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Nova Eye Medical
(Sydney:EYE)
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Rating:52Neutral
Price Target:
AU$0.14
▲(2.14% Upside)
Action:Reiterated
Date:08/27/26
The score is driven primarily by improving operating fundamentals (revenue growth and stronger gross margins) and a relatively conservative balance sheet, but it is held back by persistent cash burn and ongoing net losses. Technical indicators are modestly supportive, while valuation remains challenging due to negative earnings and no dividend yield.
Positive Factors
Revenue Growth
Sustained revenue expansion indicates stronger commercial reach and product adoption. If maintained, the larger revenue base can improve operating leverage and provide a foundation for the company to move toward profitability.
Negative Factors
Persistent Net Losses
Despite improving results, the company has not yet demonstrated sustainable profitability. Continued losses can constrain reinvestment, require external funding, and delay the point at which revenue growth translates into durable shareholder value.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
Sustained revenue expansion indicates stronger commercial reach and product adoption. If maintained, the larger revenue base can improve operating leverage and provide a foundation for the company to move toward profitability.
Read all positive factors
Nova Eye Medical (EYE) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$39.88M
Dividend YieldN/A
Average Volume (3M)204.72K
Price to Earnings (P/E)―
Beta (1Y)0.82
Revenue Growth19.13%
EPS Growth58.47%
CountryAU
Employees301
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-0.02
Shares Outstanding284,875,270
10 Day Avg. Volume176,528
30 Day Avg. Volume204,722
Financial Highlights & Ratios
PEG Ratio0.12
Price to Book (P/B)2.09
Price to Sales (P/S)0.86
P/FCF Ratio-8.90
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)>-0.01
Revenue Forecast (FY)AU$42.35M
Nova Eye Medical Business Overview & Revenue Model
Company Description
Nova Eye Medical Limited specializes in the creation, advancement, distribution, marketing, sale, and servicing of surgical equipment dedicated to treating glaucoma. Its diverse product line features iTrack, a surgical system engineered to decreas...
Nova Eye Medical Earnings Call Summary
Earnings Call Date:Aug 26, 2026
(Q4-2026)
| Next Earnings Date:Mar 02, 2027
Earnings Call Sentiment Positive
The call emphasized strong top‑line growth (26% YoY revenue), achievement of profitability in H2 FY'26 and clear U.S. momentum (30% U.S. growth, ~20k procedures/year, high revenue per rep). Product approvals (FDA, MDR) and recent product enhancements (Shear Clear, Green Light) support ongoing adoption, and management stated liquidity is sufficient to fund FY'27 guidance. Lowlights are mostly manageable: a small but visible China decline (‑18% on a small base), a deliberate winding down of the 2RT program reducing R&D spend, continued low overall market share (~4%) and a relatively wide FY'27 guidance range reflecting execution uncertainty. Overall, the positive operational and financial milestones outweigh the limited negatives, indicating constructive momentum with some execution and geographic diversification risks to monitor.Positive Updates
Strong Revenue Growth
FY'26 revenue of USD 23.7M, up 26% year‑on‑year. Management highlighted four consecutive years of sales growth above 25% and a multi‑year increase from USD 9.3M (FY'22) to USD 23.7M (FY'26), cited as ~26% CAGR over the period.
Negative Updates
China Revenue Decline
China sales declined ~18% year‑on‑year on a very small base (management noted the drop is roughly USD ~200k), and the company is deliberately slowing investment in China while prioritizing markets with faster returns (U.S./Europe).
Read all updates
Q4-2026 Updates
Positive
Negative
Strong Revenue Growth
FY'26 revenue of USD 23.7M, up 26% year‑on‑year. Management highlighted four consecutive years of sales growth above 25% and a multi‑year increase from USD 9.3M (FY'22) to USD 23.7M (FY'26), cited as ~26% CAGR over the period.
