Memphasys Locks in 12-Month Deal With Monash IVF Covering 12,000+ Annual Cycles
Memphasys secures landmark 12-month national supply agreement with Monash IVF for Felix™ System
Memphasys has executed a 12-month exclusive national Supply Agreement with Monash IVF Group for the Felix™ automated sperm selection system, marking the company’s largest commercial arrangement for Felix™ to date. The agreement follows ARTG registration and enables immediate commercial deployment across Monash IVF’s network of 22 clinics spanning all mainland capital cities. Monash IVF, one of Australia’s largest assisted reproductive technology (ART) providers, performed 12,085 stimulated IVF cycles in FY2025, representing approximately 21% of the Australian stimulated IVF market.
This represents a significant milestone in Memphasys’ transition from product validation to scaled commercial deployment. The agreement converts years of research and development, culminating in a successful multi-site clinical trial conducted by Monash IVF in 2025, into contracted commercial revenue. For investors, this is the largest commercial arrangement for Felix™ to date and provides clear revenue visibility over the initial 12-month term, subject to successful completion of the initial three-month rollout phase upon which the full 12-month supply term will commence.
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Agreement structure and rollout timeline
The deployment follows a phased approach designed to ensure successful implementation across Monash IVF’s national network. The initial three-month rollout phase will see Felix™ deployed at two designated sites, where implementation, staff training, system troubleshooting and collection of outcome data across embryology and clinical metrics will occur. Upon successful completion of this initial phase, the full 12-month supply term will commence, enabling national rollout of Felix™ across Monash IVF’s 22 clinic network.
Felix™ cartridges and consoles will be supplied across the network on a quarterly ordering schedule. Initial delivery is expected to commence immediately as part of the rollout phase.
The deployment structure follows this sequence:
- Initial Phase: Three-month rollout at two designated sites with implementation, training and data collection
- Successful Completion: Verification of embryology and clinical outcomes
- National Deployment: Rollout across all 22 Monash IVF clinics
- 12-Month Supply Term Commencement: Full national supply agreement begins
What is the Felix™ System and how does sperm selection work in IVF?
In assisted reproduction, sperm selection is a critical step that directly influences embryo quality and pregnancy outcomes. Traditional methods rely on centrifugation to separate viable sperm from seminal fluid, but this process can cause cellular stress and DNA damage, potentially compromising sperm quality.
Felix™ uses electrophoresis and size-exclusion membranes to isolate the most viable sperm cells through a fast, gentle and standardised process. The system replaces traditional centrifugation methods, offering clinicians a superior, repeatable alternative that enhances sperm quality and reduces laboratory processing time. For Monash IVF, where the majority of cycles use Intracytoplasmic Sperm Injection (ICSI), sperm quality is particularly important as a single sperm is selected for direct injection into the egg.
The clinical significance extends beyond process improvement. Felix™ addresses a genuine clinical problem — sperm damage from centrifugation — with a differentiated technological solution. This is the core value proposition underpinning the commercial opportunity and explains why a leading ART provider would commit to a national deployment following rigorous clinical validation.
Commercial terms and revenue model
The specific commercial terms of the agreement are commercially sensitive and remain confidential. However, the agreement establishes a recurring revenue model through the ongoing supply of Felix™ cartridges and consoles to Monash IVF’s clinic network.
The quarterly ordering schedule provides predictable production planning and cash flow visibility for Memphasys, a significant operational advantage for a company transitioning from development-stage operations to commercial revenue generation. The agreement includes a performance review framework and good-faith extension negotiations, providing a pathway for expansion beyond the initial 12-month term.
Felix commercial rollout revenue reached A$111,600 in the March quarter 2026, spanning four regions and demonstrating that the consumables-driven model can generate meaningful recurring income at early-stage deployment volumes well before a major anchor customer like Monash IVF scales to full national supply.
Pathway to growth
The agreement represents baseline recurring revenue from a major institutional customer, with potential for increased volume as Felix™ adoption expands across Monash IVF’s network. The pathway extends beyond Monash IVF to other Australian ART providers, where this anchor customer deployment provides reference site validation.
