NewGenIvf Group Ltd (NASDAQ: NIVFW)

NewGenIvf provides assisted reproductive services with a focus on in vitro fertilization treatment and fertility referral services across the Asia Pacific region. The company operates clinics in Thailand Cambodia and Kyrgyzstan offering IVF egg donation and related procedures such as embryo transfer and preimplantation genetic testing. NewGenIvf leverages proprietary technologies including MicroSort for gender selection and various genetic screening tools to enhance treatment outcomes. Its business model combines direct patient care with referral fees for surrogacy arrangements in jurisdictions where such services are permitted.

NewGenIvf generates revenue primarily from its IVF treatment service and from fertility referral services. In the fiscal year ended December 31 2024 the IVF segment contributed all of the company’s revenue amounting to US$5,433,375. In the fiscal year ended December 31 2025 IVF revenue was US$3,905,863 representing 82.6% of total revenue while fertility referral services generated US$820,570 or 17.4% of total revenue. The company’s total revenue was US$5,433,375 in 2024 and US$4,726,433 in 2025.

The company operates through the following segments.

• IVF Treatment Service: This segment provides in vitro fertilization procedures including conventional IVF, intracytoplasmic sperm injection, embryo transfer, egg donation, and preimplantation genetic testing to patients seeking fertility treatment.

• Fertility Referral Services: This segment refers customers interested in surrogacy arrangements to independent agents in Kyrgyzstan and earns referral commissions for each successful referral.

NewGenIvf positions itself as a leading assisted reproductive services provider in the Asia Pacific market. The company competes with other regional fertility clinics that offer IVF and related treatments. Its competitive advantages include a broad range of services, proprietary technology such as MicroSort and preimplantation genetic screening, and a strong brand built over more than a decade of operation. Additionally the company benefits from experienced medical staff and strategically located clinics in major urban centers.

NewGenIvf’s customer base consists primarily of individuals from mainland China and Hong Kong seeking fertility treatments. The company also serves patients from other Asia Pacific countries including India, Thailand, Australia and Taiwan. No single customer accounts for more than ten percent of the company’s revenue in either reported year.