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Nova Eye Medical
(Sydney:EYE)
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Rating:48Neutral
Price Target:
AU$0.13
▼(-7.86% Downside)
Action:Reiterated
Date:08/01/26
The score is primarily held back by weak financial performance—ongoing losses, declining gross margin, and negative operating/free cash flow—despite low leverage. Technicals provide a modest offset as the stock trades above key short- and mid-term moving averages, but being below the 200-day average and the loss-making valuation profile keep the overall score subdued.
Positive Factors
Revenue Growth
A 12.09% year-over-year revenue increase shows the company is expanding sales and market traction. Over a 2–6 month horizon, persistent top-line growth supports scaling of fixed-cost-intensive medical device operations and provides a pathway to leverage revenue into improved margins if cost trends are managed.
Negative Factors
Negative Cash Generation
Consistent negative operating and free cash flows indicate the business is burning cash to run and grow operations. For a medical device firm, prolonged negative cash generation raises funding reliance, dilution risk or the need for debt, constraining long-term R&D, commercialization and competitiveness unless cash generation reverses.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
A 12.09% year-over-year revenue increase shows the company is expanding sales and market traction. Over a 2–6 month horizon, persistent top-line growth supports scaling of fixed-cost-intensive medical device operations and provides a pathway to leverage revenue into improved margins if cost trends are managed.
Read all positive factors
Nova Eye Medical (EYE) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$37.03M
Dividend YieldN/A
Average Volume (3M)204.72K
Price to Earnings (P/E)―
Beta (1Y)0.62
Revenue Growth26.59%
EPS Growth33.42%
CountryAU
Employees301
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-0.03
Shares Outstanding284,875,270
10 Day Avg. Volume176,528
30 Day Avg. Volume204,722
Financial Highlights & Ratios
PEG Ratio0.20
Price to Book (P/B)1.43
Price to Sales (P/S)0.93
P/FCF Ratio-4.14
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$42.30M
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:Feb 25, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Aug 26, 2026
Earnings Call Sentiment Positive
The call emphasized strong operational momentum: record quarterly sales, robust U.S. growth (27% YoY; 40% CAGR over six halves), high procedure volumes (~17,000 last 12 months; ~180,000 total), industry-leading sales productivity (~$2M per rep) and improving operating cash flow (positive in December). At the same time, management flagged meaningful risks and constraints: small current market share (~3.9%), geographic volatility (notably China), dependence on the U.S., the need to carefully pace sales rep expansion to protect revenue per rep, working capital unpredictability, and a broad guidance range. On balance the call projects positive execution and growth momentum but acknowledges operational and market-access risks that could impact near-term predictability.Positive Updates
Strong Revenue Growth and Record Quarter
Record sales in the December quarter; last 12 months sales up ~24% year-over-year overall, with management reporting continuing momentum into January.
Negative Updates
Small Current Market Share
Market share in the MIGS segment reported at ~3.9%, characterized by management as small and implying substantial upside but also current limitation in scale.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Revenue Growth and Record Quarter
Record sales in the December quarter; last 12 months sales up ~24% year-over-year overall, with management reporting continuing momentum into January.
