Orthocell (ASX:OCC) delivered strong fiscal year 2026 revenue growth while continuing to expand the US commercial rollout of Remplir, with improving hospital access and surgeon adoption supporting its long-term growth outlook, Euroz Hartleys said in a Tuesday note.

The company reported June-quarter revenue of AU$3.8 million, up 20% from the previous quarter, bringing fiscal year 2026 revenue to AU$13.2 million, a 44% increase from the prior year and broadly in line with the research firm's expectations.

Euroz Hartleys said its investment thesis continues to depend on the US commercial rollout of Remplir, with quarterly US sales increasing 10% as 119 units were sold during the period.

The research firm noted that the company strengthened its US rollout, expanding to 18 distributors across 20-plus states while Value Analysis Committee approvals rose 38% to 44, giving Remplir access to 151 hospitals, with 64 applications still under review.

The research firm highlighted stronger Remplir adoption, with hospital uptake rising 27% quarter-on-quarter to 70 and surgeon adoption increasing 55% to 76, while targeting 100 to 150 hospitals and 150 to 200 surgeons across more than 30 US states in fiscal 2027.

It added that international Remplir revenue exceeded 9% of quarterly sales, supported by new distributors in Canada and Thailand, with UK and European approvals expected by year's end, ahead of launches in the first half of 2027.

Euroz Hartleys maintained its speculative buy recommendation on Orthocell while raising its price target to AU$1.10 per share from AU$1.09.