SALUDA MEDICAL INC (SLD)
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26/10/2026

1

Speculative Buy

$1.61

600.00%

Saluda Medical has initiated a recall of some Evoke Closed Loop Stimulators in the US amid an unintended stimulation or charging failure as 26 complaints were recorded across 3,900 potentially affected implants.

The cause has been traced to a manufacturing process by a third party which has subsequently been corrected. No serious impairment was reported. Costs are expected to be contained within FY27 guidance.

Morgans makes no changes to forecasts and retains a Speculative Buy rating while lowering its target to $1.61 from $2.17 on an increased risk profile.

FORECAST
Morgans forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -90.32 cents.
Morgans forecasts a full year FY28 dividend of 0.00 cents and EPS of minus -34.00 cents.

07/09/2026

1

Buy

$2.02

778.26%

Canaccord Genuity maintains a Buy rating for Saluda Medical with its target price increased to $2.02 from $2.00 following an FY26 earnings call highlighting improving sales productivity across key commercial territories.

Company guidance for FY27 projects revenue growth of 25% to 35% to between US$113m and US$122m, alongside an adjusted EBITDA loss of -US$95m to -US$101m.

The analyst notes operating expenditure guidance surprised positively due to the annualisation of prior cost adjustments and moderating overheads.

Canaccord Genuity expects gross margins to expand over the forecast period following the anticipated FY27 approval of a smaller next-generation implantable pulse generator and redesigned percutaneous leads.

With US$116m in cash and US$25m in undrawn facilities at the end of FY26, Canaccord Genuity views the business as well funded to improve salesforce productivity across its 180 viable market territories.