- US sales revenue for Nova Eye Medical (ASX:EYE) surged 65 per cent to US$7.5 million in the six months ending December 31, 2023
- The growth was fuelled by the positive reception of the iTrack™ Advance, despite a temporary setback due to Medicare reimbursement uncertainties
- Proposal withdrawal by Medicare Administrative Contractors paves the way for higher sales growth in the second half of the fiscal year
- Nova Eye Medical anticipates unveiling global sales results for the period ending December 2023 in early February 2024
- EYE last traded at 29.5 cents
Nova Eye Medical (ASX:EYE) has reported a 65 per cent surge in USA sales revenue, reaching US$5.1 million for the six months ending December 31, 2023.
The performance is attributed to the strong adoption of the innovative iTrack™ Advance, which was launched in the US in May 2023.
Despite achieving market penetration since the introduction of iTrack™ Advance, Nova Eye Medical encountered a challenge during November and December 2023.
The proposal by five Medicare Administrative Contractors (MACs) to limit reimbursement coverage for various minimally invasive glaucoma surgery (MIGS) procedures, including canaloplasty, temporarily impacted sales growth.
However, the landscape changed positively with the withdrawal of these proposed reimbursement changes by the MACs on December 29, 2023.
Nova Eye Medical now anticipates a clear runway for higher sales growth in the second half of the 2024 fiscal year, as confirmed by the company.
“The withdrawal of the LCDs on 29 December 2023 and the confirmation of continued reimbursement coverage for the Company’s iTrack™ portfolio provides a clear runway for higher sales growth,” Company Secretary Simon Gray said.
The company remains optimistic about the global sales scenario, with unaudited results for the period ending December 31, 2023, expected to be released during the week commencing February 5, 2024.
Nova Eye Medical last traded at 29.5 cents.