Highlights

  • PNV shares rose 2.489% to AUD 1.235 during morning trading on 19 January.
  • Total group revenue including BARDA reached AUD 70.4m, up 17.6% year-on-year.
  • Cash flow from operations was AUD 9.5m for 1H FY26, compared with an outflow in the prior period.

PolyNovo Limited (ASX:PNV) was in focus during morning trade on 19 January, with its share price rising after the company released unaudited trading results for the first half of FY26. The update outlined revenue growth across major regions, improved operating cash flow, and progress on regulatory and manufacturing milestones.

Half-Year Revenue Performance

PolyNovo reported group sales of AUD 68.2m for 1H FY26, representing a 26.0% increase compared with AUD 54.1m in the same period last year. When including BARDA revenue, total group revenue rose to AUD 70.4m, up from AUD 59.9m previously.

The United States remained the company’s largest market, with sales increasing 25.3% year-on-year to AUD 51.7m. Sales across the Rest of World segment reached AUD 16.5m, a rise of 28.3%, supported by higher demand in Australia, Canada, Germany, Ireland, and Turkey.

Product Mix and Market Expansion

Sales of NovoSorb® BTM continued to represent the largest portion of commercial revenue, increasing to AUD 62.0m in 1H FY26. Meanwhile, NovoSorb® MTX recorded sales of AUD 6.2m, up from AUD 2.1m in the prior corresponding period.

BARDA revenue declined to AUD 2.0m, down from AUD 5.4m, following the completion of the pivotal trial for full-thickness burns, as previously anticipated by the company.

Cash Position and Manufacturing Update

As at 31 December 2025, PolyNovo held AUD 29.3m in cash and cash equivalents. Operating cash flow for the half-year was AUD 9.5m, compared with an operating cash outflow of AUD 12.5m in 1H FY25, supported by customer collections.

Construction of PolyNovo’s new manufacturing facility has been completed, with AUD 2.2m in remaining capital expenditure expected to be paid during the second half of FY26. The company also has access to an AUD 7.5m equipment finance facility, with AUD 2.6m drawn.

Regulatory and Clinical Progress

PolyNovo confirmed that preparation of its U.S. pre-market approval submission for an on-label indication for full-thickness burns remains on schedule. The company has also submitted a clinical evidence package to the Centers for Medicare and Medicaid Services (CMS) to support Medicare coverage for NovoSorb® BTM and is preparing an additional request related to NovoSorb® MTX.

The company stated that increased demand across parts of Europe following recent events has been met without disruption to product availability.

Share Price Movement

Following the trading update, PolyNovo shares climbed 2.489% to AUD 1.235 during morning trading on 19 January, as investors reviewed the half-year revenue and cash flow figures.