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Highlights

  • Bell Potter Securities (Institutional) issued a BUY rating with a price target of AUD 2.00, representing a potential upside of 66.7% from current levels.

  • Macquarie Research maintained an OUTPERFORM rating with a price target of AUD 2.45, reflecting a potential upside of 104.2%.

  • Polynovo reported FY25 sales of AUD 118.6 million, up 28.9% year-on-year, supported by U.S. sales and international expansion.

Polynovo Limited (ASX:PNV), an Australian-based medical device company specialising in its patented NovoSorb® technology, has attracted favourable analyst attention following its FY25 results. Both Bell Potter Securities and Macquarie Research have reaffirmed positive views on the company.

Analyst Ratings

Bell Potter Securities, represented by analyst John Hester, reaffirmed a BUY recommendation with a price target of AUD 2.00. 

Macquarie Research analyst Rachael Harwood issued an OUTPERFORM rating, assigning a higher price target of AUD 2.45, equating to a 104.2% premium to Polynovo’s last traded price of AUD 1.265 on 26 August 2025.

Financial and Operational Results

For FY25, Polynovo reported group sales of AUD 118.6 million, a 28.9% increase compared to AUD 92.0 million in the prior year. U.S. sales grew 28.7% to AUD 88.4 million, while sales from the Rest of World segment rose 29.6% to AUD 30.3 million, supported by demand in new and existing markets.

The company recorded a Net Profit After Tax (NPAT) of AUD 13.2 million, more than doubling from AUD 5.3 million in FY24. Cash and cash equivalents stood at AUD 33.5 million as of 30 June 2025, while cash flow from operations improved significantly, with a full-year inflow of AUD 3.1 million.

NovoSorb® MTX sales contributed significantly following its U.S. launch in Q4 2024, with AUD 6.7 million in sales recorded during FY25. International expansion also gained traction, with first sales and repeat orders reported in markets including the Czech Republic, Portugal, Malaysia, and Peru.

Outlook

Looking ahead, Polynovo aims to increase its presence in key global markets with new regulatory approvals obtained in the U.S., Australia, Canada, and India for different product thicknesses of NovoSorb® MTX and BTM. Further growth is expected as adoption expands into trauma, plastic, reconstructive, and limb salvage procedures, complementing its established role in burn treatment.

Asia remains a focus, with distribution agreements progressing in Japan and partnerships being explored in mainland China.