Canaloplasty is a relatively new non-penetrating surgery that employs a microcatheter for the reduction of intraocular pressure in patients affected by glaucoma. As pressure in the eye increases, the drainage canal becomes blocked, leading to optic nerve damage and blindness. In canaloplasty, the microcatheter is essentially used to clear the fluid from the drainage canal. It is a stent-free, tissue-preserving surgical treatment for glaucoma. The iTrack Advance catheter is an updated version of the iTrack catheter, which has been used in over 120,000 procedures globally. It eliminates the need for forceps, thereby making the catheter accessible to a much larger pool of surgeons that don't have expertise in glaucoma, such as cataract surgeons. "iTrack usage has been primarily by glaucoma specialists. The iTrack Advance will make canaloplasty more accessible to the much broader market of cataract and anterior segment surgeons" - David Lubeck, MD (Chicago, USA). The iTrack Advance catheter is a single-use device that sells for ~USD$1,000 per unit at gross margins of 73%. The company achieved revenue of USD$11.3m in FY2023, up 18% YoY. The glaucoma surgical device market is ~USD$600m per year with a CAGR of 14%. As at 11 December 2023, Nova Eye has a market cap of AUD$24m. Comments are closed.
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