Memphasys makes its opening European move as Felix™ gains commercial validation

For Memphasys (ASX: MEM), Europe has long been a stated priority. Today, that ambition translated into execution, with the company securing its first European commercial supply agreement - a five-year deal that provides an immediate entry point into the Italian IVF market, underpinned by committed purchase volumes and a clear pathway to scale.

The agreement, struck with Centro Fertilita Assistita (CFA Italia), marks Memphasys’ first commercial foothold in mainland Europe. Under the terms, CFA has committed to minimum purchases of 7,500 Felix™ cartridges over five years, equating to a contract value of at least €525,000, or approximately A$925,000.

CFA Italia team members meeting with clients

The purchase schedule is deliberately front-loaded, with 3,000 cartridges to be acquired across the first two years, followed by 1,500 cartridges annually thereafter. For a consumables-based medical technology model, that structure provides early revenue visibility and establishes a recurring demand profile beyond initial device deployment.

But while the contracted volumes matter, the stronger signal lies in what followed.

Ahead of any contractual obligation - and prior to CE Mark approval - CFA has already placed an initial order for 500 Felix™ cartridges, valued at A$62,500. Revenue will be recognised in the current quarter, with cash receipt expected in the next. In a sector where procurement decisions are often cautious and incremental, an early commercial order speaks louder than expressions of interest.

That order followed direct, in-market engagement, training and clinical onboarding - precisely the hands-on commercial strategy Memphasys has been executing across its priority regions. The approach is designed to shorten adoption cycles and move clinics from evaluation to utilisation, rather than waiting for regulatory milestones to do the heavy lifting.

Felix™ is positioned as a replacement for traditional centrifugation techniques used in sperm preparation, which can expose cells to mechanical stress and DNA damage. Using electrophoresis and size-exclusion membranes, the system delivers a faster, gentler and more standardised sperm selection process - attributes that resonate in high-throughput IVF laboratories.

 Italy provides a meaningful proving ground. It is one of Europe’s largest assisted reproductive technology markets, with close to 97,000 ART procedures performed in 2022. IVF accounts for the majority of that activity, reflecting both sustained patient demand and significant clinical throughput.

 CFA operates across a network of clinics performing thousands of IVF cycles annually and maintains established commercial relationships beyond its own facilities. As part of the agreement, CFA will actively engage this broader network to promote and sell Felix™, creating the potential for volumes to exceed minimum contracted levels over time.

 That scalability is central to Memphasys’ European strategy. While the agreement locks in baseline demand, it is intended as a launch platform rather than a ceiling.

 CE Mark approval is anticipated in early 2026, at which point Felix™ can be deployed across Europe without restriction. By securing a committed partner and early commercial orders ahead of regulatory activation, Memphasys positions itself to accelerate adoption rather than build momentum from scratch post-approval.

 The Italian agreement adds to existing commercial arrangements in Japan, India and the Middle East, reinforcing a strategy focused on contracted, repeatable revenue in clinically significant markets.

 For investors, the takeaway is less about the headline number and more about the pattern emerging beneath it: early orders, minimum commitments and partners with both clinical credibility and distribution reach.

 In medical technology, progress is rarely announced in advance. More often, it shows up quietly - one purchase order at a time.