Nova Eye Medical (AU:EYE)
ASX:EYE
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Nova Eye Medical
(Sydney:EYE)
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Rating:45Neutral
Price Target:
AU$0.11
▼(-17.69% Downside)
Action:ReiteratedDate:03/31/26
The score is primarily weighed down by weak financial quality—ongoing losses, declining gross margin, and negative operating/free cash flow—despite some revenue growth and low leverage. Technicals add pressure as the stock trades below major moving averages with negative MACD. Valuation is mixed but constrained by the negative P/E and lack of dividend yield data.
Positive Factors
Niche ophthalmic device focus
A focused product set—surgical devices and consumables for ophthalmology—supports a durable business model with recurring consumable demand and clinical adoption barriers. Specialization aids customer stickiness, targeted R&D, and sustainable revenue streams over multiple quarters.
Negative Factors
Negative operating and free cash flow
Persistent negative operating and free cash flows are a structural concern: they erode liquidity, force reliance on external financing, and limit reinvestment capacity. Over several quarters this undermines autonomy to fund R&D, production scale-up, or commercialization without dilution.
Read all positive and negative factors
Positive Factors
Negative Factors
Niche ophthalmic device focus
A focused product set—surgical devices and consumables for ophthalmology—supports a durable business model with recurring consumable demand and clinical adoption barriers. Specialization aids customer stickiness, targeted R&D, and sustainable revenue streams over multiple quarters.
Read all positive factors
Nova Eye Medical (EYE) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$35.61M
Dividend YieldN/A
Average Volume (3M)204.72K
Price to Earnings (P/E)―
Beta (1Y)0.78
Revenue Growth25.47%
EPS Growth14.08%
CountryAU
Employees301
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-0.01
Shares Outstanding284,840,270
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$35.15M
Nova Eye Medical Business Overview & Revenue Model
Company Description
Nova Eye Medical Limited designs, develops, distributes, markets, sells, and services surgical devices for the treatment of glaucoma. The company offers iTrack, a surgical system for the reduction in intraocular pressure (IOP) in adult patients wi...
How the Company Makes Money
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Nova Eye Medical Earnings Call Summary
Earnings Call Date:Feb 25, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Aug 27, 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 Technical Analysis
Negative
0.13
Price Trends
0.15
Negative
0.15
Negative
0.15
Negative
Market Momentum
>-0.01
Negative
39.60
Neutral
60.00
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:EYE, the sentiment is Negative. The current price of 0.13 is below the 20-day moving average (MA) of 0.13, below the 50-day MA of 0.15, and below the 200-day MA of 0.15, indicating a bearish trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 39.60 is Neutral, neither overbought nor oversold. The STOCH value of 60.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
65 Neutral | AU$11.34B | 26.40 | 17.76% | 1.64% | 4.32% | 9.24% | |
55 Neutral | AU$122.69M | 52.88 | -5.31% | ― | 21.65% | 81.40% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
48 Neutral | AU$24.72M | -1.40 | -98.14% | ― | 14.84% | 39.64% | |
45 Neutral | AU$35.61M | -2.79 | -44.16% | ― | 25.47% | 14.08% | |
44 Neutral | AU$146.84M | -10.00 | -70.29% | ― | ― | -257.32% | |
42 Neutral | AU$54.93M | 62.66 | 0.48% | ― | 2.23% | -263.16% |
* Healthcare Sector Average
AU:EYE
Nova Eye Medical
0.13
0.02
13.64%
AU:COH
Cochlear
173.44
-72.22
-29.40%
AU:CMP
Compumedics Limited
0.28
-0.02
-6.78%
AU:SOM
Somnomed Limited
0.56
0.11
23.08%
AU:EMV
EMvision Medical Devices Ltd.
1.58
-0.21
-11.73%
AU:CBL
Control Bionics Ltd.
