- PolyNovo (ASX:PNV) achieves $8 million in monthly sales for November, as well as a record revenue of $9 million
- Growth was seen in the US, with sales reaching 74 per cent higher than in the previous year, followed by the UK, Australia, New Zealand and the Middle East
- Overall, total group revenue is up 110 per cent YoY due to more hospital use, an increase in patients and a higher adoption from surgeons
- Novosorb is a regenerative skin product created from PNV’s patented NovoSorb biodegradable polymer technology
- PNV shares were up 13 per cent, trading at $1.52 at market close
Disruptive medical device company PolyNovo (ASX:PNV) has announced record monthly sales of $8.8 million for November 2023.
Not only that, sales of its NovoSorb MTX and BTM skin products for November led to the company achieving a record revenue of $9 million.
PolyNovo has designed and manufactured the dermal regeneration solution using its patented NovoSorb biodegradable polymer technology for burns patients and those needing extensive wound care.
“Sales are lumpy and will remain so as we expand our geographic footprint and surgeons explore different uses for NovoSorb MTX and BTM,” PNV Chair David Williams said.
“Nevertheless, the direction of sales is clear, and lumpiness is our friend because it reflects growth from $3.3m in June ’21 to $8.8m in November ’23,” PNV Chairman David Williams said.
“I expect more lumpiness from our entry into India, Finland, Hong Kong, Turkey, and Canada.”
The company further stated the growth in sales was a reflection of increased hospital growth, increased surgeon use, and an increase in the number of patients being treated.
Sales in the US contributed significantly, with monthly sales of $6.1 million, up 74 per cent compared to the same time last year. The rest of the world sales raked in $2.7 million, up 290 per cent year-on-year (YoY).
Overall, total group revenue was up 110 per cent YoY.
PNV shares were up 13 per cent, trading at $1.52 at market close.