Nova Eye Medical reported a 65% increase in USA sales revenue, reaching US$5.1 million for the six months ended Dec. 31, 2023.
The growth was primarily driven by the adoption of the company's new iTrack Advance, which was launched in the US in May 2023.
However, the growth was somewhat stymied by the proposal by five Medicare Administrative Contractors to limit or deny reimbursement coverage for specific minimally invasive glaucoma surgery procedures.
This proposal was later withdrawn in December 2023, paving the way for potentially stronger growth in the second half of 2024.