Saluda Medical (SLD) Q1 2027 earnings summary

Executive summary

• Q1 FY27 revenue rose 26% YoY to US$23.1m; US implants reached a record 838, up 55%, and active implanting physicians increased 47% to 374.

• FY27 guidance was reaffirmed as CAP24 moved to full US commercial release after quarter-end.

• Priorities include physician adoption, utilization, product pipeline advancement and improving productivity from the commercial infrastructure already built.

Financial highlights

• Total revenue was US$23.1m, up 26% YoY; US revenue was US$17.4m, up 34%, and international revenue was US$5.8m, up 7%.

• Revenue declined from US$27.0m in Q4 FY26; Q1 reflected seasonal softness and the absence of ~US$0.6m of deferred European revenue recognized in Q4.

• Cash at Q1 end was US$73.6m versus US$116.4m at Q4 end; operating cash use was US$42.7m versus US$28.9m.

Outlook and guidance

• FY27 guidance reaffirmed: revenue growth of 25%–35%, gross margin of 50%–52%, and adjusted EBITDA loss of US$101m–US$95m.

• ~90% of YoY incremental gross profit is expected to translate into adjusted EBITDA improvement; the guided EBITDA loss represents a US$13m–US$19m YoY improvement.

• Commercial additions are expected to slow versus FY26, shifting emphasis to territory productivity, utilization and lower selling costs as a share of territory revenue.

• Under the current operating plan, existing cash resources are expected to provide runway to ~June 2027; additional capital will be required.