Nova Eye Medical reported a new monthly sales record. Pic via Getty Images.
Nova Eye Medical hits new US sales record following improved uptake of iTrack Advance products
Health & Biotech
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- Nova Eye Medical reports record US sales of iTrack Advance glaucoma surgical devices for February
- Sales of US$0.99m represent an 11% increase over previous record sales month in October 2023
- Result represents greatest uptake of its device since it was launched in May 2023
Special Report: US sales of Nova Eye Medical’s glaucoma surgical devices are gaining traction with a record US$0.99 million (A$1.52 million) worth of products sold in February, up 11% from the previous record sales month in October 2023.
February’s record sales month also takes US sales revenue for the first two months of 2024 up to US$1.82 million, a 65% increase over the prior comparative period (PCP), while sales for the eight months to the end of February was US$6.88 million, up 64% on sales for the PCP.
Nova Eye Medical (ASX:EYE) attributes this increase to greater uptake of its iTrack Advance products since they were launched in May 2023.
iTrack Advance is a consumable surgical device that restores the eye’s natural outflow pathway to lower pressure inside the eye and reduce patient reliance on anti-glaucoma medications for mild-moderate glaucoma.
The company believes that surgeons who use its devices are more likely to treat glaucoma in its early stages, which is where minimally invasive glaucoma surgery (MIGS) procedures are commonly deployed in clinical practice.
Purchasing patterns normalising
EYE notes that sales in November and December 2023 were hindered by the announcements made by five Medicare Administrative Contractors (MACs) at the beginning of November 2023.
These proposed changes in reimbursement for minimally invasive glaucoma surgical procedures and caused uncertainty amongst its customers.
The MACs subsequently withdrew the proposed changes on 29 December 2023.
EYE noted that sales since then have demonstrated evidence of normalisation of customer purchasing patterns following the uncertainty created by the MAC announcements.
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.
