Nova Eye Medical Hits Record US Sales, Nears Profitability, Eyes New Drug Delivery Market

Strong Sales Momentum and Market Leadership

Nova Eye Medical Limited (ASX: EYE) delivered a robust Q3FY25 performance, posting a 27% increase in sales compared to the prior corresponding period (PCP), excluding China. The standout contributor was the US market, where sales surged 32% year-on-year to a record US$3.7 million, marking the highest quarterly revenue in the company’s history. Germany also showed solid growth, up 19% on PCP, while the rest of the world remained steady.

This momentum reflects Nova Eye’s successful global commercial strategy and the growing adoption of its proprietary iTrack™ canaloplasty technology, a minimally invasive glaucoma surgery (MIGS) device that restores natural eye fluid outflow and reduces patient reliance on medications.

Path to Profitability in Glaucoma Segment

Crucially, the glaucoma segment’s EBITDA-level loss narrowed dramatically to just US$30,000 in Q3FY25, a significant improvement from a US$1.79 million loss in the first half of the fiscal year. This turnaround was driven by a combination of sales growth, a gross margin increase to 74%, and operational efficiencies including a stabilised manufacturing process and targeted salesforce expansion.

Management highlighted that this progress positions the glaucoma segment on track for profitability in the second half of FY25, although the final outcome will depend on the resolution of sales to China in Q4FY25 amid ongoing tariff challenges.

Financial Strength and Guidance

Nova Eye Medical’s balance sheet was bolstered by a successful A$6.6 million capital raising in February 2025, providing the company with the financial flexibility to invest in growth initiatives. Cash outflows from operations were A$1.38 million for the quarter, largely reflecting working capital investment tied to rising accounts receivable from increased sales.

The company reaffirmed its FY25 revenue guidance, projecting H2FY25 sales (excluding China) between US$9 million and US$10 million, representing 15%-30% growth over H1FY25. Full-year revenue is forecast between A$27.5 million and A$29.1 million, with continued margin improvements expected to reduce cash burn and move the group closer to breakeven.

Expanding Horizons with iTrack™ Technology

Beyond glaucoma treatment, Nova Eye Medical identified promising new revenue streams leveraging its FDA-cleared iTrack™ microcatheter for targeted ocular drug delivery. This technology could address significant limitations in current drug delivery methods such as eye drops and injections, offering more precise, sustained, and patient-friendly treatment options.

The global ocular drug delivery market is projected to nearly double from US$6.89 billion in 2024 to US$12.59 billion by 2034, driven by rising prevalence of eye diseases and demand for improved therapies. Nova Eye plans to generate clinical validation data and explore commercialization pathways with pharmaceutical partners over the next 12 months.

Active Engagement with Ophthalmic Community

Nova Eye Medical maintained a strong presence at key ophthalmic conferences in the US, including the American Glaucoma Society and the American Society of Cataract and Refractive Surgery meetings. These events showcased new clinical data from the iTrack™ Registry Study and facilitated hands-on training sessions, reinforcing the company’s commitment to evidence-based marketing and accelerating global adoption of its technologies.

With manufacturing facilities in the USA and New Zealand, and a global distribution network, Nova Eye Medical is well positioned to capitalize on its technological innovations and expanding market opportunities.