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Highlights
- PNV today shared a sales update for the month of May 2023.
- The company recorded its first ever AU$ 7 million sales month in May
- Despite today's gains, PNV shares are down nearly 20% on a year-to-date basis
Shares of medical device manufacturer Polynovo Ltd (ASX: PNV) charged higher on Wednesday (7 June 2023) after they returned from a trading halt. As of 10:45 am AEST, PNV shares traded 16.84% higher at AU$ 1.70 per share after making an intraday high of AU$ 1.707.
The trigger behind today's movement in PNV shares is a sales update released by the company today morning. As per the release, the company recorded its first ever AU$ 7 million sales month in the month of May 2023.
Of this AU$ 7 million revenue, AU$ 5.2 million came from the United States. Compared to the previous year, May sales in the U.S. were 97% higher.
Meanwhile, sales from the rest of the world stood at AU$ 1.9 million in May, an increase of 189% over the prior corresponding period.
The company said its total revenue for the 11 months through 31 May 2023, including BARDA was AU$ 59.1 million, up 54.5% year-over-year.
Commenting on the company's performance in May 2023, Chairman David Williams said:
PNV Share Price Performance
PNV Daily Price Chart; Source: EODHD/Others
Despite today's gains, PNV shares are down nearly 20% on a year-to-date basis and in the last six months, they are down around 14%. The stock hit its 52-week high of AU$ 2.710 on 7 Feb 2023, while its 52-week low of AU$ 1.11 was registered on 7 June 2022.
