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Nova Eye Medical Limited (ASX:EYE) Annual General Meeting
24 November 2021
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DISCLAIMER: This presentation has been prepared by Nova Eye Medical Limited (ASX: EYE). While the information in this presentation has been prepared in good faith and with reasonable care, no representation or warranty, express or implied, is made as to the accuracy, adequacy or reliability of any statement, estimates, opinions or other information contained in the presentation. This presentation may contain forward looking statements. These forward -looking statements have been made based upon Nova Eye Medical's expectations and beliefs concerning future developments and their potential effect on Nova Eye Medical (and its controlled entities) and are subject to risks and uncertainty which are, in many instances, beyond Nova Eye Medical's control. No assurance is given that future developments will be in accordance with Nova Eye Medical's expectations. Actual results could differ materially from those expected by Nova Eye Medical. This presentation does not constitute an offe r to sell or a solicitation or an offer to purchase any security or financial product or service. Any such offer or solicitation s hall be made only pursuant to a Product Disclosure Statement, Information Memorandum, Prospectus or other offer document relating to a financial product or service. Past performance is not necessarily indicative of future results and no person guarantees the performance of any financial product or service or the amount or timing of any return from it. There can be no assurance that the financial product or service will achieve any targeted return, that asset allocations will be met or that the financial produ ct or service will be able to implement its investment strategy and investment approach or achieve its investment objective. The information contained in this presentation is not intended to be relied upon as advice to investors or potential investors, w ho should consider seeking independent professional advice depending upon their specific investment objectives, financial situat ion or particular needs.
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ASX:EYE BUSINESS SNAPSHOT
Nova Eye Medical Limited (ASX:EYE) comprises two business units, Glaucoma and AMD/2RT® -
these segments address the leading causes of blindness in the developed world.
only | Nova Eye Medical, Glaucoma | |||
Strategy | Develop, market and sell comprehensive portfolio | |||
of glaucoma consumable surgical devices | ||||
FY22 Objectives | Scale for growth; increase market share | |||
Market | Glaucoma Surgical Devices; fast-growing and competitive | |||
Competitive | Proprietary iTrack™ microcatheter technology and | |||
Advantage | Molteno3® | |||
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Established infrastructure; direct sales in USA, Germany, | ||||
Sal s | ||||
Australia; +20 distributors | ||||
Manufacturing | California, USA and Dunedin, New Zealand | |||
IP Status | >95 patents issued and pending in major markets | |||
Reg latory | Clearance in all key global markets | |||
Reimbursement | Favorable CPT codes with/without cataract surgery (USA) | |||
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AlphaRET, AMD | |
Strategy | Progress 2RT® to market-ready status |
FY22 Objectives | Design multi-centre study; ideally to |
secure FDA clearance for such study | |
Intermediate Age-related Macular | |
Market | Degeneration (iAMD) - market not |
addressed | |
Competitive | Proprietary 2RT® technology - first mover |
Advantage | advantage |
Sales | N/A |
Manufacturing | Adelaide, Australia |
IP Status | >10 patents issued and pending in major |
markets | |
Regulatory | CE Mark (iAMD) in Europe, Australia, NZ |
and USA for diabetic eye disease | |
Reimbursement | Pending |
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GLAUCOMA MARKET STRONG GROWTH THEME
Glaucoma is the leading cause of irreversible blindness and the second leading cause of blindness worldwide. The aging global population is driving glaucoma prevalence and provides a strong platform for business growth.
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134.2 million1
People Worldwide with Glaucoma
US$610m2
CAGR 17%2
Glaucoma Surgical Device market size and growth rate per annum
US$6.1bn1
Total Glaucoma Treatment Market,
including pharma,
market size per annum
- Advancements in diagnostic and imaging technologies permit earlier diagnosis, which in turn drives demand for interventions which permit earlier treatment
- Medications are considered standard of care but are associated with significant drawbacks i.e., low patient compliance, side effects, financial costs
- Glaucoma surgical device solutions, including devices like iTrack™ and Molteno3®, are increasingly recognized as a highly viable alternative - and is currently the fastest growing segment of the ophthalmic market
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1 Market Scope 2021 Glaucoma Surgical Devices Report | 2 Market Scope 2021 Glaucoma Surgical Devices Report based on sum of MIGS, Canal Surgery Devices and Glaucoma Tubes and Shunts Markets | |
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A GLAUCOMA OPERATING RESULT
Material improvement in operating result was underpinned by a 25% increase in global sales compared
to the pcp, including the addition of Molteno3® sales, and a reduction in operating costs.
A$'000s (year ended 30 June) | US$'000s (year ended 30 June)1 | |||||
FY20 | FY21 | Growth | FY20 | FY21 | Growth | |
Sales | 11,572 | 13,088 | 13.1% | 7,753 | 9,684 | 24.9% |
COGS | (4,125) | (4,473) | (2,764) | (3,310) | ||
Gross Margin | 7,447 | 8,615 | 4,989 | 6,375 | ||
64% | 66% | 64% | 66% | |||
Operating Expenditure | (11,501) | (8,514) | -26.0% | (7,706) | (6,300) | -18.2% |
EBITDA (loss) | (4,054) | 101 | (2,716) | 75 | ||
1. AUD/USD 0.74 in FY21 and 0.67 in FY20
Key FY21 glaucoma growth and profitability drivers:
- Improved sales and marketing management in the USA, the major market for the Company's glaucoma surgical devices
- Establishment of a direct sales business in Germany in November 2020
- Integration of the Molteno3® , revenue of Molteno3® $673K (US$492K) since 1 August 2020
- Sales composition using US$: USA 68% (pcp 71%), Germany 13% (pcp 11%), China 7% (pcp 8%), ROW 11% (pcp 9%)
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Nova Eye Medical Ltd. published this content on 24 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 November 2021 02:29:01 UTC.