Saluda Medical (SLD) Q4 2026 earnings summary

Executive summary

• FY26 full-year revenue reached $90.2M, up 28% year-over-year, surpassing guidance and driven by accelerating commercial momentum and 43% Q4 revenue growth.

• US revenue grew 45% year-over-year in Q4, supported by a 22% increase in active physicians and 23% growth in physician utilization.

• Expanded physician footprint, increased utilization, and surpassed sales force expansion targets, reaching 161 representatives by June 2026.

• Received FDA approval for the CAP24 paddle lead, expanding the product portfolio and enabling entry into the orthopaedic/neurosurgeon market, which accounts for 30% of the US SCS market.

• Technology supported by robust clinical evidence, including a three-year double-blinded study showing 60% of patients with >80% pain relief and significant opioid reduction.

Financial highlights

• Q4 global revenue reached $27.0M, up 43% year-over-year; US revenue $18.4M (+45%), international $8.5M (+39%).

• FY26 US revenue totaled $63.2M (+27% YoY); international revenue $26.9M (+32% YoY).

• US patients implanted in Q4: 769 (+50% YoY); active implanting physicians in Q4: 311 (+22% YoY).

• Ended Q4 with $116.4M in cash; total available funding of $141.4M after drawing from debt facility.

• FY26 cash used in operations was $118.2M, an improvement over IPO prospectus estimates.

Outlook and guidance

• Expect continued growth as more sales reps become fully trained, moving toward a steady-state model with 75%-85% of reps fully productive.

• CAP24 paddle lead launch to be phased, with gradual revenue contribution building through 2026 and beyond, targeting a $670M segment of the US SCS market.

• FY27 guidance and more detailed P&L expectations to be provided in August.

• Focus remains on disciplined commercial execution, physician engagement, and expanding patient access in FY27.

• Ongoing expansion of US sales force, with 161 total sales representatives at June 30, 2026.