Memphasys Secures New IVF Orders From UAE and Iraq as MENA Expansion Rolls On

Memphasys confirms MENA commercial operations unaffected by regional instability

Memphasys (ASX: MEM) has confirmed that its Middle East and North Africa commercial operations remain uninterrupted despite ongoing geopolitical instability in parts of the region. The reproductive biotechnology company reported that all commercial activities, logistics and partner operations continue as normal, with no material disruptions to distribution networks or customer engagement across its key markets.

The company has secured new commercial orders from the United Arab Emirates and Iraq, whilst advancing regulatory approval processes in Egypt and Turkey. Operations in Qatar remain fully operational, with institutional customer Hamad Medical Corporation (HMC) continuing routine clinical use of the Felix™ System.

Qatar anchor customer continues routine Felix System usage

Operations in Qatar remain fully operational and unaffected. HMC continues to utilise the Felix™ System as part of its routine assisted reproductive technology (ART) procedures, generating consistent cartridge usage that reinforces the recurring revenue profile associated with Felix™ adoption.

The continuation of clinical use and procurement activity highlights both the embedded nature of the technology within clinical workflows and the resilience of demand in the IVF sector. Memphasys maintains ongoing engagement with HMC and local stakeholders, with no interruption to operations, logistics or customer support.

Qatar operational status:

• Fully operational with no disruptions
• Consistent cartridge usage by HMC
• No supply chain interruptions
• Ongoing customer support maintained

This ongoing utilisation provides a stable foundation of recurring demand within the region, supporting broader commercial expansion.

Understanding the IVF consumables revenue model

Medical device companies in the assisted reproduction sector generate recurring revenue through consumable products that accompany their core hardware systems. The Felix™ System operates on this model, where the device itself represents the initial capital investment whilst disposable cartridges create an ongoing revenue stream.

Each clinical procedure requires a new cartridge, meaning institutional adoption creates embedded demand rather than one-off sales. This recurring consumables model is comparable to the “razor and blades” business framework familiar to investors, where the initial hardware sale establishes the foundation for predictable, repeat purchases.

For Memphasys (ASX: MEM), clinic-level adoption matters because each new institutional customer generates a stream of cartridge orders tied to their procedure volumes. This model provides revenue visibility and reduces dependence on continuous new customer acquisition.

New orders from UAE and Iraq signal broadening demand

Memphasys has received new commercial orders from customers in both the United Arab Emirates and Iraq. These orders reflect continued clinic-level demand for the Felix™ System and expansion of the company’s commercial footprint beyond initial anchor markets.

The orders are initial in nature and form part of the broader strategy of building recurring cartridge demand through progressive clinic onboarding. Order flow from multiple jurisdictions demonstrates that demand is broad-based across the region rather than concentrated in a single market, supporting a more resilient and scalable revenue profile.

Egypt and Turkey present near-term growth catalysts

Egypt represents the largest and one of the fastest-growing IVF markets within the MENA region. Memphasys and distribution partner International Technical Legacy (ITL) have confirmed a reseller partnership in-country and are progressing through the regulatory registration process, which is advancing as planned with no issues identified to date.

Initial trial orders are expected in the next quarter as part of a structured market entry and clinic onboarding programme. The company noted strong interest in the Felix™ System following presentations at an IVF conference in Cairo earlier this year.

In Turkey, regulatory processes are advancing and remain on track, with initial commercial orders anticipated next quarter subject to completion of approvals. Turkey represents an attractive expansion market given its established fertility sector and strategic geographic position.

Supply chain flexibility supports continued execution

Memphasys continues to work closely with ITL to ensure uninterrupted supply of the Felix™ System across all contracted territories. The distribution partnership enables direct shipping into any contracted country, providing flexibility in response to changing regional conditions.

No delays to deliveries or fulfilment timelines have been experienced to date, with inventory planning and supply coordination remaining aligned with forecast demand. This distribution capability, combined with Memphasys’ direct-sales engagement model, provides a robust and adaptable supply framework supporting continued commercial execution across multiple jurisdictions.

Supply chain status:

1. Existing logistics channels fully operational
2. No delivery delays experienced
3. Inventory planning aligned with demand forecasts
4. Direct shipping capability into all contracted markets

Diversified commercial model reduces single-market reliance

Memphasys’ Middle East strategy focuses on direct clinic engagement, distributor collaboration and recurring cartridge revenue. The commercial model is characterised by clinic-level demand generation rather than reliance on distributor-led push, a diversified customer base across multiple countries, and multiple active and emerging markets at different stages of adoption.

This approach reduces reliance on any single geography and supports greater resilience in the face of regional uncertainty. Recent developments, including ongoing institutional usage, new orders and expanding regulatory progress, demonstrate that the strategy is delivering broad-based traction across the region.

Marjan Mikel, Chair of the Commercialisation Committee

“Our on-the-ground commercial model is designed to build demand at the clinic level across multiple markets, and this update reinforces the resilience of that approach. We are seeing continued utilisation in established markets like Qatar, alongside new orders and advancing regulatory pathways in additional countries. Importantly, our exposure is diversified across the region, and our supply chain and distribution framework remains fully operational. This positions us well to continue executing our commercial rollout strategy, despite the current geopolitical backdrop.”

What investors should watch for next

Memphasys has identified clear near-term catalysts as the company progresses its commercial rollout across the MENA region. Regulatory milestone announcements from Egypt and Turkey are expected as part of the company’s ongoing updates, alongside trial orders from Egypt and initial commercial orders from Turkey subject to approval completion.

Additional commercial orders from existing markets including UAE, Iraq and Qatar will provide measurable indicators of clinic-level adoption momentum. The company has stated it does not expect the current geopolitical environment to have any material impact on its operations, supply chain or commercial trajectory.

Upcoming catalysts:

• Egypt trial orders (next quarter)
• Turkey commercial orders (next quarter, subject to approval)
• Ongoing order flow from UAE, Iraq, Qatar
• Regulatory milestones across new markets
• Clinic-level adoption expansion updates

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