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Nova Eye Medical
(Sydney:EYE)
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Rating:52Neutral
Price Target:
AU$0.16
▲(12.14% 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
Revenue has expanded substantially over five years, indicating growing commercial scale for Nova Eye Medical’s ophthalmic device business. Continued top-line expansion can support operating leverage, broader customer adoption, and greater capacity to fund product development as the company moves toward profitability.
Negative Factors
Persistent Losses
Nova Eye Medical remains unprofitable despite narrowing losses, so revenue growth has not yet translated into sustainable earnings. Continued negative margins limit internally generated capital, increase dependence on external funding, and leave the company exposed if the improvement toward breakeven slows.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
Revenue has expanded substantially over five years, indicating growing commercial scale for Nova Eye Medical’s ophthalmic device business. Continued top-line expansion can support operating leverage, broader customer adoption, and greater capacity to fund product development as the company moves toward profitability.
Read all positive factors
Nova Eye Medical (EYE) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$39.89M
Dividend Yield185.34%
Average Volume (3M)127.59K
Price to Earnings (P/E)―
Beta (1Y)0.75
Revenue Growth19.13%
EPS Growth58.47%
CountryAU
Employees301
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-0.02
Shares Outstanding284,921,080
10 Day Avg. Volume85,169
30 Day Avg. Volume127,589
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 Technical Analysis
Positive
0.14
Price Trends
0.14
Positive
0.13
Positive
0.14
Positive
Market Momentum
<0.01
Negative
62.05
Neutral
75.00
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:EYE, the sentiment is Positive. The current price of 0.14 is above the 20-day moving average (MA) of 0.13, above the 50-day MA of 0.14, and above the 200-day MA of 0.14, indicating a bullish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 62.05 is Neutral, neither overbought nor oversold. The STOCH value of 75.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:EYE.
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$9.12B | 62.45 | 8.01% | 2.44% | -0.90% | -62.14% | |
57 Neutral | AU$48.94M | 218.18 | 0.93% | ― | 18.54% | ― | |
55 Neutral | AU$51.65M | -23.97 | -5.44% | ― | 2.73% | 25.00% | |
52 Neutral | AU$39.89M | -9.87 | -28.79% | 185.34% | 19.13% | 58.47% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | AU$145.94M | -16.87 | -46.84% | ― | ― | 20.40% | |
44 Neutral | AU$30.47M | -2.83 | -103.48% | ― | -22.43% | 15.02% |
* Healthcare Sector Average
AU:EYE
Nova Eye Medical
0.16
>-0.01
-3.13%
AU:COH
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140.59
-144.30
-50.65%
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0.24
-0.11
-32.39%
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Somnomed Limited
0.29
-0.59
-67.05%
AU:EMV
EMvision Medical Devices Ltd.
1.53
-0.34
-18.01%
AU:CBL
Control Bionics Ltd.
0.05
0.02
54.29%
Nova Eye Medical Corporate Events
Nova Eye Medical Director Mike Southard Resigns After Eight-Year Tenure
Oct 23, 2026
Nova Eye Medical has announced the resignation of director Mike Southard after eight years on the board, marking the departure of a key figure with deep experience in the global ophthalmic industry. Southard, a former Alcon Laboratories executive ...
Nova Eye Medical sets October date for in-person AGM and proxy voting
Sep 29, 2026
Nova Eye Medical Limited has called its Annual General Meeting for shareholders to be held in person at The Kent Town Hotel in Adelaide on 29 October 2026 at 10:30 am local time. The company has set 27 October 2026 as the record date for voting el...
Nova Eye Medical Adds 45,809 Shares to ASX Quotation
Sep 21, 2026
Nova Eye Medical Limited has applied for quotation on the ASX of 45,809 new ordinary fully paid shares under its existing ticker EYE. The shares, issued on September 22, 2026, form part of previously announced transactions and will increase the co...
Nova Eye Medical Plans Modest Share Placement on ASX
Sep 20, 2026
Nova Eye Medical Limited has notified the ASX of a proposed issue of 45,809 ordinary fully paid shares as part of a placement or similar capital raising. The new securities are scheduled to be issued on 21 September 2026, reflecting a modest expan...
Nova Eye Medical Sets October AGM and Director Nomination Deadline
Sep 3, 2026
Nova Eye Medical has scheduled its Annual General Meeting for 29 October 2026 at 10:30am ACDT in Adelaide as an in-person event, with formal meeting materials to be circulated to shareholders in September. The meeting will include the election of ...
Nova Eye Medical Director Spurling Increases On-Market Shareholding
Aug 28, 2026
Nova Eye Medical has disclosed a change in the shareholding of director Thomas Anthony Spurling, indicating increased direct equity exposure to the company. Spurling acquired 160,000 ordinary shares on market on 27 August 2026, lifting his direct ...
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...
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.