Australian wound-care company, PolyNovo, has unveiled remarkable financial results for the month of August, showcasing robust growth that has more than doubled compared to the corresponding period last year. The firm’s total sales for August 2023 amounted to 7.7 million Australian dollars (US$5.0 million), representing a significant upswing from the A$3.5 million recorded in August 2022.
Since the commencement of the fiscal year on July 1, 2023, the company has demonstrated impressive financial performance, with a striking 93% surge in revenue, totaling A$14.9 million. Most notably, PolyNovo’s U.S. sales for the initial two months of fiscal 2024 have experienced an 85% year-on-year increase, reaching A$10.6 million.
In response to this financial update, PolyNovo’s shares witnessed a substantial surge. Following the lifting of a trading halt, which had been requested by the company in advance of the announcement, shares skyrocketed by as much as 12%. As of the most recent data available, they were trading at A$1.315, marking a notable 7.8% increase.
PolyNovo is renowned for its flagship product, the Biodegradable Temporizing Matrix (BTM), a synthetic polymer designed to secure wounds and facilitate the body’s natural tissue generation process. Surgeons have expressed high levels of satisfaction with patient outcomes using BTM and have been advocating for its adoption across a wide range of medical specialties.
PolyNovo’s CEO, Swami Raote, disclosed these financial achievements in a market filing, refraining from further commentary.
