SALUDA MEDICAL INC (SLD)
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26/10/2026

1

Speculative Buy

$1.61

615.56%

Saluda Medical has initiated a recall of some Evoke Closed Loop Stimulators in the US amid an unintended stimulation or charging failure as 26 complaints were recorded across 3,900 potentially affected implants.

The cause has been traced to a manufacturing process by a third party which has subsequently been corrected. No serious impairment was reported. Costs are expected to be contained within FY27 guidance.

Morgans makes no changes to forecasts and retains a Speculative Buy rating while lowering its target to $1.61 from $2.17 on an increased risk profile.

FORECAST
Morgans forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -90.32 cents.
Morgans forecasts a full year FY28 dividend of 0.00 cents and EPS of minus -34.00 cents.

09/11/2026

1

Buy

$1.23

446.67%

Canaccord Genuity maintains a Buy rating for Saluda Medical with its target price decreased to $1.23 from $2.02 following a mixed first-quarter result.

The analyst observes global revenue increased 26% year-on-year to US$23.1m, falling 10% short of expectations due to customer inventory timing and greater exposure to higher-volume accounts with volume-based pricing.

Despite the revenue miss, underlying adoption remained strong as US patient implants grew 55% year-on-year to 838, well ahead of the broker's 752 estimate, supported by a 47% increase in active implanting physicians.

The company reaffirmed FY27 guidance of 25% to 35% revenue growth alongside a 50% to 52% gross margin, prompting Canaccord to reduce FY27 revenue estimates to US$117m and revise adjusted EBITDA loss forecasts to US$102m.

Canaccord notes the target price reduction reflects a lower prevailing trading range and the near-term funding overhang, as existing liquidity of US$73.6m is expected to provide cash runway only until June 2027.