• Revenue up 27% year-over-year to US$8.5 million
• Glaucoma division on track for profitability in H2 FY25
• Completed A$6.6 million capital raise to support growth

Nova Eye Medical Ltd, a medical technology company focused on advanced ophthalmic treatment technologies and devices, has reported its financial results for the six months ended 31 December 2024. The company achieved global sales of US$8.5 million (A$12.9 million), up 27% year-over-year on a constant currency basis. This strong sales growth was driven by continued demand for the company's iTrack Advance product, which has delivered five consecutive half-year periods of revenue growth in the US and recent sales growth outside the USA following investments in the second half of FY24. Surgeon adoption of iTrack Advance remains strong, supported by strategic marketing investments, sales expansion, and a strong presence at key industry events. The company's glaucoma segment EBITDA loss of US$1.8 million was in line with the first half of FY24, with supply chain issues experienced in the first quarter of FY25 resolved in the second quarter. Nova Eye Medical remains on track for the glaucoma division to reach profitability in the second half of FY25. The company has also strengthened its financial position, with a A$6.6 million capital raise completed to support the expansion of its US and German sales teams, product development and production efficiencies, and working capital to sustain business growth. Sales in January 2025 were approximately 25% higher than in January 2024, and the company expects sales in the second half of FY25 (excluding China) to be between US$9 million and US$10 million, reflecting 15% to 30% growth over the first half of FY25. Gross margin performance remains strong, supported by operational efficiencies and continued demand for iTrack Advance.

Sales in the second half of FY25 (excluding sales to China) expected to be between US$9 million and US$10 million. Sales to China were US$0.7 million in H1 FY25.

Nova Eye Medical is well-positioned for continued growth in the second half of FY25 and beyond. The glaucoma business remains on track for profitability, driven by strong product adoption, expanding sales teams, and improved operating efficiencies.