What’s Behind Saluda Medical’s (ASX:SLD) Slide to a 52-Week Low?

Sonal Goyal

21 October 2026 10:51 PM AEDT

What’s Behind Saluda Medical’s (ASX:SLD) Slide to a 52-Week Low?

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Key highlights

SLD touched a 52-week low on 21 October 2026 and closed at $0.265, down 20.90% for the day.
Its 28 August 2026 FY26 release reported Revenue of US$90.2 million, up 28%, with a gross Margin of 48.9%.
The adjusted EBITDA loss was US$113.7 million, and FY27 guidance is revenue growth of 25–35%.

During the Trading session on 21 October 2026, Saluda Medical, Inc (ASX:SLD) shares dropped to a 52-week low. The stock’s closing price was $0.265, down 20.90% on the day. Saluda Medical is a commercial-stage medical device company focused on closed-loop neuromodulation for chronic neurological conditions.

What Saluda Medical does

Saluda Medical, Inc. develops and sells the Evoke closed-loop spinal cord stimulation system for chronic pain, and operates in the United States, Europe and Australia.

FY26 results and FY27 guidance

In an ASX announcement dated 28 August 2026, Saluda reported FY26 revenue of US$90.2 million, up 28% and 4% above guidance of US$87.0 million, with gross margin of 48.9%, up 230 basis points. US revenue rose 27%, driven by US implanted patients up 34%, active physicians up 21% and utilisation up 11%, and international revenue rose 32%. The company received FDA approval for its CAP24 paddle lead.

Adjusted EBITDA was a loss of US$113.7 million compared with US$101.4 million, and cash used in operations was US$116.0 million compared with US$118.2 million. FY27 guidance is revenue growth of 25–35%, gross margin of 50–52% and an adjusted EBITDA loss of US$95–101 million.

Sector context

Healthcare and medical technology companies are assessed on clinical progress, regulatory approvals and commercial uptake, and share prices can be volatile around such events.

Risks and uncertainties

The company reports large losses and cash use, and its shares listed recently, so it relies on revenue growth and funding. Medical device adoption, reimbursement and competition affect outcomes. Closing prices on a single day are not the same as the 52-week high or low price, and a 52-week extreme does not indicate where a share price will move next.

Catalysts to watch

Items to watch include quarterly revenue, cash use against the FY27 loss guidance, US sales force productivity and funding.

Closing perspective

Saluda’s 28 August 2026 results combined revenue growth and margin gains with a large adjusted EBITDA loss. FY27 guidance sets the reference points.

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