PolyNovo shares gain on FY24 sales and revenue surge
Make us a preferred source
Make us a preferred source on Google
The news: Medical devices manufacturer PolyNovo shares advanced on the ASX on the back of indicative full-year trading results, which saw a surge in year-on-year sales and revenue.
The numbers: PolyNovo shares rose 5.4% to $2.54 by 3:10pm AEST, making it one of the best performing stocks across the ASX.
The Melbourne-based company earlier posted total revenue of $104.8 million, up 57.5% compared to last year's total of $66.5 million.
FY24 sales grew 54.5% year on year from $46.1 million to $68.7 million. Rest of world sales were up 73.1% from $13.5 million to $23.3 million, boosted by strong performances in developed markets such as UK and Ireland (UKI), Germany, Australia and New Zealand.
The context: PolyNovo produces products aimed at simplifying management of acute complex wounds. Its product NovoSorb BTM is a wound dressing used for the treatment of full-thickness wounds and burns where the dermal structure has been lost to trauma or damaged requiring surgical removal.
What they said: PolyNovo chair David Williams said: "There are many highlights in the year just past. One is the amount of organic growth. A second is the strength of the UKI market from a slow start in non-burns. A third is the enormous need for our product in conflict zones and developing countries supported by WHO, charities and governments".
PolyNovo CEO Swami Raote said: "Thanks to the efforts of our clinicians and our people, we continue to make significant strides in our mission to redefine healing for our patients. We are proud of reaching a milestone of touching and healing over 50,000 patients across 41 countries in our relatively short commercial history".
The source: ASX announcement
