- PolyNovo (PNV) has tabled a strong start for US sales at the beginning of Q2 FY22 with sales of US$3.42 million (A$4.79 million)
- This is up 133 per cent on the prior corresponding period (pcp) of US$1.44 million (A$2.01 million)
- Sales in Ireland, the UK and Europe underperformed and initiatives are now being undertaken to improve sales
- However, sales in Australia and New Zealand remain strong despite a large reduction in burn cases compared to the pcp
- Shares in PolyNovo are up 11.4 per cent on the market and are trading at $1.52
PolyNovo (PNV) has tabled a strong start for US sales at the beginning of Q2 FY22 with sales of US$3.42 million (A$4.79 million).
This is up 133 per cent on the prior corresponding period (pcp) of US$1.44 million (A$2.01 million).
November sales were particularly strong and totalled US$1.95 million (A$2.73 million), almost equalling the record month set in July of US$1.97 million (A$2.76 million).
PolyNovo produces NovoSorb BTM which is a synthetic wound dressing that is used to treat severe wounds and burns where the patient has suffered a significant loss of flesh.
PolyNovo has added a further 11 US accounts since September 30, bringing the total to 146.
The company is also monitoring the possible impact of the Omicron variant in the United States, specifically in being able to access hospitals and healthcare professionals.
To date, there has been no impact and PolyNovo believes it is well positioned to respond.
UK, Ireland and Europe
Unfortunately, sales in the UK, Ireland and Europe underperformed and didn’t meet PolyNovo’s expectation.
A number of initiatives are now being undertaken to improve the effectiveness of its in-market programs.
Two new sales staff have already been appointed in London.
Australia and New Zealand
Sales in Australia and New Zealand remain strong despite a large reduction in burn cases compared to the pcp.
Australia remains an important market to explore the opportunities for PolyNovo’s technology with inpatients and outpatients.
Staff appointments
A search is still underway for a new CEO with PolyNovo confident it will secure a strong candidate in Q1 2022.
PolyNovo has also expanded its US sales team and is in the final stages of recruiting an additional four sales representatives.
Further, Dan King has been appointed as US Vice President of Marketing and will begin on December 20.
Shares in PolyNovo were up 11.4 per cent on the market and were trading at $1.52 at 12:14 pm AEDT.