PolyNovo shares rally on expected full-year earnings jump
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The news: Medical device manufacturer PolyNovo was the best ASX 200 performer in morning trade after saying it expects full-year earnings to be more than three times better than last year's result.
The numbers: PolyNovo shares were up 8.2% to $1.33 at 11:30am AEST, having retreated by nearly 50% over the last 12 months.
The context: The company, which produces products that help manage acute complex wounds, said it anticipates FY25 earnings before interest, taxes, depreciation and amortisation to be between $11.2 million and $12.4 million, compared to $3.6 million last year.
According to unaudited figures released after market close on Tuesday, PolyNovo's group sales climbed 28.9% year on year to $118.6 million.
Increased sales revenue was supported by the launch of tissue regeneration product NovoSorb MTX in the US as well as the first sales of NovoSorb BTM in Malaysia, Czechia, Malta, Portugal and Peru.
The source: ASX
