- Despite COVID-19 limiting access to hospitals and surgeons, PolyNovo (PNV) records increasing revenue momentum in the US and other markets
- The company saw record revenue for its NovoSorb BTM product in the US over the fourth quarter
- Quarterly US BTM revenue hit US$4.9 million (A$6.5 million), a jump from this time last year at US$3.3 million (A$4.4 million)
- Chairman David Williams expects the company to perform strongly in FY22 even without a full worldwide recovery from COVID-19
- On the market, PolyNovo is up 5.46 per cent, trading at $2.51 per share
Despite COVID-19 limiting access to hospitals and surgeons, PolyNovo (PNV) has recorded an increasing revenue momentum in the US and other markets.
The company have recorded record revenue for its NovoSorb BTM (Biodegradable Temporising Matrix) product over the fourth quarter.
Quarterly US BTM revenue hit US$4.9 million (A$6.5 million), a jump from 2020’s same quarter at US$3.3 million (A$4.4 million).
NovoSorb BTM is a dermal scaffold for the regeneration of the dermis when lost through extensive surgery or burn.
Over the period, the company had its record monthly BTM revenue of $3.3 million in June.
PolyNovo US team are reporting that more than 50 per cent of hospitals are more than 50 per cent are now re-engaging for business.
While over in Australia, BTM revenue has grown 25 per cent despite COVID-19 lockdowns.
Managing Director Paul Brennan said FY21 tested the company with rolling pandemic-related impacts.
“We continue to see expansion of sales outside of burns and we have increasing momentum as we head into FY22. I look forward to providing a comprehensive update when we announce our year end result.”
Chairman David Williams is expecting a stronger performance in FY22 even without a full worldwide recovery from COVID-19 given the current momentum within the business.
On the market, PolyNovo was up 5.46 per cent, trading at $2.51 per share at 10:12 am AEST.