Saluda Medical (SLD) Q3 2026 earnings summary

Executive summary

• Achieved 34% year-over-year global revenue growth in Q3, reaching $23.8 million, with U.S. revenue up 35% and international revenue up 31%, reflecting strong commercial momentum.

• U.S. patient implants increased 55% year-over-year, supported by expanded sales force, physician adoption, and share gains in high-volume ambulatory surgery centers.

• Commercial operations, including recruitment, training, and sales process scaling, are tracking to internal plans, with continued investment in sales force training, physician education, and product development.

• Raised FY 2026 revenue guidance to $87 million, reflecting 24% growth over FY 2025 and up from $85 million previously.

• International revenue growth supported by EVA platform launch, increased patient volumes in Europe and Australia, and a change in revenue recognition.

Financial highlights

• Q3 global revenue: $23.8 million, up 34% year-over-year; U.S. revenue: $16.4 million, up 35%; international revenue: $7.4 million, up 31%.

• Year-to-date revenue through Q3: $63.2 million, up 22.8% year-over-year.

• Ended Q3 with $121 million in cash, down from $151.4 million at Q2 end.

• Cash used in operations in Q3 was $29.1 million; year-to-date: $89.3 million.

• Total available funding at Q3 end: $171.0 million (cash plus undrawn facilities).

Outlook and guidance

• FY 2026 revenue guidance increased to $87 million, up from $85 million and above IPO forecast, representing 24% year-over-year growth.

• Gross margin for FY 2026 is tracking ahead of the 45.9% target, with expectations to reach mid-50s next year and mid-60s by 2028.

• Management expects improvement on FY26 full-year cash used in operations estimate of $123.9 million.

• U.S. sales force expected to average 89 fully trained representatives in FY26, with total reps exceeding 154 by year-end.

• Continued momentum expected in Q4, with commercial and operational plans on track.