PolyNovo Limited (ASX:PNV) Reports Record Half-Year Financial Results
Financial Performance
PolyNovo Limited reported record half-year sales of A$54.1 million, a 28.1% increase compared to A$42.2 million in the same period last year. Total revenue, including BARDA, reached A$59.9 million, up 22.8% from A$48.8 million. Net profit after tax increased by 23.9% to A$3.3 million from A$2.7 million in the previous year. U.S. sales achieved a record A$41.2 million, growing 27.9%, while Rest of World sales rose by 28.6% to A$12.9 million.
Operational Achievements
The Company experienced strong growth in NovoSorb MTX sales following its successful U.S. launch in Q4 2024, generating A$2.1 million in the first half of FY25. PolyNovo progressed its product pipeline for NovoSorb BTM and MTX, introducing additional sizes and thicknesses. Prototypes for hernia repair and plastic and reconstructive mesh products entered the pre-clinical stage. The pivotal trial enrolment target of 120 patients supported by BARDA was met for the full thickness burns indication in the U.S., initiating discussions with the FDA for a paediatric third-degree burn indication. Multiple clinical advisory councils were held to enhance innovation and product development. Construction began on a new manufacturing facility in Port Melbourne, scheduled to be operational by December 2025, and the design of a new Innovation Centre in Port Melbourne was finalised, expected to be operational in June 2025.
Executive Comments
Chairman David Williams stated, “While 28% growth in sales is to be applauded, we can see that the equity market wants more; and we want more. It is intended that this will be captured from the base we have built by taking market share, introducing new products, and opening new markets.”
CEO Swami Raote commented, “We continue to redefine healing in the world of acute complex wounds. I could not be more pleased with our results and global patient impact. Our Surgeons continue to support us in innovating, educating, building our new products pipeline and expanding our usage. We are balancing our efforts in US and Rest of World – in US, we will continue to take share away from established incumbents, while forging into new areas of treatment. In ROW we are now driving procedure and market development efforts. NovoSorb as a platform has a generational opportunity to transform and improve access and outcomes for Plastic and Reconstructive Surgery spectrum, over time providing easy access to solutions for Trauma and General Surgeons in regional centres. With our Surgeons, we are focused on building products and procedures which help provide meaningfully differentiated patient outcomes.”
Motley Fool contributor Matt Burgess has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended PolyNovo. The Motley Fool Australia has recommended PolyNovo. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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