The scale of the opportunity is significant when viewed against the broader Australian market, where more than 60,000 fresh IVF cycles are performed annually.
| Metric | Monash IVF | Australian Market |
|---|---|---|
| Stimulated IVF cycles (2025) | 12,085 | 60,000+ annually |
| Market share | ~21% | — |
| Clinic network | 22 clinics | — |
Decade-long partnership delivers clinical validation
The Supply Agreement represents the culmination of more than a decade of scientific, technical and clinical collaboration between Memphasys and Monash IVF Group. This long-term relationship advanced Felix™ from concept to large-scale clinical validation within a leading IVF network.
Monash IVF conducted the pivotal multi-site clinical trial that concluded in 2025, confirming the Felix™ System’s best-in-class performance in sperm selection. The trial outcomes are expected to be published in the near future, providing independent clinical validation of the significant benefits Felix™ offers over conventional sperm selection methods.
The depth of this partnership and Monash IVF’s willingness to become an anchor customer after conducting the clinical trial represents strong third-party validation of Felix™ efficacy. For investors evaluating Memphasys’ commercialisation prospects, this validation from one of Australia’s largest and most respected ART providers significantly de-risks the technology adoption thesis.
Marjan Mikel, Chair of the Commercialisation Committee at Memphasys
“Executing this agreement with Monash IVF is a significant commercial milestone for Memphasys, validating both the clinical value of Felix™ and our commercialisation strategy. Beyond the contracted revenue opportunity, Monash IVF provides a world-class reference customer and a strong platform to support broader adoption of Felix™ across Australia and international markets.”
Strategic importance for Memphasys’ commercialisation
The Monash IVF agreement positions Felix™ with an anchor customer deployment that provides reference site validation for the broader Australian commercialisation strategy. Monash IVF’s reputation as one of the most respected IVF providers in the region is expected to support broader adoption of Felix™ in both existing and new markets.
This de-risks the Australian commercialisation strategy by demonstrating that a leading ART provider with access to a substantial patient population and clinical footprint across Australia and Asia has committed to deploying Felix™ nationally. The agreement expands Memphasys’ commercial footprint, with Felix™ now positioned across multiple regions:
Felix commercialisation in South-East Asia took a concrete step forward in May 2026 with a A$530,000 exclusive agreement in Vietnam, adding a sixth geography to the international footprint and reinforcing the pattern of converting clinical validation into contracted commercial agreements across high-growth IVF markets.
- Australia
- Europe
- Middle East and North Africa
- India
- Japan
- South East Asia
Operational readiness
Memphasys has established the manufacturing capacity, supply chain infrastructure and quality systems required to support the Monash IVF agreement and future growth opportunities. TGA-approved manufacturing processes are in place, positioning the company to scale production to meet increasing demand from both existing and prospective customers.
Based on the company’s recent track record of converting commercial opportunities into signed agreements, management expects to secure additional contracts in the near term, further expanding Memphasys’ international presence and accelerating the global rollout of Felix™.
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Investment outlook
The Monash IVF Supply Agreement transforms the Memphasys investment case from clinical-stage promise to commercial execution. For shareholders, this agreement delivers three critical elements: largest contracted revenue arrangement for Felix™ to date, reference customer validation from one of Australia’s largest ART providers, and a clear pathway to broader Australian and international adoption.
The 12-month visibility provided by the agreement, combined with the recurring revenue model and quarterly ordering schedule, significantly de-risks the commercialisation thesis. The anchor customer deployment at Monash IVF establishes a reference site that can be leveraged to support adoption across the 60,000+ annual fresh IVF cycles performed in Australia and the broader international markets where Felix™ is now positioned.
Management’s expectation to secure additional contracts in the near term, based on the recent track record of converting opportunities into signed agreements, suggests this is the beginning of a broader commercial rollout rather than an isolated contract win. The transition from development-stage company to commercial revenue generation is now demonstrably underway, with operational readiness, manufacturing capacity and quality systems in place to support scaling production as demand increases.
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