- PolyNovo (PNV) has seen a revenue jump of nearly 50 per cent to $18 million for the first half of FY22.
- The company’s NovoSorb BTM sales were up 44.6 per cent to $16 million, with US sales of the product up 76 per cent to $3.4 million
- Operating expenses increased 53 per cent to $19.7 million, as PolyNovo continues to invest in growth
- PolyNovo has said that January 2022 just beat the December record of sales with the company recording $3.7 million, up 96 per cent from this time last year
- On the market, PolyNovo is down 3.32 per cent and trading at $1.02 per share
PolyNovo (PNV) has seen record sales in the US and a record second quarter for the first half of FY22.
Over the half-year, the company has seen a revenue jump of 41.9 per cent to $18.15 million, with NovoSorb BTM sales up 44.6 per cent to $16.27 million.
NovoSorb BTM is a dermal scaffold for the regeneration of the dermis when lost through extensive surgery or burn.
Operating expenses increased 53 per cent to $19.7 million, as PolyNovo continues to invest in growth.
Net loss after tax was $2.51 million, a 189.1 per cent drop from last year’s $870,000.
Cash on hand at the end of the period was just over $3 million.
As predicted in January, US sales were just over $8 million, a 105 per cent jump on the same time last year.
During the month of December, there were strong sales for BTM of $3.4 million in the US, up 76 per cent.
Overall, the sales of the first half in the US are up 58 per cent to $14.20 million.
However, PolyNovo has said that January 2022 just beat the December record of sales with the company recording $3.7 million, up 96 per cent from this time last year. Notably, this is not part of the first half results.
PolyNovo was impacted by the long lockdowns during the period with elective surgeries cancelled, but the third quarter saw a strong recovery as lockdowns were lifted and January sales were 6.5 per cent above target.
While over in the United Kingdom and Ireland, first-half sales were $369,000, a 254.6 per cent jump but less than the company’s target.
This was mainly impacted by Omicron, which restricted hospital access and the cancellation of surgeries.
Over the period, the company added two sales reps in London and is currently recruiting for Scotland.
Looking forward, the company is planning to lodge its application for Matrix to the Food and Drug Administration this year.
Matrix is for single-stage grafting in burns, chronic, surgical and deep tunnelling wounds to provide increased treatment options and better outcomes.
On the market, PolyNovo was down 3.32 per cent and trading at $1.02 per share at 11:15 am AEDT.