SALUDA MEDICAL INC (SLD)
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31/08/2026

1

Speculative Buy

$1.60

272.09%

Saluda Medical's FY26 revenue rose 28% y/y, with growth accelerating to 38% in 2H26, while gross margin improved 230bps to 48.9% and was slightly ahead of Bell Potter's forecast.

Adj EBITDA loss of -US$113.7m was worse than the broker's forecast due to higher operating expenses, but better than the -US$114.7m Prospectus guidance. Management beat the key revenue, EBITDA loss and cash flow metrics set at the IPO.

FY27 guidance points to revenue growth of 25%-35%, a gross margin of 50%-52% and an adj EBITDA loss of -US$95m-US$101m, with revenue growth expected to outpace operating expense growth, the analyst details.

FY27 and FY28 EBITDA forecasts are cut by -11% and -16%, respectively, largely reflecting a later assumed rollout of the paddle lead and lower near-term gross margins. Speculative Buy and $1.60 target unchanged.

FORECAST
Bell Potter forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -0.58 cents.
Bell Potter forecasts a full year FY28 dividend of 0.00 cents and EPS of minus -0.20 cents.

07/09/2026

1

Buy

$2.02

369.77%

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.