Nova Eye Medical’s record US sales

Medical device manufacturer Nova Eye Medical has reported strong sales growth of its glaucoma surgical devices for the year ended 30 June 2024.

Revenue for the year ended 30 June 2024, mainly for sales of its ITrack Advance glaucoma surgical device, is expected to be $23.5 million (US$15.3 million), up 37 percent on the previous corresponding period (pcp).

The result includes annual sales in the USA – the world’s largest market – of US$11.4 million, up 73 percent on FY23.

Nova Eye told investors: “Improved sales growth in the USA has now been demonstrated via sales growth over four consecutive half-year periods.

“This strong performance was underpinned by the recruitment of additional sales specialists in the USA and continued investments in clinical data collection and peer-to-peer marketing programmes.

“With the Company prioritising investment in sales growth in the USA during the period, sales revenue in markets outside the USA remained in line with PCP.”

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

It can be utilised by ophthalmologists, a large new market, as well as cataract surgeons.

Nova Eye said that in FY25 it would pursue sales growth in strategically important markets outside of the USA, including in Western Europe and Asia.

“The sales growth achieved in the second half of FY24 is expected to drive a material improvement in glaucoma segment operating result in the second half of FY24 compared with both the first half of FY24 and the full year FY23.”

Further reading:
Nova Eye launches more effective glaucoma surgery device

Picture: Nova Eye Medical