Saluda Medical (ASX:SLD) Highlights Changes At Higher Us Implant Volumes And A Lower Cash Balance For Its September 2026 Quarter

Aditi Sarkar

29 October 2026 03:07 PM AEDT

Saluda Medical (ASX:SLD) Highlights Changes At Higher Us Implant Volumes And A Lower Cash Balance For Its September 2026 Quarter

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Highlights

US revenue was US$17.4 million, against US$12.9 million a year earlier, and international revenue was US$5.8 million, against US$5.4 million.
The company attributes the sequential revenue fall from its strongest quarter to seasonal softness over the northern-hemisphere summer.
Revenue is recognised on sale while patient data reflects procedures, so the two can diverge.
Saluda expects to keep adding to the sales force in FY27, but more slowly, focusing on productivity.

Saluda Medical (ASX:SLD) has reported revenue of US$23.1 million for the quarter ended 30 September 2026, up from US$18.3 million a year earlier but below the US$27.0 million of the previous quarter. The company also reported higher US implant numbers, a full US launch of a new paddle lead after quarter-end, and cash of US$73.6 million. Figures are unaudited.

Quarterly Results

US revenue was US$17.4 million, against US$12.9 million a year earlier, and international revenue was US$5.8 million, against US$5.4 million. US patients implanted rose to 838 from 542, and the average number of active implanting physicians in the US increased to 374 from 254.

The company attributes the sequential revenue fall from its strongest quarter to seasonal softness over the northern-hemisphere summer. It says the previous quarter included about US$0.6 million of European deferred revenue, which the comparison with the prior year does not. US revenue grew more slowly than patient numbers, which Saluda explains by customers using stock bought ahead of implants in the prior quarter, and by gaining accounts with volume-based pricing that lowered average selling prices compared with the first half of FY26. Revenue is recognised on sale while patient data reflects procedures, so the two can diverge.

Sales Force And International

About three-quarters of US sales representatives are fully trained, and about half of viable territories have at least one fully trained representative, up from 45 per cent at end-June. Saluda expects to keep adding to the sales force in FY27, but more slowly, focusing on productivity.

International growth came mainly from Australia and several European countries including Germany, partly offset by ordering patterns elsewhere in Europe. Sales began in Austria, and its EVA automated programming is now in full commercial use in all markets. The company warns that international ordering can vary considerably between quarters.

Product And Leadership

The CAP24 paddle lead received FDA approval in June 2026. A limited release began with about 10 US accounts, and a full US commercial release was announced after quarter-end, extending availability to neurosurgery and orthopaedic spine practices. Saluda cites estimated paddle lead sales of US$670 million in 2024 in the US spinal cord stimulation market. Mike Mathias, previously chief commercial officer, was appointed chief executive in September 2026.

Cash And Runway

Cash was US$73.6 million, down from US$116.4 million at the end of the previous quarter. Operating cash use was US$42.7 million, against US$28.9 million, which the company links to US$4.5 million of annual employee incentives, US$2.0 million of executive retention payments, about US$2.4 million of non-recurring project payments and about US$2.5 million of inventory payment timing. It expects lower operating cash use in the remaining FY27 quarters.

The company estimates that existing cash will last until approximately June 2027, based on its FY27 guidance and current plan. That limited horizon is a material consideration, and the report does not set out how further funding would be obtained. Payments to related parties were US$1.8 million.

Of the US$150 million raised at its December 2025 IPO, US$120.2 million had been used by 30 September, which Saluda says is on track with the prospectus.

Guidance

Saluda reaffirmed FY27 guidance of revenue growth between 25 and 35 per cent over FY26, a gross margin of 50 to 52 per cent, and an adjusted EBITDA loss of US$95 million to US$101 million. These are forecasts, not results.

Next Steps

An investor webinar was scheduled for 29 October 2026 at 12:30pm AEDT, hosted by the chief executive and chief financial officer. The CDIs were issued under Regulation S and cannot be transferred into the US or to US persons for at least 12 months from allotment, unless registered or exempt.

FAQs

Q: What is the principal development covered in this update?

A: Saluda Medical has reported revenue of US$23.1 million for the quarter ended 30 September 2026, up from US$18.3 million a year earlier but below the US$27.0 million of the previous quarter. The company also reported higher US implant numbers, a full US launch of a new paddle lead after quarter-end, and cash of US$73.6 million. Figures are unaudited.

Q: What should readers watch next?

A: An investor webinar was scheduled for 29 October 2026 at 12:30pm AEDT, hosted by the chief executive and chief financial officer.

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