PolyNovo shares rise on revenue and sales jump
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The news: PolyNovo has posted a bump in revenue and sales for the first half of FY25 and said it is in the process to submit a premarket approval to the US Food and Drug Administration (FDA).
The numbers: The company’s unaudited first half trading result saw total group revenue increase 22.8% to $59.9 million compared to the year prior. This figure included funding from the Biomedical Advanced Research and Development Authority.
Its US sales increased 27.9% to $41.2 million while its rest of world sales were up 28.6% to $12.9 million, with strong performances from the UK/Ireland, Spain, Germany, Turkey, and Hong Kong.
PolyNovo’s shares had risen 1.62% to $2.20 by late trading and over the past 12 months they have surged 42.53%.
The context: The company has also received confirmation from the FDA that it had sufficient data to submit an application for premarket approval (PMA). The PMA is a review by the regulator to evaluate the safety and effectiveness of medical devices that support or sustain human life.
PolyNovo produces products that help manage acute complex wounds. Its product NovoSorbBTM is a dressing used for wounds and burns where the dermal structure has been lost.
What they said: PolyNovo chief executive Swami Raote said: “As we expand NovoSorb platform and leadership beyond difficult burns to a vast plastic and reconstructive surgery space, we are healing patients and impacting positive outcomes more than twice as fast as revenue growth”.
The source: ASX announcement
