SomnoMed (ASX:SOM) said Co-Chief Executive Amrita Blickstead stepped down, effective Monday, leaving former Co-CEO Karen Borg to assume the role of sole CEO and lead the company's global operations, according to a same-day Australian bourse filing after market hours.

The company has also promoted Chief Transformation Officer Greg Knight to the role of chief operating officer, per the filing.

The company reported preliminary unaudited fiscal 2026 revenue of AU$114 million to AU$115 million, falling short of its AU$119 million to AU$126 million guidance range, while earnings before interest, taxes, depreciation, and amortization (EBITDA) is expected to land near the midpoint of its guided AU$10 million to AU$12 million range.

The revenue shortfall was driven by weaker market conditions in Europe, changes in reimbursement policies and patient referral pathways, as well as the strengthening of the Australian dollar, the filing said.

The company has also initiated a controlled market rollout of its new Virtus oral appliance, designed for obstructive sleep apnea patients who also experience sleep bruxism.

The company expects high single-digit revenue growth in fiscal 2027 while maintaining EBITDA margins at levels consistent with fiscal 2026, the filing added.