Late ovulation is when a woman ovulates later than someone on a normal menstrual cycle. According to About.com, late ovulation is an ovulatory dysfunction that affects the quality of a woman's eggs, decreasing the chance of fertility. The most common cause of ovulatory dysfunction is polycystic ovarian syndrome, or PCOS.
An irregular menstrual cycle is usually the only symptom of ovulatory dysfunction. Irregular cycles include those that last less than 21 days, more than 36 days or have extreme length irregularities from month to month. Hormone irregularities associated with an irregular cycle often lead to unfavorable fertility conditions, such as thinning or thickening of the endometrium, very low levels of the hormone progesterone and a short luteal phase, according to About.com.