Daily Roundup

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Codan Delivers Strong FY26 Trading Update

Codan Ltd is having a stellar year, with the company providing an upbeat trading update for FY26. The standout performer has been the Communications business, which is expected to achieve revenue growth at the top end of the previously stated 15% to 20% range. But that's not all - the segment's profit margin is also set to outperform the 30% target, reaching 30% by the end of FY26. This represents a significant improvement on the 26% segment profit margin achieved in FY25.

The good news doesn't stop there. Minelab, Codan's metal detection business, is also tracking ahead of its strong first-half performance, supported by a favorable gold price and recent successful product releases. As a result of these positive developments, Codan now expects Earnings Before Interest and Tax (EBIT) to be approximately $235 million and Net Profit After Tax (NPAT) to be approximately $170 million. That's an increase of over 60% for both measures compared to FY25.

Change Financial Delivers Strong Q3 FY26 Results

Change Financial Limited (ASX: CCA) has also been firing on all cylinders, reporting impressive Q3 FY26 results. The company achieved record quarterly customer receipts of US$4.5m (A$6.3m), up 19% on the prior corresponding period (pcp). Revenue for the quarter came in at US$4.3m (A$6.1m), an 11% increase on pcp, while Underlying EBITDA soared 94% to US$0.7m (A$1.0m).

Change's Vertexon PaaS platform continues to scale, with the number of active cards increasing to over 119,000, up 70% on pcp. The company also signed two new PaaS clients in Australia during the quarter and commenced the migration of 30,000+ debit cards for the Hnry client. Change reconfirmed its FY26 revenue and Underlying EBITDA guidance, which it had upgraded in January, and remains focused on building its sales pipeline, winning new deals, and driving operational efficiencies.

Alcidion Group Delivers Positive Q3 FY26 Cashflow and New Sales

Alcidion Group Limited (ASX:ALC) has also had a productive quarter, reporting positive operating cashflow of $1.7M in Q3 FY26, driven by cash receipts of $14.5M. The company also secured $11.7M in new TCV sales, including contract expansions and new deals.

Notably, Alcidion was selected as the preferred provider for University Hospital Sussex NHS Foundation Trust's new EPR solution, with the contract expected to be finalized in May 2026. As of 31 March 2026, Alcidion has FY26 contracted (sold & renewal) revenue of $43.8M, excluding the UHSussex contract.

Alcidion reconfirmed its FY26 financial guidance, expecting revenue to exceed $50.0M with EBITDA in excess of $5.0M. The company also anticipates operating cashflow to remain positive and in-line with FY25 operating cashflow of $5.8M.

Botanix Pharmaceuticals Reports Q3 FY26 Results

Botanix Pharmaceuticals Limited (ASX:BOT) has also shared its Q3 FY26 results, highlighting a 5% growth in total prescriptions shipped for the quarter, from 25,351 in Q2 FY26 to 26,684 in Q3 FY26. However, the company experienced a temporary decline in average gross-to-net yield, from 24% in Q2 FY26 to 18% in Q3 FY26, due to the impact of the annual deductible reset.

To support its growth, Botanix successfully raised ~$45 million through a capital raising. The company also renegotiated its existing API supply agreement, deferring two payments of ~US$7.5 million over future years, with no purchase required until December 2027. Botanix expects to continue sales momentum for its Sofdra product as the hyperhidrosis market enters summer in the United States.

Nova Eye Medical Reports Quarterly Progress

Rounding out the updates, Nova Eye Medical Limited (ASX:EYE) reported strong quarterly sales growth of 23% to US$5.8 million (A$8.2 million), driven by continued momentum in the US and first sales in China. The company also achieved a material improvement in EBITDA, with a loss of US$75,000 (A$107,000) for the quarter, compared to a loss of US$482,000 (A$773,000) in the prior period.

Nova Eye Medical has updated its FY26 sales guidance (excluding China) to be between US$21 million and US$22 million, and reaffirmed its expectation of breakeven or a small positive EBITDA in the second half of FY26. The company expects continued improvement in operating results, including positive EBITDA for the four months to 31 March 2026 and breakeven to small positive EBITDA in H2FY26.