PolyNovo Limited (ASX: PNV) came forward today and provided a press release which covers the data related to the sales figure. The robust momentum in the sales was encountered, and the management also reflected favorable views regarding this. The company published the sales of NovoSorb BTM. As per the information in the press release, the sales figure of NovoSorb BTM in the FY 2018 amounted to $1.74 million. The strong momentum was witnessed in the sales of NovoSorb BTM in the approximately previous five months as well as in the number of accounts. The sales, as of November 27, 2018, amounted to $2.82 million. Even though the sales for the month of November witnessed a hit, the management of the company stated that purchase orders are anticipated to be witnessed moving forward.
The press release which was released also stated that the sales with respect to New Zealand as well as Australia might witness a favorable momentum moving forward as the TGA approval was obtained in the month of August. Even though the markets in regard to Israel, South Africa as well as Saudi Arabia are not much bigger, the management expects that they would also be contributing to the sales number of FY 2019. The chief executive officer or CEO named Paul Brennan has also commented about the sales of NovoSorb BTM and stated that the NovoSorb BTM sales have been witnessing the favorable momentum and the feedback was also positive. According to the CEO, the company is having products which is unique as it manages to the shortfalls of its competitors’ products. The Occupational Therapists, Nurses, Physiotherapists as well as Surgeons have also been satisfied. Thus, the sales for FY 2019 are expected to impress the market participants.
The Chairman named David Williams also reflected the positive views for FY 2019 and stated that, in FY 2019, the US business is expected to be profitable. Notably, the NovoSorb BTM can be sold in the New Zealand, Australia, United States, Israel, South Africa, India as well as Saudi Arabia. Earlier, PolyNovo has made an announcement, through the press release, that it has got the regulatory approval with respect to NovoSorb BTM sales in India. In the same release, it was mentioned that a distribution agreement has also been signed with Myovatec Surgical Systems Pvt Ltd. The CEO also reflected positive news regarding this and stated that the substantial opportunities would now be tapped in the upcoming years in the Indian market. Not so long ago, PolyNovo has also made an announcement regarding the resignation of its CS or Company Secretary.
At the time of writing the piece, the stock price of PolyNovo is trading at A$0.575 per share which implies that the stock has witnessed the rise of A$0.025 per share or 4.545%. The market capitalization of PolyNovo Limited stood at $362.5 million. Additionally, the stock price of PolyNovo Limited is trading towards the higher range. In the past one month, the company delivered the return of -3.51%.
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