Ann: Chairman's Address to Shareholders, page-10

"In my opinion this company is going to lose massive market share in coming years.
- Patients from 25-40 are crippled with debt (mainly housing), why would they not choose a low cost option when success rates are not that different?
- World class Dr Lynn Burmeister has left the practice"

@daclaw ,

You don't think that patients aged 25-40 are already crippled with debt, and have been for some years, yet that MVF still manages to sell $150m worth of services each year, somehow already incorporates the macroeconomic reality into the financials of the business?

As for an individual practitioner leaving the practice, irrespective how competent and commercial he/she was, you don't think that at 12x P/E, that's factored into the share price?