Saluda Medical (ASX:SLD) Grows Q1 FY27 Revenue 26% to US$23.1 Million

Aditi Sarkar

29 October 2026 05:50 PM AEDT

Saluda Medical (ASX:SLD) Grows Q1 FY27 Revenue 26% to US$23.1 Million

Image Source: Shutterstock

You are reading a free article with opinions that may differ from the recommendation given by Kalkine in its paid research reports. Become a Kalkine member today to get access to our research reports, in-depth technical and fundamental research. Learn more

Start Your Free Trial Now!

Highlights

Global revenue rose 26% to US$23.1 million in Q1 FY27.
US revenue increased 34% to US$17.4 million, with US patient implants up 55% to 838.
FY27 revenue guidance of US$113 million to US$122 million was reaffirmed.
Mike Mathias was appointed CEO.

Saluda Medical, Inc. (ASX:SLD) has released its Q1 FY27 update, reporting strong revenue growth led by its US business. The medical device company, which develops spinal cord stimulation technology for chronic pain, also reaffirmed its FY27 guidance and provided updates on its product pipeline.

Q1 FY27 Financial Performance

Global revenue for the quarter was US$23.1 million, up 26% on the prior corresponding period. US revenue rose 34% to US$17.4 million, while international revenue increased 7% to US$5.8 million, driven mainly by Australia and Germany.

US patient implants increased 55% to 838, and the average number of quarterly active implanting physicians in the US rose 47% to 374. The figures are unaudited, and some are described as preliminary.

Product Pipeline Progress

Full US commercial release of CAP24 is underway. Saluda's paddle lead has received FDA approval, with a limited launch in July 2026 and full US commercial launch planned later in Q2 FY27. The company estimates the paddle lead opens about US$670 million of the US spinal cord stimulation market that it does not currently address, mainly among orthopaedic and neurosurgeon customers.

The EVA automated programming feature has been launched, and a smaller form-factor implantable pulse generator is due to be submitted. Saluda highlighted company-reported data from its EVOKE study, including an 83% responder rate at 36 months.

FY27 Guidance and Leadership

Saluda reaffirmed its FY27 guidance, which includes revenue of US$113 million to US$122 million, representing growth of 25% to 35%. Gross margin is expected at 50% to 52%, and adjusted EBITDA is expected to be a loss of US$95 million to US$101 million.

Mike Mathias, previously Chief Commercial Officer, has been appointed CEO. The company will continue expanding its sales force into new territories and channels, including ambulatory surgical centres.

Key Takeaways

Saluda delivered 26% revenue growth in Q1 FY27, led by the US market.
US implants and active physicians increased strongly year on year.
The paddle lead launch could expand Saluda's addressable US market.
FY27 guidance has been reaffirmed.

FAQs

Q: What does Saluda Medical do?

A: Saluda develops spinal cord stimulation technology for the treatment of chronic pain.

Q: What was Saluda's Q1 FY27 revenue?

A: Global revenue was US$23.1 million, up 26%.

Q: How did the US business perform?

A: US revenue rose 34% to US$17.4 million, and US implants increased 55% to 838.

Q: What is Saluda's FY27 revenue guidance?

A: Saluda expects FY27 revenue of US$113 million to US$122 million.

Q: Who is Saluda's new CEO?

A: Mike Mathias, previously Chief Commercial Officer, has been appointed CEO.

Download Free Report – Explore 3 Stock Ideas & Industry Insights

Unlock 3 stock ideas and key industry insights in our free report. This information is general in nature and does not consider your personal objectives, financial situation, or needs. It is not financial advice.

All investments involve risk—consider independent advice before making any investment decisions.

View 3 Research Reports

Disclaimer:

This article (“Article”) has been prepared by Kalkine Pty Limited (ABN 34 154 808 312) (Australian financial services licence number 425376) (“Kalkine”) and its related bodies corporate who are authorised to provide general financial product advice. Kalkine.com.au and its associated pages are published by Kalkine.

Any information/advice provided in this article is general in nature and does not take into account your objectives, financial situation or needs. You should therefore consider whether the information is appropriate for your objectives, financial situation and needs before acting upon it.

There may be a Product Disclosure Statement, Information Memorandum or other offer document (“Offer Document”) for the securities or other financial products referred to in Kalkine articles. You should obtain a copy of the Offer Document and consider it before making any decision about whether to acquire the security or financial product.

Kalkine strongly recommends that you seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice) before acting on any advice/information in this Article or on the Kalkine website. Not all investments are appropriate for all people.

The information in this Article and on Kalkine website has been prepared from a wide variety of sources, which Kalkine, to the best of its knowledge and belief, considers accurate. Kalkine has made every effort to ensure the reliability of the information contained in its articles (including this Article), newsletters and websites. All information represents our views at the date of publication and may change without notice.

The information in this Article does not constitute an offer to sell securities or other financial products or a solicitation of an offer to buy securities or other financial products.

Kalkine does not issue, sell or deal in any financial products.

This Article may contain information on past performance of particular investments. Please note past performance is neither an indicator nor a guarantee of future performance.

To the extent permitted by law, and excluding any dishonesty or gross negligence by Kalkine, Kalkine disclaims and excludes all liability for any direct, indirect, implied, punitive, special, incidental or other consequential loss or damage arising from the use of or reliance on this Article, the Kalkine website and any information published on the Kalkine website without any warranties or representations by Kalkine to you. To the extent the law prohibits or limits this exclusion, Kalkine limits its liability to the resupply of services.

Please also read our Terms & Conditions and Financial Services Guide for further information.

Employees and/or associates of Kalkine and its related entities may hold interests in the securities or other financial products covered in this Article or on the Kalkine website. Any such employees and associates are required to comply with certain safeguards, procedures and disclosures as required by law.

Some of the images/music that may be used in the Article are copyright to their respective owner(s). Kalkine does not claim ownership of any of the pictures displayed/music used in the Article unless stated otherwise. The images/music that may be used in the Article are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated or was found to be necessary.

Kalkine Media Pty Ltd, an affiliate of Kalkine Pty Ltd, may have received, or be entitled to receive, financial consideration in connection with providing information about certain entity(s) covered on its website.