower cost. Probably maybe a part of the financial impact during COVID has been that lower demographic. But also given people's concern and willingness to go have a family and they probably got a few extra dollars in their pocket at the age group that we target, that's allowed them to get the best service, the best clients, the best brand, the best reputation to ensure that they pay for that and can afford that. So that's what we offer with our clientele and our patients.
And certainly, there seems to be a heavy focus on that top end of the market as opposed to what's being impacted at the lower end of the market.
Understood. Thank you very much again.
Thanks, Dave. Always a pleasure.
Thank you. There are no further questions at this time. I'd now have to hand over back to Mr. Knoep for closing remarks.
Thanks, David. I'd just like to thank you all for your time and your interest in Monash IVF Group. And we certainly look forward to seeing many of you in the upcoming weeks and also sharing some of the exciting future that we see for the Vonage IVF Group. Thanks very much.
Thank you. Ladies and gentlemen, that concludes our conference for today. Thank you for participating. You may now disconnect your lines.