SALUDA MEDICAL INC (SLD)
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30/07/2026

1

Speculative Buy

$1.60

168.91%

Saluda Medical announced its 4Q update with revenue up 43% y/y and 13% on the prior quarter, which beat Bell Potter's expectations by 9% and came in above guidance.

US boosted growth as well as international markets, with FY26 revenue rising 28%. The analyst notes, positively, the increase in the US team is gathering momentum.

The quarter was viewed as strong with operating cash flow around $29m and largely stable on the last two quarters.

Speculative Buy unchanged with a lower target of $1.60 from $2.00.

FORECAST
Bell Potter forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -0.58 cents.
Bell Potter forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -0.44 cents.

04/08/2026

1

Initiation of coverage with Buy

$2.00

236.13%

Canaccord Genuity maintains a Buy rating for Saluda Medical with a 2.00 target price following a fourth-quarter FY26 update delivering stronger than expected revenue.

Fourth-quarter revenue expanded 43% year-on-year to US$27.0m, lifting full-year FY26 revenue 28% to US$90.2m to exceed broker expectations.

A 22% increase in active US implanting physicians alongside a 23% rise in average utilisation drove a 50% uplift in implanted recipients during the quarter.

US sales headcount reached 161 total reps at year end, maintaining momentum toward target steady-state sales representative productivity of US$1.6m annually.

Finished cash reserves of US$116.4m combined with US$25m in undrawn debt facilities fully support ongoing commercial rollout, while the analyst sees potential upside to the FY27 revenue forecast of US$119.6m ahead of formal management guidance.