0.06
0.02
33.33%
Nova Eye Medical Corporate Events
Nova Eye Medical Seeks ASX Quotation for New Employee Incentive Shares
Mar 10, 2026
Nova Eye Medical has applied to the ASX for quotation of 7,000 new fully paid ordinary shares under its employee incentive scheme. The securities, issued on 11 March 2026, will be quoted and are not subject to transfer restrictions, signaling rout...
Nova Eye gains EU MDR certification to bolster European glaucoma device growth
Mar 2, 2026
Nova Eye Medical has secured European Union Medical Device Regulation certification for its iTrack product portfolio, enabling CE marking and confirming the robustness of its quality and regulatory systems. The company, which generated US$3.1 mill...
Nova Eye Medical Schedules Investor Webinar on Half-Year Results
Feb 25, 2026
Nova Eye Medical will host an investor webinar on 3 March 2026 at 11:30 am AEDT, led by managing director Tom Spurling, to discuss the company’s half-year financial results and operational performance. Shareholders and interested investors c...
Nova Eye Sets Investor Briefing on Half-Year 2025 Results
Feb 25, 2026
Nova Eye Medical has released an investor presentation detailing its financial results for the six months ended 31 December 2025, ahead of a March 2026 briefing. The materials underscore the company’s focus on treatments for high intraocular...
Nova Eye lifts sales and narrows losses as glaucoma device growth outpaces market
Feb 25, 2026
Nova Eye Medical reported record half-year revenue of A$16.7 million for the six months to 31 December 2025, equivalent to US$11 million and up 31% in constant currency. Growth was led by the U.S. market and stronger performance in the rest of the...
Nova Eye Medical Corrects Minor Governance Disclosure in Re-lodged Appendix 4G
Feb 11, 2026
Nova Eye Medical has re-lodged its FY25 Appendix 4G with the ASX after identifying a single omitted tick-box relating to the availability of corporate governance information on its website. The company stressed that the underlying information was ...
Nova Eye Medical Sets Investor Webinar to Present Quarterly Results and iTrack Update
Jan 29, 2026
Nova Eye Medical has scheduled an investor webinar for Monday, 2 February 2026 at 11:30 am AEDT, where Managing Director Tom Spurling will present the company’s quarterly results and provide an update on the iTrack Registry. Shareholders and...
Nova Eye Medical Posts Record Quarter as iTrack Sales Surge
Jan 28, 2026
Nova Eye Medical reported record global sales of US$6.1 million for the December 2025 quarter, up 38% year-on-year and 25% on the previous quarter, driven by strong demand for its iTrack technology in the US and accelerating growth in other region...
Nova Eye Reports Strong Real-World Outcomes From Global iTrack Glaucoma Registry
Jan 27, 2026
Nova Eye Medical has reported positive 12‑month clinical outcomes from its iTrack Global Data Registry, an independently managed, prospective real-world database now comprising more than 600 eyes contributed by 20 surgeons across 20 internat...
Nova Eye sets investor webinar to discuss December 2025 sales and glaucoma focus
Jan 19, 2026
Nova Eye Medical has released a presentation ahead of an investor webinar scheduled to discuss its December 2025 sales results, outlining the clinical context in which it operates by highlighting how blocked ocular drainage canals cause fluid buil...
Nova Eye Medical Sets Investor Webinar to Deliver Half-Year Sales Update
Jan 14, 2026
Nova Eye Medical has scheduled an investor webinar for Monday, 19 January 2026 at 11:30 am AEDT, during which Managing Director Tom Spurling will present a sales update for the six months ended 31 December 2025 and take questions from participants...
Nova Eye Posts Record Quarter as U.S. Glaucoma Device Sales Surge
Jan 11, 2026
Nova Eye Medical reported record global sales of US$6.1 million for the December 2025 quarter, up 38% year-on-year and 25% on the previous quarter, driving six‑month revenue to US$10.9 million, a 29% increase on the prior corresponding perio...
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.