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Nova Eye Medical Ltd ASX:EYE

1 opened or increased0 held0 reduced or exitedlatest position by manager, past 12 months90 days: 1 increased, 0 reduced. 1 managers in total.

Position history by manager 1 managersSelect a point to see the comment

Opened or increasedHeldReduced or exited Start or end of the position not reported

31 Jan 2026 to today

Commentary Showing 2 of 4

DateManagerActionSummary

31 Jul 2026Merewether CapitalIncreasedMerewether Capital increased its position in Nova Eye Medical because the company reported a strong fourth quarter and guided to continued momentum into the new financial year. Revenue of $35 million rose 26%, marking a fourth consecutive year of more than 25% growth, and the top end of FY27 guidance implies that compound growth rate continues. Merewether believes the high gross margins of its core iTrack Advance product support management's target of positive earnings, and sees a large growth runway in the key US market.

Medical DevicesMonthly Report, price recorded $0.13

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31 May 2026Merewether CapitalHeldMerewether Capital continues to hold Nova Eye Medical because the company upgraded FY26 revenue guidance from $21–22 million to $22–23 million following a record sales month in April, with trailing twelve-month revenue growth of 28% driven by the core US market. The fund manager notes the company still needs to carefully manage its balance sheet and working capital as it scales towards profitability, but views the sustained US sales momentum positively.

Medical DevicesMonthly Report, price recorded $0.12

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Price at first mentionThe share price recorded when each of 1 managers first commented on EYE.

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About Nova Eye Medical Ltd

Healthcare, Healthcare Equipment and Supplies

Nova Eye Medical (ASX:EYE), a glaucoma device company, is gaining momentum according to Merewether Capital. In July 2026, Merewether reported Nova Eye delivered a strong fourth quarter and guided to continued operating momentum into the new year. In May, Merewether noted Nova Eye upgraded FY26 revenue guidance from $21 million to $22 million to $22 million to $23 million after a record sales month in April. Merewether added a small position in January after a positive trading update, acknowledging the company's rocky listed history. Nova Eye Medical operates in the Healthcare sector within the Healthcare Equipment and Supplies industry, and Thesis Tracker has captured 3 comments from 1 fund manager, Merewether Capital. Formerly Ellex Medical Lasers and headquartered in Adelaide, Nova Eye develops ophthalmic treatment technologies, led by iTrack, a minimally invasive glaucoma surgery device sold mainly in the US, and the 2RT retinal laser.

Market cap: $39m
Price to earnings: Loss-making
Return on equity: -26.1%
Dividend yield: 0.0%
Price to book: 2.79x
Net margin: -12.4%
52-week range: $0.10 to $0.21

Company figures as of 15 Oct 2026. For information only.

Questions

Who is investing in Nova Eye Medical Ltd (ASX:EYE)?

Fund managers including Merewether Capital have invested in Nova Eye Medical Ltd (ASX:EYE).

What opportunities or catalysts do fund managers highlight for Nova Eye Medical Ltd?

Merewether highlights record sales, upgraded revenue guidance and continued momentum in Nova Eye's iTrack glaucoma device in the US.

What are the key risks to the Nova Eye Medical Ltd investment thesis, according to fund managers?

Merewether acknowledges Nova Eye's rocky history as a listed company, so it holds only a small position while the turnaround is proven.

What does Nova Eye Medical Ltd (ASX:EYE) do?

Nova Eye Medical Ltd. develops ophthalmic treatment technologies across three segments: Faster Growing (iTrack), Emerging (2RT), and Core Ophthalmic Mark (Lasers and Ultrasounds). The iTrack segment offers a catheter device that dilates ocular structures affected by glaucoma. The 2RT segment includes a patent-protected technology with a recurring per-use fee model. The Lasers and Ultrasounds segment covers Ellex brand lasers, including Ellex Tango and Ellex Tango Reflex glaucoma lasers. Founded in 1985 by Giuseppe Canala and Victor Previn, the company is headquartered in Kent Town, Australia.

General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.

11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.

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