Monash IVF Group (ASX:MVF) now expects fiscal year 2026 underlying net profit after tax of AU$17 million to AU$18 million, according to a Friday filing with the Australian bourse.

When it reported fiscal first-half results in February, the company guided for a full fiscal year underlying net profit after tax of AU$20 million.

The outlook cut is driven by lower-than-expected activity in the Australian assisted reproductive technology market in the fiscal second half. Across the market, stimulated cycle volumes fell 4.7% on a rolling three-month basis to the end of April compared with a year earlier, and the impact of adverse market conditions continued into June, the company said.

Monash IVF said its international operations have seen growth, with fiscal second-half volumes likely to be "materially higher" than a year earlier.