Revenue Growth
Total revenue of $102.2M for H1 FY26, up 9% year-over-year (8% in constant currency), driven by both recurring and capital streams.
Operating Margin Expansion
Operating margin increased 27% to $8.5M for the half, driven by disciplined OpEx growth (OpEx up just 4% to $69.5M) and operating leverage.
Installed Base and Patient Reach
Installed base grew to 38,080 devices (up 6% YoY), supporting protection of approximately 29 million patients annually.
Strong Installation and Upgrade Activity
Total installations rose 20% to 2,070 devices in the half, including a record level of upgrade activity in North America; upgrades are an increasingly important capital revenue driver.
Recurring Revenue Momentum
Recurring revenue grew 9% YoY; core consumables +9%, ecosystem consumables +6%, and service & repairs grew strongly at +24%, reflecting deeper fleet maturity and engagement.
Trophon-Only Business Performance
Trophon-only business delivered $25.6M operating margin (up 20% YoY) with operating margin as a percentage of sales expanding to 25% from 22.9% and 9% EBIT growth, underscoring high-margin scalability.
Capital Revenue and Pricing Dynamics
Capital revenue of $26.5M in the half (up 9% YoY) driven by volume upgrade agreements; while some volume deals moderated ASPs in the period, they expand the recurring revenue base and software upgrade opportunity.
CORIS Regulatory and Commercial Progress
CORIS achieved regulatory registrations in Australia, Europe and the U.K., submitted its first 510(k) for expanded indications in the U.S., and commenced a Controlled Market Release in the U.K.; commercialization expected to start region-by-region from FY27.
Strong Balance Sheet and Cash Position
Debt-free with a cash balance of $159.8M; modest planned H1 cash outflow (~$1.4M) related to inventory ramp for CORIS, investments and an ongoing share buyback (about $4M executed so far).
Operational and Digital Investments
Launched next-generation trophon3 and trophon2 Plus software upgrade, implemented a new ERP system, and went live with cloud-based traceability solutions; new HQ and expanded manufacturing site signed to support scale.