Highlights

  • September 2026 quarter invoiced revenue reached A$211,000, up 41% on the June quarter.
  • Customer receipts totalled A$183,000 as international Felix orders expanded.
  • New agreements covered European markets, while registrations supported sales in parts of South-East Asia and Türkiye.
  • A Felix clinical study reported embryo utilisation of 58.8%, versus 49.1% for the comparator method.
  • Quarter-end cash reached A$3.458 million after receipt of A$3.5 million in financing.

Memphasys Limited (ASX:MEM) is an Australian reproductive biotechnology company commercialising Felix, a patented sperm-preparation system for assisted reproductive procedures. Its 2026 developments centre on the transition from clinic evaluation to routine product use, with regulatory clearances, distributor agreements and quarterly sales providing measurable evidence of commercial activity.

Felix Commercial Activity Broadens Across Markets

Memphasys Limited (ASX:MEM) reported A$211,000 in invoiced revenue for the September 2026 quarter, compared with A$150,000 in the June quarter, an increase of approximately 41%. Customer cash receipts were A$183,000. These measures are distinct: receipts include payments for invoices raised in earlier periods, rather than solely sales invoiced during September.

In Europe, Memphasys Limited (ASX:MEM) reported distribution agreements for Poland, five Nordic countries, the Czech Republic, Slovakia and Kazakhstan. The announced minimum commitments included €212,000 over two years in Poland, €526,500 over three agreement years in the Nordics and €416,200 over three years across the latter three markets. These contractual amounts should not be treated as revenue already earned.

Following 2026 registration developments, Vietnam placed a 600-cartridge order, while Thailand ordered additional cartridges and consoles. Türkiye recorded an initial sale of 100 cartridges and two consoles from existing distributor inventory. Memphasys also reported repeat orders from established partners in Italy, the United Kingdom and the Middle East and North Africa.

Clinical Evidence and Regulatory Work

The Felix system uses electrophoretic sperm separation rather than conventional centrifugation-based preparation. In its September-quarter report, Memphasys Limited (ASX:MEM) described a study involving 103 couples across 10 centres. Embryo utilisation was 58.8% with Felix versus 49.1% using density gradient centrifugation, with a reported p-value of 0.022. Embryo utilisation is not equivalent to pregnancy or live-birth rates.

The company identified a possible US FDA 510(k) regulatory pathway in September 2026 and planned further engagement to clarify the required evidence and testing. This was a proposed pathway, not an FDA clearance. Separately, validation testing extended the Felix cartridge shelf life from 18 to 24 months, supporting inventory and distribution planning.

Cash, Financing and Implementation Risks

At 30 September 2026, Memphasys Limited (ASX:MEM) reported cash and cash equivalents of A$3.458 million, compared with A$1.179 million at 30 June. The closing balance included A$3.5 million received under an interest-bearing financing arrangement, pending shareholder approval for conversion into unsecured notes. Proposed note terms included 12.5% annual interest compounded monthly and a two-year maturity; conversion could affect the number of shares on issue.

Net cash used in operating activities was A$1.159 million in the September quarter, compared with A$421,000 in June. The company attributed part of the increase to approximately A$601,000 of inventory-related manufacturing payments. As distributors introduce Felix into clinical workflows, actual usage, repeat cartridge purchases and financing commitments remain separate considerations from signed agreements or regulatory access.

Key Insights

Memphasys Limited (ASX:MEM) entered the December 2026 quarter with new market registrations, customer orders and a larger distributor network. Its September figures also show a gap between modest invoiced sales and operating cash expenditure. The distinction between clinical evidence, signed minimum commitments, realised revenue and recurring clinic demand is central to assessing the progress of Felix commercialisation.