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Polynovo Ltd (ASX: PNV) has seen its share price climb 5% into the green on Tuesday following the release of its unaudited FY24 trading results. These results indicate robust performance across the board for the medical device company, driving investor optimism and contributing to a nearly 50% increase in its share price year-to-date.
Total revenue for FY24 reached AU$104.8 million, marking a substantial 57.5% increase from $66.5 million in the previous year. This growth includes revenues from the U.S. Biomedical Advanced Research Development Authority (BARDA). Specifically, FY24 sales totalled AU$92.0 million, up 54.5% from AU$59.6 million in FY23, showcasing strong demand and market acceptance of Polynovo's products.
In the U.S. market, sales surged by 49% year-over-year to AU$68.7 million, continuing a trend of robust growth since May. Similarly, international sales outside the U.S., categorized as Rest of World (ROW), reached AU$23.3 million, reflecting a notable 73.1% increase from the previous year, driven by strong performances in the UK, Germany, and Australia.
Polynovo specialises in wound healing solutions with its innovative NovoSorb technology, known for its versatility and biodegradability. The technology finds applications in various medical procedures including surgery, trauma, and burns, positioning Polynovo as a leader in the skin regeneration sector.
FY24 was marked not only by financial milestones but also by significant operational achievements. Polynovo treated over 50,000 patients across 41 countries, underscoring the global impact of its products and the growing adoption of its technology worldwide.
Chairman David Williams expressed satisfaction with the results, highlighting the company's organic growth and the strong market reception in the UK and other regions. CEO Swami Raote emphasized the company's mission to redefine healing, noting the contributions of clinicians and staff in expanding NovoSorb's applications across different clinical needs.
Looking ahead, Polynovo aims to sustain its growth momentum by further expanding the adoption of NovoSorb technology across various clinical indications. The company plans to target both developed markets and emerging regions, leveraging its strong market position and product portfolio.
Investors can anticipate more insights and details when Polynovo releases its audited FY24 results on August 23, 2024. The company's proactive approach to enhancing global healthcare solutions positions it well for continued growth and market leadership in the medical device industry.
In summary, Polynovo's strong FY24 performance, highlighted by robust revenue growth and strategic milestones, reinforces investor confidence and underscores its potential to deliver long-term value. With a clear strategy for expansion and innovation, Polynovo remains poised to capitalize on opportunities in the evolving healthcare landscape, driving further shareholder value and market recognition.
