Key Highlights

  • PolyNovo Limited (ASX:PNV) recorded FY26 NovoSorb commercial sales of AUD 138.4 million, up 16.7% year on year.
  • U.S. commercial sales increased 15.6% to AUD 102.1 million, while other markets generated AUD 36.3 million.
  • Revenue from markets outside the United States rose 20.0% compared with FY25.
  • Operating cash flow increased to AUD 23.1 million from AUD 3.1 million in FY25.
  • The company held AUD 35.4 million in cash at June-end and completed construction of a new Manufacturing facility.

PolyNovo Limited (ASX:PNV) develops and markets NovoSorb synthetic wound-care products used in burns and reconstructive procedures. In its 26 August 2026 FY26 results presentation, PNV reported higher international commercial sales, stronger Operating Cash Flow and progress on manufacturing capacity. New product uptake and wider applications were central themes, although regulatory steps and clinical adoption still influence the timing of future commercial expansion.

NovoSorb Sales Across Global Markets

FY26 commercial NovoSorb sales reached AUD 138.4 million, up from AUD 118.6 million in FY25, representing 16.7% growth. The company reported 21.3% growth on a constant-currency basis, indicating that foreign exchange movements reduced the growth rate expressed in Australian dollars. The comparison is for commercial sales rather than every item in the statutory income statement.

Sales in the United States rose 15.6% to AUD 102.1 million from AUD 88.4 million. Sales in the rest of the world grew 20.0% to AUD 36.3 million from AUD 30.3 million. The geographic split highlights contributions from both the largest market and the wider international network, although region-specific reimbursement and adoption patterns differ.

Product Expansion Beyond Traditional Burns

The presentation described momentum in products used for more complex wound applications. NovoSorb MTX commercial sales grew strongly in FY26, and the company reported 252 new hospital accounts. This activity expands the number of clinical settings where the technology may be evaluated and used, beyond the established large-burns market.

PNV also described regulatory clearance for NovoSorb BTM in eight additional markets and the finalisation of a U.S. pivotal clinical study report. These milestones represent access and evidence-generation progress. They do not establish automatic sales growth, and the adoption of newer indications will depend on clinician use, purchasing decisions and local regulatory requirements.

Cash Flow and Earnings Measures

The company reported FY26 EBITDA of AUD 12.1 million compared with AUD 11.2 million in FY25, an increase of 8.1%. The presentation identified these as non-IFRS measures and described a separate underlying EBITDA comparison. Operating cash flow increased to AUD 23.1 million from AUD 3.1 million, indicating a marked improvement during the year.

Cash and cash equivalents reached AUD 35.4 million at 30 June 2026, compared with AUD 33.5 million a year earlier. The reported positive operating cash movement provides context for funding ongoing activities. It should not be interpreted as equivalent to statutory net profit or as a guarantee of future free cash generation.

Manufacturing Capacity and FY27 Priorities

PNV completed construction of a new manufacturing Facility during FY26. The company associated the Investment with capacity to serve potential Demand growth. Commissioning, production transfer and utilisation are separate steps from physical completion of the facility, and their financial effects will depend on operating execution.

Management also highlighted product development and clinical evidence activities intended to support broader applications. Future results will depend on commercial sales trends, cost management and the conversion of newly available manufacturing capacity into reliable output. The introduction of additional products can increase the breadth of offerings but may involve Marketing and regulatory expenditure before meaningful Revenue develops.

Key Insights

PNV reported higher FY26 NovoSorb commercial sales across the United States and other regions, together with a substantial improvement in operating cash flow. The company also advanced clinical and regulatory initiatives and completed a new manufacturing facility.