Read all positive updates
Company Guidance
Nova Eye guided FY‑27 revenue (ex‑China) of USD 26.0–31.0 million (implying 15–37% growth versus FY‑26’s USD 23.7M, which was up 26% YoY and represents roughly a 26% CAGR since FY‑22’s USD 9.3M), reiterated it delivered EBITDA‑positive results in H2 FY‑26 and expects to be EBITDA‑positive for FY‑27 (no EBITDA figure given), and said July trading was running about 30% above prior run‑rate. Management highlighted the U.S. as the growth engine (U.S. revenue c. USD 18.6M, ~79% of sales, up ~30% YoY and +21% QoQ in the last quarter), ~20,000 procedures/year using the device (~4%–5% share of the ~30k–35k U.S. procedures per month), annualized revenue per rep ~USD 1.9M, and confirmed 2027 reimbursement drafts (~USD 542 surgeon / ~USD 2,204 facility) were broadly in line with 2026. They also noted China is a nascent market (down ~18% to roughly USD 200k), operating‑leverage improvements (sales & marketing OpEx fell from 76% to 52% of sales over time; corporate costs down from ~USD 1.7M to ~1.3M), and that current liquidity is sufficient to fund the FY‑27 plan (described as an unprecedented ~18 quarters of cash cover).Nova Eye Medical Financial Statement Overview
Summary
Income Statement
36
Negative
Balance Sheet
67
Positive
Cash Flow
28
Negative
| Breakdown | Jun 2026 | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 34.87M | 29.27M | 23.32M | 17.02M | 13.38M |
| Gross Profit | 25.01M | 20.07M | 20.19M | 842.00K | -765.00K |
| EBITDA | -2.21M | -8.98M | -5.98M | -14.65M | -7.89M |
| Net Income | -4.33M | -9.06M | -8.79M | -15.29M | -7.50M |
Balance Sheet | |||||
| Total Assets | 21.59M | 26.50M | 29.88M | 30.36M | 36.63M |
| Cash, Cash Equivalents and Short-Term Investments | 964.00K | 5.05M | 6.15M | 7.42M | 8.00M |
| Total Debt | 2.39M | 3.02M | 3.35M | 1.53M | 1.94M |
| Total Liabilities | 7.31M | 7.54M | 8.55M | 7.17M | 6.23M |
| Stockholders Equity | 14.28M | 18.97M | 21.33M | 23.19M | 30.40M |
Cash Flow | |||||
| Free Cash Flow | -3.36M | -6.58M | -8.31M | -7.52M | -10.27M |
| Operating Cash Flow | -3.12M | -6.15M | -7.86M | -6.72M | -4.68M |
| Investing Cash Flow | -388.00K | -364.00K | -325.00K | -800.00K | -4.58M |
| Financing Cash Flow | -657.00K | 5.56M | 6.91M | 6.82M | -402.00K |
Nova Eye Medical Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | AU$9.01B | 59.40 | 8.01% | 3.80% | -0.90% | -62.14% | |
63 Neutral | AU$74.72M | -27.27 | -5.31% | ― | 18.21% | 65.00% | |
61 Neutral | AU$52.94M | 188.46 | 0.93% | ― | 18.54% | ― | |
52 Neutral | AU$39.88M | -5.66 | -40.41% | ― | 19.13% | 58.47% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | AU$167.32M | -18.67 | -70.29% | ― | ― | 20.40% | |
49 Neutral | AU$32.04M | -3.16 | -98.14% | ― | 14.88% | 35.94% |
* Healthcare Sector Average
AU:EYE
Nova Eye Medical
0.14
>-0.01
-3.45%
AU:COH
Cochlear
137.76
-156.54
-53.19%
AU:CMP
Compumedics Limited
0.26
-0.01
-3.77%
AU:SOM
Somnomed Limited
0.33
-0.46
-58.23%
AU:EMV
EMvision Medical Devices Ltd.
1.73
-0.28
-14.18%
AU:CBL
Control Bionics Ltd.
0.06
0.02
53.85%
Nova Eye Medical Corporate Events
Nova Eye Medical Lodges 2026 Corporate Governance Statement with ASX
Aug 26, 2026
Nova Eye Medical Limited has lodged its corporate governance statement for the year ended 30 June 2026 via its website, in line with ASX Listing Rule requirements. The statement outlines the extent to which the company adheres to the ASX Corporate...
Nova Eye Medical lifts FY26 sales and reaffirms growth outlook
Aug 26, 2026
Nova Eye Medical reported full-year sales of A$34.9 million for FY26, representing a 26% increase in constant currency and a marked improvement in profitability, including a positive EBITDA of A$0.2 million in the second half and a reduced full-ye...
Nova Eye Medical Reports Lapse of 100,000 Unexercised Options
Aug 5, 2026
Nova Eye Medical Limited has reported the cessation of 100,000 options that were scheduled to expire on July 13, 2026, with an exercise price of $0.35. The options lapsed without being exercised, resulting in a reduction of potential dilutive secu...
Nova Eye Medical to Host Investor Webinar on June Quarter Results
Jul 29, 2026
Nova Eye Medical Limited has scheduled an investor webinar for Tuesday, 4 August 2026, at 11:30 a.m. AEST, where Managing Director Tom Spurling will present and discuss the company’s June 2026 quarterly results. Shareholders and interested p...
Nova Eye Posts Strong FY26 Growth and Turns EBITDA Positive as It Targets Further Expansion
Jul 29, 2026
Nova Eye Medical Limited is a medical technology company specialising in ophthalmic treatment devices for interventional glaucoma, serving the sizeable global glaucoma market from key bases in the U.S., Germany and other regions. Its focus on reim...
Nova Eye Medical Seeks ASX Quotation for New Employee Incentive Shares
Jul 10, 2026
Nova Eye Medical Limited has applied for quotation on the ASX of 7,000 new ordinary fully paid shares issued under an employee incentive scheme. The newly issued securities, which are not subject to transfer restrictions, modestly increase the com...
Nova Eye Medical Options Lapse, Trimming Potential Equity Dilution
Jun 25, 2026
Nova Eye Medical has announced the cessation of 260,000 options with an exercise price of $0.50, which expired without being exercised or converted. The lapse of these options slightly reduces the pool of potential equity dilution for existing sha...
Nova Eye Medical Performance Rights Lapse Alters Equity Incentive Pool
Jun 25, 2026
Nova Eye Medical has reported the lapse of 364,396 performance rights, which ceased because the conditions attached to these conditional securities were not met or could no longer be satisfied. The cessation of these rights slightly reduces the co...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.