Nova Eye Medical Posts Record FY25 Sales, Eyes Breakeven in H1FY26
Nova Eye Medical has reported a record A$29.3 million in FY25 revenue, driven by sustained US growth and operational improvements, setting the stage for breakeven EBITDA in the first half of FY26.
- Record FY25 revenue of A$29.3 million, up 23%
- Six consecutive half-years of US sales growth, up 26% in FY25
- Glaucoma segment EBITDA positive in H2FY25
- Cash reserves of A$5.1 million at year-end
- FY26 guidance targets breakeven EBITDA and sales of US$21–24 million (ex-China)
Strong Sales Momentum
Nova Eye Medical Limited (ASX – EYE) has delivered a standout FY25 performance, posting record revenue of A$29.3 million, a 23% increase over the prior year. This growth was largely fuelled by the US market, where sales climbed 26% to US$14.2 million, marking six consecutive half-years of expansion. The company’s flagship product, the iTrack™ Advance device, continues to gain traction globally, underpinning this robust sales momentum.
Progress Toward Profitability
Beyond top-line growth, Nova Eye Medical demonstrated meaningful operational leverage in the second half of FY25. The glaucoma segment achieved EBITDA positivity, a critical milestone that helped materially reduce the group’s overall losses. Gross margins improved, and operating expenses as a percentage of sales declined, reflecting disciplined cost management. The company’s cash burn also moderated, with operating cash outflow falling to A$847,000 in the final quarter, leaving a healthy cash balance of A$5.1 million at year-end.
Strategic Developments and Market Position
Independent market research by Needham & Co. identified Nova Eye as the fastest-growing player in the minimally invasive glaucoma surgery (MIGS) segment in the US, with market share expected to rise from 2.4% to 3.4% in FY26. Regulatory progress is underway in China, where approval for iTrack™ Advance is anticipated by late 2025, potentially unlocking a significant new market. Clinical validation continues to reinforce the device’s efficacy and safety, highlighted by recent presentations at the World Glaucoma Congress.
Innovation and Future Outlook
Looking ahead, Nova Eye is exploring novel applications of its microcatheter technology for targeted drug delivery, with pharmaceutical industry feedback expected in the first half of FY26. The company also secured a federal grant to advance early detection technologies for eye disease, underscoring its commitment to innovation. For FY26, Nova Eye reaffirmed guidance targeting sales revenue (excluding China) of US$21–24 million and aims to achieve breakeven EBITDA in the first half, signaling confidence in its path to sustainable profitability.
Bottom Line?
With record sales behind it and breakeven EBITDA in sight, Nova Eye Medical’s next moves in innovation and regulatory approvals will be key to sustaining momentum.
Questions in the middle?
- Will regulatory approval in China materialize on schedule, and how will it impact growth?
- How soon can the innovation pipeline translate into new revenue streams?
- What are the risks to achieving breakeven EBITDA in H1FY26 amid market uncertainties?
