PolyNovo posts 26% rise in first-half sales amid 'significant' US policy changes
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The news: Medical devices group PolyNovo has seen a 26% jump in first-half sales, according to unaudited trading results released this morning.
The numbers: First-half group sales were up 26% year on year to $68.2 million. US sales grew 25.3% to $51.7 million, with rest of world sales up 28.3% to $16.5 million.
PolyNovo's new NovoSorb MTX tissue regeneration technology hit sales of $6.2 million, up 195.2% compared to the prior corresponding period.
What they said: "The US skin substitute market in the outpatient and non-facility settings is undergoing significant transformation due to recent [Centers for Medicare & Medicaid Services] policy changes, and PolyNovo is supportive of efforts to deliver efficient and effective outcomes for patients," said new CEO Bruce Peaty.
"While the changes are not expected to impact our existing hospital inpatient business, the outpatient setting presents a new space for PolyNovo and our US team is actively reviewing our go-to-market approach in response."
The source: ASX
