Nova Eye Medical Limited

Nova Eye reported FY26 revenue of USD 23.7 million, up 26% year over year. Management said the company achieved EBITDA positivity in the second half of FY26 and expects EBITDA to remain positive in FY27, though it did not give a specific EBITDA number. U.S. revenue was USD 18.6 million, up 30%, and management said Rest of World sales excluding China were above the midpoint of guidance at 29% growth; China was down 18% on a small base and is excluded from FY27 guidance. FY27 revenue guidance was USD 26 million to USD 31 million excluding China, implying 15% to 37% growth.

Thomas Spurling framed the quarter as a milestone because Nova Eye is now combining sales growth with profitability, which he said the company had promised and delivered. He emphasized that interventional glaucoma is still early in its commercial rollout, that the company’s approved, tissue-sparing iTrack Advance product is well positioned, and that the market opportunity remains large despite current share being small. His tone was confident and celebratory, but he repeatedly stressed discipline, saying growth must be balanced with making a profit.

No separate CFO was named on the call; management commentary on the financials came from the CEO. He pointed to improved operating leverage, highlighting sales and marketing at 52% of sales in the latest half versus 76% in the first half of 2024. He also said corporate costs fell, partly because spending on 2RT was wound down, and stated that liquidity is sufficient to meet FY27 targets, with the company choosing to defer some long-term China investment while funding growth markets.

Analysts asked whether EBITDA positivity would lead to more spending, and management said yes, with additional salespeople viewed as having a good payback period. Questions also focused on what drove FY26 growth; management pointed to the U.S., where growth was 30%, plus the Shear Clear technology and the green-light version of iTrack Advance, which was said to be better received by doctors. Other questions covered reimbursement, China, and the wide range in FY27 guidance; management said U.S. reimbursement for 2027 was roughly in line with 2026 and that China will remain a slow, selectively funded market. On guidance, management said the bottom of the range reflects what it knows it can achieve, while the top is what it thinks it can achieve.