Probably just anticipation around clearance for iTrack Advance. The recent presentation made it very clear that the delays were due to a few admin things the company needed to send to the FDA which has likely significantly bumped up investor confidence that iTrack Advance will be cleared without any issues. The presentation also made it clear that the FDA will likely respond before the end of this month. Given the predecessor's (iTrack) long track record in the USA and abroad, I think it is almost guaranteed at this point the EYE will get clearance this week (next week at the latest).
I'm pretty sure anyone who has done any research on EYE knows how significant the updated version of iTrack is for the company. It will most likely make this device the superior option for canaloplasty, and given the rapid growth and popularity of canaloplasty (within the similarly fast-growing MIGS space) the revenue potential here could be incredible. We should really be seeing the first sign of significant adoption by doctors as early as the full year results for FY23 given it is not a new device and already has a well established brand name and a long track record of delivering high safety and efficacy, which will significantly reduce any hesitation doctors might have about using it. The capital raise was frustrating, but it was also necessary and I think investors are realising this. Our competitors are spending huge amounts of $$$ on marketing so if we are to get ahead of them we will need to hit the market with a strong marketing campaign. The existing reputation iTrack has as a highly safe and effective device helps a lot and will mean that the company doesn't have to spend as much on marketing (great for shareholders) but some marketing spend will still be necessary to show off the new superior features of iTrack Advance.
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