Nova Eye exceeds device product sales forecast

Medical technology company Nova Eye Medical has seen sales including its new iTrack Advance glaucoma surgical device product of $5.7 million in the four months to 31 October, materially exceeding its forecast of $5.1 million.

Launched in Europe and Canada in June, the iTrack Advance is a consumable device with an illuminated fibre optic tip designed to improve the efficacy of canaloplasty surgery in treating glaucoma.

The updated device can also be utilised by ophthalmologists, a large new market, as well as cataract surgeons.

In a report to investors the Adelaide company said sales growth was bolstered by timing of shipments to China.

After adjusting for this, the company reported underlying sales growth of 18 percent driven by the canaloplasty device in constant currency compared to the previous corresponding period.

The company said it was pleased with the progress of its initial launch programme.

However sales growth for the remainder of FY23 was contingent on marketing clearance in the large United States market, which is expected to drive ‘transformational growth’ for the company.

Nova Eye has filed a pre-market submission submission with the US Food and Drug Administration for the device, and expects to receive clearance that it is safe and effective before the end of calendrer 2022.

CEO Tom Spurling said: “Our results for the first four months of the fiscal year show early signs of success and support our strategy to invest in the market.

“Of the global market for glaucoma surgical devices, however, the USA accounts for the vast majority at US$469 million.”

Spurling said the introduction of iTrack Advance into the US market was expected to significantly improve the growth trajectory of the business.

Picture: Nova Eye Medical