Australia's Monash IVF reports uptick in August cycle, but Victoria drags, Macquarie says

** Macquarie says Monash IVF Group's MVF treatment cycles up 3.2% y/y in August

** But adds cycles fell 0.9% y/y in H1 FY26 on absolute basis due to weakness in Victoria, where co has high exposure

** Expects IVF clinics operator to lose ~55-basis-points market share in FY26, with 3% drop in domestic cycles

** Excludes any potential carrier screening upside

** Stock rises as much as 0.8% in early trade; currently flat

** MVF down 3.7% so far this week; set for weakest weekly performance in more than a month