ASX All Ords healthcare share Monash IVF Group Ltd (ASX: MVF) has enjoyed a solid rebound since getting hammered in March and April 2025.
Trading for 72 cents a share in late afternoon trade on Monday, Monash IVF shares have gained more than 22% since market close on 19 November. For some context, the All Ordinaries Index (ASX: XAO) has gained 3.6% over this same time.
Atop that share price rebound, Monash IVF also paid out a 1.2 cent per share fully franked dividend to eligible stockholders on 10 April.
If we add that back in to Tuesday's share price, then the accumulated value of the stock is up 24.1% since 19 November.
Looking ahead, however, Bell Potter Securities' Christopher Watt forecasts a more difficult run over the coming months (courtesy of The Bull).
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Time to exit this ASX All Ords healthcare share?
"The fertility services company recently downgraded fiscal year 2026 guidance," Watt said. "It now expects underlying net profit after tax [NPAT] to range between $17 million and $18 million."
Monash IVF reported that adjustment, down from prior FY 2026 NPAT guidance of $20 million, on 12 June.
Management noted that the primary driver for the lowered FY 2026 earnings outlook was lower than expected Australian assisted reproductive technology (ART) market activity in the second half of the financial year.
Addressing the slowdown, Monash IVF CEO Victoria Atkinson said "Monash IVF has increased its Australian stimulated cycle market share during this period and has taken steps to reduce costs and improve operational performance."
But Bell Potter's Watt still foresees potential headwinds over the medium-term.
Summarising his sell recommendation on the ASX All Ords healthcare share, Watt said:
Across the Australian market, stimulated cycle volumes were down 4.7% on a rolling three-month basis to the end of April when compared to the prior corresponding period. Cost-of-living pressures and declining birth rates are structural headwinds for the whole industry.
New leadership has a genuine reset opportunity, but until there's evidence of an industry-wide recovery, I remain cautious.
Consider this surging ASX stock instead
Rather than buying ASX All Ords healthcare share Monash IVF, Watt recommended that investors consider buying ASX energy services provider GenusPlus Group (ASX: GNP)
"GNP appeals following the acquisition of MPC Kinetic Holdings, which broadens the business beyond electrical infrastructure and into gas, water and renewable energy services," he said.
Summarising his buy recommendation on GenusPlus shares, Watt concluded:
The deal adds scale, recurring customer relationships and complementary civil capability, while also improving the earnings outlook. With upgraded guidance, manageable leverage and exposure to major infrastructure investment, GenusPlus remains well placed to deliver growth from existing operations and future contract wins.
With a strong contracted position and the tailwind of tighter east-coast gas, I believe there's still upside to consensus.
As of late trade on Monday, GenusPlus shares are up 180% over the past 12 months.
