Memphasys Ltd Locks in A$430K Thailand Felix Distribution Deal

Memphasys locks in A$430K exclusive Thailand deal for Felix™

Memphasys (ASX: MEM) has executed an exclusive three-year commercial distribution agreement with IVF Envimed Co., Ltd. for the Felix™ sperm separation system across Thailand, a market spanning 110 registered IVF clinics conducting an estimated 20,000 to 30,000 cycles annually.

The deal carries a total minimum contracted value of approximately A$430,500 over three years. It marks the Company’s second South-East Asian distribution partnership, following its recently announced agreement with TMSC Vietnam.

The Felix Vietnam deal, structured at A$530,200 over two years with quarterly cartridge volume growth embedded in the agreement, established the South-East Asian commercial template that the Thailand partnership now builds on.

Combined, the two agreements lift Memphasys’ minimum contracted South-East Asian revenue to approximately A$1.0 million across Vietnam and Thailand. Total FY2026 Felix™ contracted revenues have now reached approximately A$3.0M, exceeding the Company’s stated corporate goal of A$2.0M.

For investors, the agreement adds further evidence of an accelerating, geographically diversified contracted revenue base for the Felix™ technology.

Inside the Thailand agreement

Revenue under the agreement commences only on the “Trigger Date”, defined as the date Thai FDA / Medical Device Control Division regulatory approval is received for the commercial sale and distribution of Felix™. Importantly, no revenue is currently flowing from this market.

An initial order has already been received on execution to support pre-launch marketing and clinical education activities ahead of regulatory approval. Under the arrangement, IVF Envimed is responsible for obtaining Thai FDA approval at its own cost, while Memphasys provides all required technical, regulatory and quality documentation.

Key terms of the agreement include:

• Exclusive three-year arrangement commencing on the Trigger Date

• Initial order of 100 Felix™ cartridges and 3 consoles received upon execution

• Minimum purchase quantities (MPQ) structured to increase progressively each Agreement Year

• Thai FDA approval anticipated within approximately three to six months (Q4 CY2026)

• Revenue commences upon receipt of regulatory approval

The structure underpins a potential recurring revenue stream built on the single-use cartridge model. Revenue remains contingent on regulatory approval and is not yet being earned.

For investors exploring how regulatory clearance translates into commercial deployment timelines, our full explainer on the Felix TGA approval details how the Australian process unfolded two months ahead of schedule and the cartridge revenue mechanics that activate once a jurisdiction receives clearance.

Why Thailand matters for Felix™

Thailand combines a high-volume assisted reproductive technology (ART) market with a well-established distribution partner, providing immediate reach across the country’s clinic network.

A notable structural demand driver is the prevalence of intracytoplasmic sperm injection (ICSI). Over 95% of Thai cycles involve ICSI, which underpins demand for advanced sperm selection devices such as Felix™.

A high-volume ART market

Thailand is among South-East Asia’s largest ART markets, conducting an estimated 20,000 to 30,000 IVF cycles annually across 110 registered IVF clinics nationwide.

A partner with reach

IVF Envimed is a Bangkok-based IVF specialist with more than 15 years of experience serving the Thai reproductive medicine sector. The company is the exclusive Thai distributor of leading IVF consumables brands including Life Global, Fertipro and Gynetic, and currently supplies media products to all 110 registered IVF clinics in Thailand.

The partner operates a six-person field sales team conducting monthly clinic visits, cold chain logistics with data logger monitoring, two service engineers for console support, and clinical education programmes delivered in collaboration with Siriraj and Ramathibodi medical schools.

Adul Vangtal, Managing Director, IVF Envimed

“IVF Envimed has spent more than 15 years building trusted relationships across Thailand’s IVF sector, and we believe Felix is a technology that clinicians will want to use to improve patients’ outcomes and workflow efficiencies. We look forward to leveraging our nationwide commercial network and clinical support infrastructure to accelerate adoption and establish Felix as an important innovation in sperm preparation for IVF laboratories across Thailand.”

What Felix™ actually does

The Felix™ System is a patented bio separation technology that isolates the most viable sperm cells for human assisted reproduction. It combines electrophoresis and size-exclusion membranes to deliver a standardised sperm selection process.

According to Memphasys, this approach replaces traditional centrifugation, which can cause cellular stress and DNA damage. The single-use cartridge model is central to the commercial thesis, creating a potential recurring revenue stream with each procedure.

Building a diversified global revenue base

The Thailand agreement forms part of a broader commercialisation strategy aimed at building a contracted, geographically diversified revenue base for Felix™. The growing international footprint now spans multiple jurisdictions.

Felix™ commercial agreements are now in place across:

• Australia (Monash IVF Group national supply agreement)

• Europe (CFA Italia)

• United Kingdom

• MENA (International Technical Legacy / ITL)

• India (Andrology Center / Andro Diagnostics)

• Japan

• Vietnam (TMSC Vietnam, A$530,200 over two years)

• Thailand (IVF Envimed, approximately A$430,500 over three years)

This spread of contracted revenue across multiple jurisdictions reduces dependency on any single market, a factor of particular relevance to investors assessing the durability of the revenue base.

Marjan Mikel, Non-Executive Director and Chair of the Commercialisation Committee

“Thailand represents another important milestone in the commercialisation of Felix™ and demonstrates the continued execution of our global growth strategy. With minimum contracted revenue across South-East Asia now approaching A$1.0 million, we are building a growing international network of leading IVF partners and a scalable recurring revenue business underpinned by our proprietary single-use Felix cartridge model.”

What’s next for Memphasys

The Thai FDA regulatory approval process will progress alongside IVF Envimed, with commercial revenues targeted to commence within approximately three to six months. The Company has stated it will update the market as material milestones are achieved, including confirmation of regulatory approval and placement of the first commercial purchase order.

Beyond Thailand, Memphasys continues to pursue additional commercial distribution partnerships across South-East Asia, Europe, the UK and the MENA region, noting an active pipeline of advanced commercial opportunities.

Key milestones for investors to watch include:

• Thai FDA / Medical Device Control Division approval (anticipated Q4 CY2026)

• Commencement of commercial revenue post-approval

• First commercial purchase order placement

• Further distribution partnerships across target regions

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