Following its December 2025 ASX debut and a successful IPO, Saluda Medical reports robust global revenue growth and expands its US sales force, prompting an upward revision of its FY26 revenue guidance.
- Q2 FY26 global revenue up 19.9% year-on-year to US$21 million
- US implanted patients and active physicians increased by over 20%
- FY26 revenue guidance raised to US$85 million, a 21% increase over FY25
- Regulatory approval secured for EVA™ Sensing Technology in Europe and Australia
- Phased workforce reduction of 50 non-commercial roles to reduce operating expenses
Strong Start Post-IPO
Saluda Medical, a commercial-stage medical device company specialising in closed-loop neuromodulation therapies for chronic neurological conditions, has reported a strong second quarter for fiscal year 2026 (Q2 FY26), just two months after its December 2025 listing on the ASX. The company’s initial public offering (IPO) raised approximately A$230.8 million, providing a solid capital foundation to accelerate its commercial and product development efforts.
In Q2 FY26, Saluda achieved global revenue of US$21 million, marking a 19.9% increase compared to the same period last year. This growth was driven by a 16.9% rise in US revenue and a notable 29% jump in international sales, reflecting expanding demand across key markets including Europe and Australia.
Expanding US Footprint and Clinical Momentum
The US market remains central to Saluda’s growth strategy. The number of implanted patients in the US grew by 21.2% year-on-year, supported by an increase in active implanting physicians and a steadily expanding sales force. The company is on track to have 154 US sales representatives by the end of FY26, with an average of 89 fully trained reps already contributing this year. This expansion is expected to drive further revenue growth in the second half of FY26.
Saluda’s innovative Evoke® System, which uses closed-loop spinal cord stimulation to manage chronic pain, continues to gain traction. The company showcased its technology at the January 2026 North American Neuromodulation Society (NANS) conference, presenting 19 clinical abstracts and five oral presentations. This strong clinical engagement underscores the growing acceptance and interest in Saluda’s platform among healthcare professionals.
Regulatory and Operational Updates
Regulatory progress also marked the quarter, with Saluda receiving CE certification for its next-generation EVA™ Sensing Technology in Europe and Australia, following FDA approval in late 2024. A phased commercial rollout is planned for the second half of FY26, which should further support revenue growth internationally.
To enhance operational efficiency, Saluda has implemented a phased reduction of approximately 50 non-commercial full-time positions, representing about 20% of its non-commercial workforce. This move aims to reduce future operating expenses without disrupting core commercial activities.
Financial Position and Outlook
Saluda ended Q2 FY26 with a robust cash position of US$151.4 million and total available funding of US$201.4 million, including unused financing facilities. Operating cash outflows were consistent with expectations, reflecting ongoing investment in sales expansion and product development.
Buoyed by the strong first half performance, the company raised its FY26 revenue guidance to US$85 million, representing a 21% increase over FY25. Management anticipates that revenue growth will accelerate in the second half of the fiscal year, driven primarily by the expanded and more productive US sales team.
CEO Barry Regan emphasised the company’s confidence in its commercial model and clinical evidence base, highlighting the potential to improve patient outcomes while delivering shareholder value.
Bottom Line?
Saluda’s strong Q2 momentum and strategic investments set the stage for accelerated growth, but execution risks remain as sales force expansion and regulatory rollouts unfold.
Questions in the middle?
- How will the phased workforce reduction impact Saluda’s operational capacity and innovation pipeline?
- What is the timeline and expected market impact of the full commercial release of EVA™ Sensing Technology in Europe and Australia?
- Can Saluda sustain its US sales force growth and maintain training quality to meet elevated revenue targets?