Key points
- Group sales revenue of $12.9 million, up 27% from prior period
- Glaucoma Surgical Device segment EBITDA loss of $2.7 million
- Successful $6.2 million share placement announced
Full summary
For the six months ended 31 December 2024, Nova Eye Medical Limited recorded a group loss after tax of $5,394,000, an improvement from the $5,625,000 loss in the prior corresponding period. The loss before interest, tax, depreciation and amortisation (EBITDA-level loss) was $4,237,000, compared to $4,190,000 in the prior period. The Glaucoma Surgical Device segment, which is the company's main business, saw an EBITDA-level loss of $2,717,000, up from $2,581,000 in the prior period. This was due to a combination of sales growth and operating leverage from sales, marketing and clinical expenditure, offset by a decline in gross margin caused by production cost increases from supply chain issues.Group sales revenue of $12,925,000 for the period represented growth of 27% compared to the prior period in constant currency. This was driven by growth in all major markets, with a 28% increase in sales in the USA on a constant currency basis. The company's iTrack Advance product has been well received by surgeons.The company also announced a successful $6.2 million share placement (net of transaction costs) to support its operations. $3.9 million of the proceeds were received in February 2025, with the remaining $2.3 million expected in March 2025.
Guidance
The company did not provide any high-importance, price-sensitive forward-looking financial metrics in the announcement.