PolyNovo (ASX: PNV) kickstarts FY24 with 92% yoy revenue growth through August 2024

4 min read | November 01, 2023 12:21 AM AEDT | By Team Kalkine Media

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PolyNovo (ASX: PNV) kickstarts FY24 with 92% yoy revenue growth through August 2024 — Image source: Pixabay

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Highlights

The products of PolyNovo comprise NovoSorb Biodegradable Temporizing Matrix (BTM) and NovoSorb technology

In FY23, PNV’s annual revenue zoomed by nearly 56.80%, backed by significant sales growth in the US market

In FY24, recently appointed distributors – France and Spain would experience early sales

PolyNovo Limited (ASX:PNV) is an Australian-based health care equipment and services company primarily involved in the development and commercialization of medical devices by employing its NovoSorb technology.

The company marked a positive start to the financial year 2024 (FY24), as in the first two months of FY24 witnessed 92.7% year-on-year (YoY) growth in revenue to AUD 14.9 million. In the previous year (FY23), revenue surged by around 56.80% YoY, backed by 44.6% YoY growth in sales in the US market.

However, during the reported period, EBIT dropped to a negative AUD 5.10 million because of increased R&D, employee and other expenses. The net loss after tax during the period stood at AUD 4.93 million.

Top 10 shareholders of PNV

The top 10 shareholders of PNV have nearly 15.82% stake in the firm, while the top four have around 8.92% stake. Williams (David John) and The Vanguard Group, Inc. have the highest stake in the firm, with a shareholding of ~3.10% and ~2.44%, respectively.

Recent business update

Through an ASX update dated 2 October 2023, the company informed that its AGM will be conducted on 3 November 2023 in hybrid mode.

Through another update, the company shared that it has received further funds of USD 10 million from the Biomedical Advanced Research and Development Authority for the NovoSorb BTM’s pivotal trial program. With this development, the total funding by this institution has reached USD 25 million.

Outlook

In FY24, the company expects revenue growth in the US, UKI, ANZ, Hong Kong and Indian markets. Moreover, the Germany and Canada - the key distributor markets are also expected to perform well.

The company informed that recently appointed distributors – France and Spain would experience early sales.

Share performance of PNV

PNV shares closed 0.43% up at AUD 1.155 apiece on 31 October 2023. Including today’s gain, PNV’s share price has fallen by 42.25% in last one year and has decreased by 28.48% over the previous six months.

The 52-week high of PNV is AUD 2.71 apiece, recorded on 7 February 2023, while the 52-week low is AUD 1.095 apiece, recorded on 23 October 2023. Today’s closing price is over 57% lower than its 52-week high.

Note 1: Past performance is neither an Indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, and currency, is 31 October 2023. The reference data in this report has been partly sourced from EODHD/Others.

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