Nova Eye Medical Posts Record $16.7M Revenue with 31% Growth and EBITDA Profit
Nova Eye Medical posts record revenue with 31% growth in half year results
Nova Eye Medical has reported record revenue of A$16.7 million for H1 FY26, representing 31% growth on the prior comparative period and marking the highest revenue for any six-month period in the company’s history. The ASX-listed interventional glaucoma device manufacturer achieved positive EBITDA in December 2025, meeting guidance, whilst generating an underlying positive cash inflow of A$0.2 million from operations in Q2 FY26.
The Nova Eye Medical half year results demonstrate execution on the company’s growth strategy whilst simultaneously achieving a profitability milestone. Revenue growth was driven by continued strong demand in the United States, supported by expanding sales outside the USA across Germany and rest-of-world markets.
Management highlighted the significance of reaching positive monthly EBITDA whilst maintaining robust revenue growth, a combination that positions the business to deliver sustainable profitability in the second half of the financial year.
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Six consecutive halves of US sales growth at 40% CAGR
The United States market continues to serve as the core growth engine for Nova Eye Medical (ASX: EYE), with US revenue reaching US$8.65 million (A$13.2 million) in H1 FY26, up 32% on the prior comparative period. The company has now delivered six consecutive halves of sales growth since launching iTrack Advance in the US market, achieving a compounded annualised growth rate of approximately 40% over that period.
This growth trajectory reflects both new surgeon and facility adoption, as well as expanding utilisation per surgeon and facility. Nova Eye currently operates with 11.5 FTE US sales representatives and is performing approximately 17,000 US procedures per annum, translating to an estimated 3.9% market share that continues to rise.
January 2026 sales momentum has continued, with last twelve months (LTM) USA revenue now reaching US$16.7 million. The US market represents 53% of global interventional glaucoma device revenue and is growing at approximately 8% per annum, meaning Nova Eye is expanding at roughly three times the industry rate.
| Region | H1 FY25 (US$’000) | H1 FY26 (US$’000) | Growth (%) | H1 FY26 (A$’000) |
|---|---|---|---|---|
| USA | 6,476 | 8,655 | 32% | 13,178 |
| Germany | 870 | 877 | 1% | 1,350 |
| Direct Sales | 7,346 | 9,532 | 30% | 14,528 |
| Rest of World | 329 | 816 | 148% | 1,256 |
| Sales (excl China) | 7,675 | 10,348 | 35% | 15,784 |
| China | 710 | 603 | -15% | 928 |
| Total | 8,385 | 10,951 | 31% | 16,712 |
Last twelve months revenue exceeds US$20 million
Nova Eye Medical’s last twelve months revenue reached US$20.9 million (A$32.2 million), representing 24% growth versus the prior twelve-month period. This growth rate is approximately three times the estimated industry growth rate of 8%, according to the Marketscope Glaucoma Surgical Devices Report from August 2025.
January 2026 LTM sales (excluding China) now stand at US$20.1 million, exceeding the mid-guidance growth rate and demonstrating continued momentum into the new calendar year. The company’s outperformance relative to the broader interventional glaucoma device market reflects increasing surgeon and facility adoption of the iTrack Advance platform.
What is interventional glaucoma and why does it matter?
Glaucoma is a disease where blocked drainage canals cause fluid buildup in the eye, raising intraocular pressure (IOP) and damaging the optic nerve, which can lead to blindness. Interventional glaucoma involves active surgical engagement to change the disease trajectory, as opposed to ongoing pharmaceutical treatment which suffers from poor patient compliance and quality-of-life issues.
Nova Eye’s approach centres on the iTrack Advance system, which uses canaloplasty (viscodilation of Schlemm’s canal) to restore natural drainage. This has been described as “angioplasty of the eye”. The procedure is stent-free and tissue-sparing, with no foreign material left in the eye, differentiating it from implant-based competitors.
Key market characteristics include:
- 84 million people globally have open-angle glaucoma
- Device market growing from US$944 million (2025) to US$1.6 billion (2030) at 10.6% CAGR
- Pharmaceutical spend of approximately US$4.3 billion is declining due to poor compliance and quality-of-life issues
- 32 million cataract procedures yearly, with 1 in 5 patients also having glaucoma, creating shared surgical access points
The structural shift from pharmaceutical to device-based treatment creates a tailwind for Nova Eye. The company’s unique mechanism of action, which preserves natural anatomy and can be repeated if necessary, positions it favourably against implant-based alternatives that leave foreign material in the eye.
Path to sustainable profitability confirmed
Nova Eye Medical has demonstrated substantial improvement in its operating result, with the H1 FY26 EBITDA loss narrowing significantly. Key profitability metrics include:
- H1 FY26 EBITDA loss: US$1.45 million (versus US$2.8 million in H1 FY25)
- Gross margin improvement: 70% (up from 66%)
- December 2025: positive EBITDA achieved
- Cash balance at 31 December 2025: A$2.6 million
- Underlying operating cash inflow Q2 FY26: A$0.2 million
The improvement in operating results was driven by significant gross margin expansion and operating leverage, despite ongoing investment of US$0.6 million in clinical data collection during H1 FY26. The group’s cash outflow from operations for the quarter to December 2025 was A$1.0 million, which included an investment of A$1.2 million in working capital due to rapidly growing sales. This resulted in an underlying positive cash inflow from operations of A$0.2 million in the last quarter.
Management noted that cash increased in the month of December 2025, and cash flow from operations is expected to continue improving. The business model is demonstrating the ability to scale profitably, with operating leverage emerging as revenue grows.
Guidance confirmed for FY26
Nova Eye Medical has reaffirmed guidance targeting sales revenue (excluding China) of US$21-24 million (A$32-37 million), implying 21-30% growth. The company is currently tracking to mid-guidance, with January 2026 LTM sales showing 31% growth.
Management is targeting breakeven EBITDA in H2 FY26, supported by historical seasonal improvement in the second half due to lower surgery volumes in northern hemisphere summer months affecting European markets in the first half.
Tom Spurling, Managing Director
For investor enquiries contact: +61 8 8360193 or tspurling@nova-eye.com
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Strategic outlook and next steps
The company’s 2026 focus remains on continuing to increase US procedures whilst delivering sustainable profitability. Management is maintaining ongoing investment in clinical data collection (US$0.6 million in H1 FY26) to build the evidence base for iTrack Advance, whilst expanding clinical training and commercial resources outside the United States.
The strategic roadmap demonstrates disciplined capital allocation, with the company investing in growth drivers (sales representatives, clinical data, training infrastructure) whilst maintaining the path to profitability through operating leverage and gross margin expansion. The net increase in operating expenditure in H1 FY26 compared with H1 FY25 was driven by higher variable sales commissions (reflecting revenue growth), continued clinical data generation, expanded clinical training and commercial resources outside the US, and additional regulatory activity, partly offset by ongoing cost-reduction efforts.
Nova Eye is executing on its promises, having delivered record revenue, six consecutive halves of US sales growth, substantially improved operating results, and positive monthly EBITDA in December 2025 as guided.
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