Nova Eye Medical announced reported group sales of $23.3 million for FY24, marking a 35% increase compared to the previous year.
Sales in the USA surged 71%, reaching US$11.4 million ($17.3 million).
Nova Eye Medical also reported a group EBITDA loss of $5.7 million for FY24, a 33% enhancement over the previous year's figures.
The glaucoma segment demonstrated strong progress, trending towards profitability with a $3.3 million improvement in FY23.
"The upward trend in our operating results, driven by higher gross margins and effective marketing investments, demonstrates our steady progress towards profitability," said Tom Spurling, managing director of Nova Eye Medical.
The company's iTrack Advance device, designed for minimally invasive glaucoma surgery, continues to exhibit promising growth in the global market.
This aligns with the increasing demand for surgical alternatives to traditional glaucoma medication, driven by drawbacks associated with prolonged medication use.
The company also reported robust sales for its flagship product, iTrack Advance, in the US, with July sales exceeding those of the same month in 2023.
The success is anticipated to continue into FY25, bolstered by proposed changes in Medicare reimbursement rates for canaloplasty surgeries in the US.
Effective January 2025, the Centre for Medicare and Medicaid Services plans to increase the facility reimbursement rate for canaloplasty surgeries by 30% to $2,653 per procedure.
Looking ahead, Nova Eye Medical anticipates continued growth, bolstered by recent expansions in the sales team and potential US reimbursement changes favouring their canaloplasty device.
The developments, coupled with existing strong market demand, position the company for a robust FY25.
At the time of reporting, Nova Eye Medical's share price was $0.225.