Nova Eye Medical Limited

Nova Eye reported FY26 revenue of USD 23.7 million, up 26% year over year, and said the second half delivered its first positive EBITDA. U.S. revenue was USD 18.6 million, up 30%, and management said the U.S. grew 21% quarter on quarter in the latest quarter. Sales excluding China were 22.7% above the midpoint of guidance, while China was down 18% on a small base of about USD 200,000. For FY27, the company guided to revenue of USD 26 million to USD 31 million excluding China, which it said equates to 15% to 37% growth, and said EBITDA will be positive, though it did not give a specific EBITDA number.

Tom Spurling framed the quarter as a milestone because Nova Eye is now combining profitability with sales growth, something he said the company had promised and delivered. He emphasized that interventional glaucoma is still in early commercial growth, with iTrack Advance, Shear Clear, and the green-light version driving adoption with surgeons. His tone was confident and assertive, repeatedly stressing that the company is well positioned, early in a large market, and building from a small share of procedures.

Mark Flynn highlighted the hard results: FY26 revenue just below USD 24 million, up 26%, and the second half’s first positive EBITDA. In Q&A, management said sales and marketing costs fell from 76% of sales in the first half of 2024 to 52% in the latest half, and corporate costs fell from USD 1.7 million to USD 1.3 million, partly because spending on 2RT was wound down. They also said liquidity was sufficient to meet FY27 guidance and referenced 18 quarters of funding, while reiterating that cash would be used for growth, especially sales force investment, in the U.S. and Europe rather than China.

Analysts asked whether EBITDA-positive performance would lead to spending increases, and management said the main use of cash would be more salespeople because they see a good payback period. Questions also focused on whether the company was underinvesting to hit EBITDA guidance; management said the reduction in 2RT spending helped EBITDA, but iTrack-related investment was still being made within budget. On reimbursement, management said CMS announced 2027 reimbursement on July 2 at roughly the same level as 2026, and said there was no reason to expect a change in the near term. They also explained the wide FY27 guidance range by saying the lower end reflects what they know they can achieve, while the upper end reflects what they think they can achieve.