Advance US sales of Nova’s iTrack glaucoma surgery device hits US$2.2m

Nova Eye Medical launched its iTrack Advance glaucoma surgical canaloplasty device in the US in May and has already hit sales for the three months to 31 July of US$2.2m.

That’s up 32% on the previous corresponding period – and the company expects solid sales growth to accelerate with a targeted program of new customer account acquisition to commence in late 2023.

“The staged approach to our launch efforts for the iTrack Advance in the USA is providing promising early signs of the growth we expect to be able to achieve,” Nova Eye Medical (ASX:EYE) MD Tom Spurling said.

“We will continue to reactivate inactive customer accounts before turning our focus to win new customer accounts in the remainder of the calendar year.”

In parallel, the company has also expanded its Californian based production facility in Fremont during the period to materially increase production capacity to “meet this expected significant lift in sales demand,” Spurling added.

Fastest growing market in ophthalmology

The device was launched at the American Society of Cataract and Refractive Surgery (ASCRS) congress in May, “which was a major milestone for our business and provided significant sales momentum during the months of June and July,” Spurling said.

“Glaucoma consumable surgical devices represent the fastest growing market in ophthalmology, of which the USA represents the world’s largest market.

“Our best-in-class iTrack Advance device has been received well by USA surgeons and we expect a continuation of the solid sales growth we have so far achieved.”

The company has appointed additional sales personnel to enhance the reach and depth of its sales and clinical efforts across key territories in the USA – and expects to release its audited results for the financial year 2023 in the week beginning 25 August 2023.

This article was developed in collaboration with Nova Eye Medical, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.