In the Black: Nova Eye Medical (ASX:EYE) Lifts Quarterly Sales 30% to US$6.3 Million

Aditi Sarkar

28 October 2026 04:35 PM AEDT

In the Black: Nova Eye Medical (ASX:EYE) Lifts Quarterly Sales 30% to US$6.3 Million

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Highlights

September quarter sales rose 30 per cent to US$6.3 million, with the glaucoma device maker's twelve-month sales reaching US$25.1 million.
Operating cash flow turned positive at A$0.5 million, against an outflow of A$0.8 million in the prior corresponding period.
A related-party facility of up to A$2.75 million was drawn by A$750,000, and the company is seeking independent replacements.
Management confirmed FY27 sales guidance of US$26 million to US$31 million excluding China, and will report in US dollars.

Positive at last. Nova Eye Medical (ASX:EYE), the glaucoma device company, closed its September quarter with US$6.3 million in sales and its first positive quarterly operating cash flow in a series the company charted back to the first quarter of FY24. Behind that headline sit a related-party funding facility and a coming switch to US dollar reporting.

Sales by market

Quarterly sales were up 30 per cent on the same quarter a year earlier. Over the last twelve months, sales reached US$25.1 million, also up 30 per cent, which the company described as an acceleration from 26 per cent growth in the twelve months to 30 June 2026.

The United States did the heavy lifting with US$5.19 million, up 25 per cent. Germany contributed US$499,000, up 24 per cent, while the rest of the world delivered US$444,000, up 44 per cent. China added US$158,000, from none in the prior corresponding quarter.

US sales sat below the record set in the fourth quarter of FY26, a dip management attributed to seasonal northern-summer holidays. Annualised revenue per sales representative reached US$1.8 million, up from US$1.6 million a year earlier, and additional representatives were recruited during the quarter. Management said October 2026 sales were trending about 30 per cent above October 2025. It estimated the US market at 30,000 to 35,000 interventional glaucoma procedures a month, with the company's share at between 3 and 5 per cent.

Cash flow and liquidity

The Appendix 4C showed receipts from customers of A$9.83 million and net operating cash flow of A$515,000. Earnings before interest, tax, depreciation and amortisation were positive for the quarter. Investing outflows were A$59,000, and financing inflows of A$750,000 came from borrowings.

Cash at 30 September stood at A$2.1 million. Add an unused A$2.0 million debt facility and total liquidity was A$4.1 million. Because operating cash flow was positive, the quarters-of-funding item was not applicable.

The related-party facility

The borrowings were drawn under an unsecured facility from River Street Nominees Pty Ltd, a company controlled by directors Rahmon Coupe and Victor Previn. The agreement is dated 21 August 2026 and carries a limit of A$2.75 million for 12 months, reducing to A$1 million in the following 12 months, over a 24-month term. An initial A$750,000 was drawn on 2 September 2026.

Interest is 15 per cent on amounts advanced, with a line fee on the undrawn limit and an establishment fee of A$50,000. The company said the terms are arm's length and that it is negotiating with independent third parties to replace the facility. No interest or fees were paid to River Street during the quarter. Separately, A$22,500 of rent and outgoings for the company's headquarters was paid to an entity controlled by Mr Previn, and total related-party payments in the quarter were A$182,000.

Guidance and the move to US dollars

Nova Eye confirmed guidance for the twelve months to 30 June 2027 of sales excluding China of US$26 million to US$31 million, compared with US$22.7 million in FY26, along with positive EBITDA for the year. It said existing cash and the debt facility are expected to cover working capital and growth targets. These are company forecasts rather than results.

The company will also begin reporting in US dollars from the half-year ending 31 December 2026, restating prior comparatives. It pointed to more than 90 per cent of revenue being invoiced in US dollars and about 85 per cent of operating costs being in the same currency. Management reporting and guidance are already in US dollars.

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