- Medical device company PolyNovo (PNV) achieves a record unaudited revenue total of $12.26 million for the March 2022 quarter, up 59.3 per cent on the corresponding period last year
- PolyNovo, which sells its products into the US, Australia, New Zealand, UK, Ireland and Europe markets, specialises in developing synthetic dermal substitutes using its patented bioabsorbable polymer technology NovoSorb
- The company says it realised significant revenue growth from the US, where sales for the latest reported quarter reached $9.5 million, 79.4 per cent higher than the same time last year
- Its US year-to-date (YTD) sales have risen to $23.7 million, an increase of almost 66 per cent and lifting group YTD revenue to $30.4 million
- PNV shares up 4.63 per cent to $1.13
Medical device company PolyNovo (PNV) has posted a record unaudited revenue total of $12.26 million for the March 2022 quarter, up 59.3 per cent on the corresponding period last year.
PolyNovo, which sells its products into the US, Australia, New Zealand, UK, Ireland and Europe markets, specialises in developing synthetic dermal substitutes using its patented bioabsorbable polymer technology NovoSorb.
The company said it achieved significant revenue growth from the US, where sales for the latest reported quarter came in at $9.5 million, 79.4 per cent higher than the same time last year.
Its US year-to-date (YTD) sales have risen to $23.7 million, an increase of almost 66 per cent and lifting group YTD revenue to $30.4 million.
PolyNovo said access to hospitals and face-to-face conferences in Australia and NZ were starting to return to normal after being thwarted during the height of the pandemic.
The company’s cash on hand as of March 31 stood at $3.8 million, an increase of $517,000 from the end of December 2021.
PolyNovo said clinical trials remained on track including recruiting patients for its pivotal burn trial and enrolling patients for the diabetic foot ulcers (DFU) trial.
PNV shares were up 4.63 per cent to $1.13 at 1:37 pm AEST.