PolyNovo Limited (ASX: PNV) is a developer of medical devices, headquartered in Melbourne. The company designs, progresses and produces dermal regeneration solutions, with the help of its patented NovoSorb biodegradable polymer technology. One such solution is the NovoSorb BTM. PNV’s development program revolves around hernia, breast sling and orthopaedic applications.
PNV’s present aim is to develop and commercialise innovative medical tools with the aid of its NovoSorb® technology to cure surgical injuries, burns and Negative Pressure Wound Therapy.
Its current product in limelight, is Biodegradable Temporising Matrix, which is a wound dressing meant to cure full-thickness injuries, along with burns in areas of lost dermal structure as a result of trauma, or damaged in need of surgical removal, and requires a split-thickness skin implantation for final closure.
The company’s Burns 2 Trial and the BTM in Burns Feasibility Trial are still undergoing.
The company had stated that it did not wish to issue its quarterly financial statements. However, on 31 May 2019, PNV announced to its stake holders that it had experienced its second million-dollar month. The revenue generated out of the BTM sales for the month of May exceeded $1M. In May 2018, this figure was $192,410. It is greater than the April 2019 revenue, as well.
The company had achieved its first million-dollar month in April 2019, when it crossed $1m with an increase of greater than 300% when compared to the previous corresponding period revenue which amounted to $321,363.
Last year, at the company’s AGM conducted in November 2018, the Chairman had notified PNV’s shareholders that at the then company cost base, a million-dollar revenue per month was an estimated indicator PNV was at or close to break-even.
Commenting on the same, CEO, Mr Paul Brennan stated that the May 2019 figures were not inclusive of India, Israel and South Africa contributions. The result showcased the company’s continuity to pace up its sales revenue. The size mix and order volumes express a wide clinical application in surgical wounds and trauma.
On 6th May 2019, the company notified that it had appointed Mr Ashok Srinivasan as its Chief Operating Officer. His responsibilities include manufacturing, engineering, supply chain and facilities.
Apart from this, PNV attained access to the US Department of Defence contracts through a Defence Acquisition and Program Administration and Veteran’s Affairs contract. This paved a path for PNV to buy NovoSorb BTM to treat the serving military, veteran’s along with their families.
NovoSorb BTM market entries (Source: Company’s report)
About the product, the company mentioned that NovoSorb is a novel range of bio-resorbable polymers. It can be produced in various formats like fibre, coating, film and foam. Its exclusive properties give great biocompatibility and programmable bio-resorption profile along with control over physical properties.
Share Price Information:
As on 4 June 2019, the stock last traded at A$1.285, up by 3.213% compared to its previous close on ASX. With a market cap at A$823.05 million, the stock has delivered both the YTD and 6-month return of 107.50%.
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