PolyNovo shares soar after posting strong FY25 profit
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More news: Shares in PolyNovo lifted in afternoon trade after the tissue regeneration technology company posted full-year net profit that was twice as high as the market consensus estimate.
At 2:52pm AEST, shares in Polynovo had lifted 7.7% to $1.18, outpacing the wider health care sector which was up by about 0.2%.
PolyNovo's full-year profit more than doubles to $13.2m
The news: Medical device manufacturer PolyNovo announced a full-year net profit of $13.2 million, which was 151.2% higher than the $5.3 million profit in FY24, as the company posted strong sales growth.
The numbers: The market consensus estimate of full-year profit was $5.7 million, according to Visible Alpha. US sales lifted 28.7% year on year to $88.4 million with rest of world sales lifted 29.6% to $30.3 million. Global commercial sales overall were up 28.9% to $92 million.
The company posted full-year EBITDA of $11.2 million, 209.3% higher than the $3.6 million delivered in FY24.
The full-year EBITDA figure is ahead of the market consensus estimate of $11.1 million. PolyNovo flagged at the end of July that it expected EBITDA to be in the range of $11.2 million and $12.4 million.
No dividend was declared.
The context: PolyNovo hit record monthly commercial sales in November ($10.1 million), March ($11.9 million) and in June ($12.8 million).
In Q4 of 2024, PolyNovo successfully launched its NovoSorb MTX tissue regeneration technology in the US and achieved the first sales and recurring orders of NovoSorb BTM in the Czech Republic, Macau, Malta, Malaysia, Portugal and Peru.
What they said: "FY25 has been a successful year with significant growth in all major indicators: patients treated, units sold, revnue, profit and regulatory approvals," acting CEO Robyn Elliot said.
The source: ASX
