Highlights

  • Memphasys reported $211,000 of September-quarter invoiced revenue, 41% above the June quarter.
  • Customer cash receipts reached $183,000 in the quarter ended 30 September 2026.
  • Felix distribution arrangements expanded across European and South-East Asian fertility markets.
  • A 2026 clinical study reported a higher embryo utilisation rate with Felix than the comparator method.
  • Cartridge shelf-life validation increased from 18 to 24 months, supporting inventory management.

Memphasys Limited (ASX:MEM) is an Australian reproductive biotechnology company commercialising the Felix System, which uses electrophoretic separation to prepare sperm for assisted reproduction. The company’s September 2026 quarterly update linked broader international distribution with initial sales, repeat cartridge orders and additional clinic evaluations.

September Quarter Revenue and Cash Receipts

For the quarter ended 30 September 2026, Memphasys Limited (ASX:MEM) reported $211,000 in invoiced revenue, compared with $150,000 in the June quarter, representing approximately 41% quarterly growth. Customer receipts totalled $183,000. The company noted that collections included invoices issued in earlier periods, so receipts and invoices should not be treated as equivalent measures of quarterly sales activity.

Memphasys (ASX:MEM) closed the quarter with $3.458 million in cash and cash equivalents, against $1.179 million at 30 June 2026. The closing balance included $3.5 million received under an interest-bearing funding arrangement pending shareholder approval for proposed convertible notes. Net operating cash used was $1.159 million, reflecting, among other items, $601,000 in manufacturing payments for cartridges and consoles.

European Agreements and Clinic Adoption

Memphasys Limited (ASX:MEM) announced 2026 distribution agreements covering Poland, five Nordic countries, and the Czech Republic, Slovakia and Kazakhstan. Minimum contracted amounts were €212,000 for Poland over two years, €526,500 for the Nordic countries over three agreement years and €416,200 for the other three markets over three years. These commitments are not the same as immediately recognised revenue or cash receipts.

A network of ten additional IVF clinics was trialling Felix across Germany, Sweden, Finland, Denmark and Poland, while existing customers in Italy and the United Kingdom placed repeat cartridge orders. An initial order from a Swedish fertility clinic followed the quarter end. For Memphasys (ASX:MEM), the operational distinction is whether trials and console placement translate into consistent procedures and recurring disposable-cartridge demand.

Regulatory Access and Clinical Evidence

In 2026, registration or regulatory approvals in Vietnam, Thailand and Türkiye supported the start of local commercial activity. Vietnam registration triggered an initial order of 600 cartridges; commercial activity also commenced in Thailand and Türkiye.

The company’s pivotal Felix study, presented in August 2026, involved 103 couples across ten fertility centres. It reported embryo utilisation rates of 58.8% using Felix versus 49.1% using density gradient centrifugation (p=0.022). Embryo utilisation is not interchangeable with pregnancy or live-birth outcomes. Memphasys (ASX:MEM) also disclosed a possible US FDA 510(k) pathway, subject to agency engagement and further requirements; US clearance had not been established by that announcement.

Manufacturing Readiness and Execution Factors

Validation testing increased the reported Felix cartridge shelf life from 18 to 24 months during the September quarter. That six-month extension may provide distributors and clinics with additional flexibility when carrying stock. Nevertheless, product availability, laboratory training, purchasing decisions and regional regulatory requirements remain practical considerations for commercial deployment.

Memphasys Limited (ASX:MEM) continues to direct attention towards clinic onboarding, repeat cartridge demand and the implementation of contracted distribution arrangements. The funding structure also carries obligations: the proposed convertible notes require shareholder approval, and the interim financing has repayment conditions if approval is not secured.

Key Insights

Memphasys Limited (ASX:MEM) reported higher quarterly invoicing and customer receipts in 2026 while expanding access to overseas fertility clinics. Repeat cartridge sales, realised revenue and ongoing cash requirements remain distinct indicators of how the Felix business operates.