Read all positive updates
Company Guidance
Management reiterated that it remains on track to deliver its guidance (noting it is a deliberately broad range) and to deliver improving operating performance and cash flow—highlighting positive operating cash flow and higher cash in December despite a significant working‑capital build; key metrics cited include LTM sales growth of ~24% (3x industry), U.S. LTM growth ~27%, a U.S. CAGR of ~40% over the last six halves, six consecutive halves of growth with January momentum continuing, a current run‑rate of ~17,000 procedures in the last 12 months (180,000 procedures used historically), an estimated ~3.9% share of the MIGS market, sales per rep of nearly $2.0M, a stable unit price of ~USD1,000, and the broader market context of ~84M glaucoma patients, ~$4.3B in topical drug spend, 32M annual cataract procedures and ~1 in 5 cataract patients also having glaucoma.Nova Eye Medical Financial Statement Overview
Summary
Income Statement
45
Neutral
Balance Sheet
55
Neutral
Cash Flow
40
Negative
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 33.05M | 29.27M | 23.32M | 17.02M | 13.38M | 13.39M |
| Gross Profit | 22.05M | 20.07M | 20.19M | 842.00K | -765.00K | 1.77M |
| EBITDA | -3.90M | -8.98M | -5.98M | -14.65M | -7.89M | -3.67M |
| Net Income | -7.03M | -9.06M | -8.79M | -15.29M | -7.50M | -4.36M |
Balance Sheet | ||||||
| Total Assets | 23.67M | 26.50M | 29.88M | 30.36M | 36.63M | 41.99M |
| Cash, Cash Equivalents and Short-Term Investments | 2.62M | 5.05M | 6.15M | 7.42M | 8.00M | 17.80M |
| Total Debt | 4.94M | 3.02M | 3.35M | 1.53M | 1.94M | 3.70M |
| Total Liabilities | 7.85M | 7.54M | 8.55M | 7.17M | 6.23M | 6.66M |
| Stockholders Equity | 15.82M | 18.97M | 21.33M | 23.19M | 30.40M | 35.34M |
Cash Flow | ||||||
| Free Cash Flow | -5.19M | -6.58M | -8.31M | -7.52M | -10.27M | -15.13M |
| Operating Cash Flow | -4.85M | -6.15M | -7.86M | -6.72M | -4.68M | -12.90M |
| Investing Cash Flow | -477.00K | -364.00K | -325.00K | -800.00K | -4.58M | -3.22M |
| Financing Cash Flow | 5.52M | 5.56M | 6.91M | 6.82M | -402.00K | -61.61M |
Nova Eye Medical Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | AU$7.84B | 22.72 | 17.76% | 3.80% | 2.04% | -6.63% | |
55 Neutral | AU$98.90M | -37.19 | -5.31% | ― | 18.21% | 65.00% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | AU$28.50M | -3.11 | -98.14% | ― | 14.88% | 35.94% | |
48 Neutral | AU$37.03M | -5.08 | -40.41% | ― | 26.59% | 33.42% | |
44 Neutral | AU$148.26M | -13.57 | -70.29% | ― | ― | -62.15% | |
42 Neutral | AU$44.95M | 562.50 | 0.48% | ― | 24.45% | ― |
* Healthcare Sector Average
AU:EYE
Nova Eye Medical
0.15
0.00
0.00%
AU:COH
Cochlear
122.00
-185.31
-60.30%
AU:CMP
Compumedics Limited
0.24
-0.09
-27.69%
AU:SOM
Somnomed Limited
0.42
-0.37
-46.50%
AU:EMV
EMvision Medical Devices Ltd.
1.53
-0.17
-9.76%
AU:CBL
Control Bionics Ltd.
0.07
0.03
59.09%
Nova Eye Medical Corporate Events
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...
Nova Eye Medical Grants New Performance Rights Under Employee Incentive Scheme
May 6, 2026
Nova Eye Medical has notified the market that it will issue 21,000 unquoted performance rights under its employee incentive scheme. The new securities, which are not intended to be quoted on the ASX, are scheduled to be issued on 8 May 2026 and un...
Nova Eye Medical Seeks ASX Quotation for New Employee Incentive Shares
May 6, 2026
Nova Eye Medical Limited has applied for quotation on the ASX of 28,000 additional ordinary fully paid shares, to be issued on 8 May 2026. The new securities arise from an employee incentive scheme and their quotation will modestly increase the co...
Nova Eye lifts FY26 sales guidance after record U.S. glaucoma device growth
May 5, 2026
Nova Eye Medical has reported record monthly sales in the U.S. for April 2026, surpassing March’s high, and lifted trailing twelve‑month group sales to US$22.8 million, up 26% year on year. Sales excluding China reached US$21.6 million...
Nova Eye Medical Highlights Glaucoma Focus in May 2026 Investor Update
May 5, 2026
Nova Eye Medical has released an investor presentation alongside its May 2026 quarterly report, outlining its current activities and strategic focus in glaucoma treatment. The materials highlight the clinical problem of blocked drainage canals in ...
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.