Nova Eye Medical Ltd
ASX:EYE
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Nova Eye Medical Ltd
Nova Eye Medical Ltd. engages in developing suite of novel ophthalmic treatment technologies. The company is headquartered in Adelaide, South Australia and currently employs 130 full-time employees. The firm is focused on developing, manufacturing and selling a portfolio of ophthalmic treatment technologies and devices. Its technologies include iTrack minimally invasive glaucoma surgery (MIGS), which is a consumable surgical device that restores the eye's natural outflow pathway to lower pressure inside the eye and to eliminate patients' reliance on anti-glaucoma medications for mild-moderate glaucoma. Its Molteno3 glaucoma drainage device platform is designed to manage surgical utility and optimize clinical outcomes for long-term intraocular pressure (IOP) control in cases of severe glaucoma. The firm's 2RT is an ophthalmic laser developed for the therapy of patients in the early to intermediate stages of age-related macular degeneration (AMD).
Nova Eye Medical Ltd. engages in developing suite of novel ophthalmic treatment technologies. The company is headquartered in Adelaide, South Australia and currently employs 130 full-time employees. The firm is focused on developing, manufacturing and selling a portfolio of ophthalmic treatment technologies and devices. Its technologies include iTrack minimally invasive glaucoma surgery (MIGS), which is a consumable surgical device that restores the eye's natural outflow pathway to lower pressure inside the eye and to eliminate patients' reliance on anti-glaucoma medications for mild-moderate glaucoma. Its Molteno3 glaucoma drainage device platform is designed to manage surgical utility and optimize clinical outcomes for long-term intraocular pressure (IOP) control in cases of severe glaucoma. The firm's 2RT is an ophthalmic laser developed for the therapy of patients in the early to intermediate stages of age-related macular degeneration (AMD).
Strong Revenue Growth: Nova Eye achieved record sales in the December quarter, with a 24% rise in sales over the last 12 months—three times higher than the industry growth rate.
Market Share: The company holds about 3.9% of the US minimally invasive glaucoma surgery (MIGS) market, with ambitions to double this share.
Sales Rep Productivity: Revenue per sales representative reached nearly $2 million in the last quarter, a figure described as industry-leading.
Operating Cash Flow Improvement: Operating cash flow improved in the December quarter, with a significant investment in working capital.
Consistent Product Pricing: The price of the iTrack device has remained stable at around $1,000 for several years, supported by steady reimbursement rates.
Guidance Maintained: Management reaffirmed their previous broad-range guidance and expressed confidence in ongoing cash flow improvement.
