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Highlights:
- PolyNovo witnessed its first-ever AU$5.4 million sales month (September 2022).
- As per the company’s FY2022 results, PolyNovo has increased its revenue by 42.8% compared to last year.
The innovative medical device company, PolyNovo Limited, announced today (6 October 2022) on ASX that the business has recorded its first-ever AU$5 million sales month along with first quarter sales of AU$5 million.
The shares of the company, reacting positively to the update, PolyNovo shares closed 23.208% strong at AU$1.805 per share today.
According to the company’s announcement, PolyNovo witnessed record (unaudited) quarter revenues of AU$12.5 million during the month of September 2022, which was 73.3% higher than STLY of AU$7.2 million. This data is backed by results of AU$5.4 million in the same month. Apart from this, sales in the U.S. reached a quarter high of AU$10.4 million, up 71.3% from STLY (in US$7.3 million, up 61.3% from STLY), while sales in the ROW increased by 84.0% at AU$2.1 million.
What is boosting PolyNovo sales?
PolyNovo Limited primarily deals in its three main products:
- NovoSorb® BTM
- NovoSorb® MTX
- NovoSorb SynPathTM
Recently, on 19 September 2022, PolyNovo announced that the company has received a go-ahead from FDA (FDA 510(k)) for its flagship product named NovoSorb® MTX. NovoSorb® MTX is a soft tissue regeneration product that aids in the treatment of complex wounds.
Utilising the NovoSorb® platform technology from PolyNovo, NovoSorb® MTX has been demonstrated to facilitate the quick in-growth and deposition of healthy vascularised tissue. Over 65 detailed, peer-reviewed, and published studies establish the clinical efficacy of the novel NovoSorb® technology in the therapy of complex wounds, which is covered by more than 40 patents. The company claims that the addressable market for PolyNovo in the US is increased by an estimated AU$500 million, thanks to the MTX product portfolio.
A glance at PolyNovo’s FY2022 financial results
As per the company’s FY2022 financial report, PolyNovo has managed to take its revenue to AU$41.9 million, 42.8% higher than the previous year. Total BTM product sales have also increased by 47.6% when compared to last year. Apart from this, the company has AU$6.1 cash in hand as of 22 August 2022.
About PolyNovo Limited
PolyNovo is an Australia-based medical device firm that creates, develops, and produces skin regeneration treatments using its state-of-the-art products (NovoSorb® BTM, NovoSorb® MTX, and NovoSorb SynPathTM). Applications like orthopaedic, hernia, breast sling, etc. are all covered by the company’s development programme.
