PolyNovo updates investors with significant revenue growth

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Australian medical device company PolyNovo (ASX:PNV) has announced that it more than doubled its revenue in August compared to the same month last year.

The company reported $7.7 million in revenue in August, up 118.7 per cent compared to the same months last year. The company said it has generated revenue of $14.9 million for the year-to-date, up 92.7 per cent on last year.

The US was the company's main source of revenue.

The company's lead product, NovoSorb BTM, is a dermal scaffold for the regeneration of the dermis when lost through extensive surgery, trauma or burn.

PolyNovo Chairman David Williams said, “The increase in sales, albeit lumpy and off a low base, is at once breathtaking but at the same time more of the same of what we have seen in the last three years. Looking forward the future is bright. The 150+% increase in the UK and other significant geographic growth, hides the new hospitals and new staff that commenced recently and are yet to show their full potential.”

CEO Swami Raote said, “We are pleased with our results and especially grateful to our rapidly expanding clinician base. Our Surgeons are expressing their satisfaction with patient outcomes, by adopting BTM and actively championing its use across different specialties and driving momentum for our trials. We are humbled to be able to provide better outcomes for patients, while being cost-effective for health systems.”

Mr Williams added, “In a high growth company like PolyNovo, we want shareholders to see the extraordinary growth that we as a board are seeing and not have to wait for the usual reporting cycle. This growth is price sensitive and shareholders should see it more regularly than every six months.”