PolyNovo (ASX:PNV): FY26 Revenue, NovoSorb Expansion and Manufacturing Progress

Aditi Sarkar

26 October 2026 03:57 PM AEDT

PolyNovo (ASX:PNV): FY26 Revenue, NovoSorb Expansion and Manufacturing Progress

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Highlights

PolyNovo (ASX:PNV) reported FY26 total revenue of AUD 150.0mn, up 16.1% YoY.
Commercial product sales rose 16.7% YoY to AUD 138.4mn, led by the NovoSorb portfolio.
FY26 EBITDA reached AUD 12.1mn, while net profit declined to AUD 7.3mn.
Operating cash flow was AUD 23.1mn, with a new manufacturing facility completed.

PolyNovo Limited develops and commercialises medical devices for burns and complex wounds using its NovoSorb technology platform. On 26 October 2026, PolyNovo (ASX:PNV) was quoted at AUD 0.845, down 3.98% for the session. Its FY26 financial statements show increased commercial sales and operating cash generation alongside progress on manufacturing capacity, clinical evidence and international market registrations.

Company Business

PolyNovo (ASX:PNV) is headquartered in Melbourne and supplies wound-treatment products through direct commercial teams and distribution partners in international markets. Its principal products are NovoSorb Biodegradable Temporising Matrix (BTM), used in managing burns and other complex wounds, and NovoSorb MTX, an additional wound-management product derived from the same technology platform.

The company operates across the Americas, Europe, the Middle East, Africa and Asia-Pacific. Commercial activity includes hospital-account development, clinical education, regulatory registrations and the expansion of product indications. Manufacturing is centred in Port Melbourne. Adoption outside large burns has become an important area of commercial activity, alongside established burn-care applications.

Recent Development

In August 2026, PolyNovo (ASX:PNV) released its FY26 results and outlined priorities for FY27. The company completed construction of a new manufacturing facility and continued validation work before its planned transition to expanded production. It also reported progress in clinical evidence for NovoSorb BTM, including milestones associated with a US pivotal trial supported by the Biomedical Advanced Research and Development Authority.

Management identified a proposed US premarket approval submission for NovoSorb BTM in full-thickness burns as a regulatory priority. The business also continued its commercial rollout of NovoSorb MTX and outlined further work on US outpatient reimbursement arrangements. The company has described expanding registrations in additional European and other international markets, while pursuing market-access processes in further jurisdictions.

The September 2026 annual report also set out an expanded product-development and portfolio-prioritisation framework. These initiatives involve additional regulatory work, manufacturing validation and commercial implementation; their timing depends on review outcomes and operational execution.

Financial Performance and Sector Context

PolyNovo (ASX:PNV) reported FY26 total revenue of AUD 150.0mn, compared with AUD 129.2mn in FY25, an increase of 16.1% YoY. Commercial sales rose to AUD 138.4mn from AUD 118.6mn, equivalent to growth of 16.7% YoY, or 21.3% in constant currency. Sales in the Americas were AUD 104.1mn, EMEA recorded AUD 20.6mn and Asia-Pacific contributed AUD 13.7mn.

NovoSorb BTM generated AUD 125.8mn in commercial sales and NovoSorb MTX generated AUD 12.6mn, compared with AUD 6.7mn for MTX in FY25. The company reported FY26 EBITDA of AUD 12.1mn, compared with AUD 11.2mn a year earlier. Net profit after tax declined to AUD 7.3mn from AUD 13.2mn, reflecting differences in tax treatment and other significant items.

Operating cash flow increased to AUD 23.1mn from AUD 3.1mn, while reported free cash flow was AUD 9.4mn. Cash and cash equivalents totalled AUD 35.4mn at year-end. Gross margin declined to 89.0% from 95.6%, affected by movements in finished-goods and work-in-progress inventories. For the medical-device sector, clinical evidence, reimbursement arrangements and regulatory approvals influence product access and hospital purchasing decisions.

Risks to Consider

PolyNovo (ASX:PNV) faces execution risks in validating and transitioning to expanded manufacturing capacity, achieving product registrations and implementing commercial plans. US reimbursement changes may influence adoption in outpatient settings. Revenue growth also depends on clinician acceptance, hospital procurement processes, distributor performance and geographic execution. Foreign-exchange movements affect reported international sales, while changes in inventory levels can influence gross margins.

What to Watch Next

For PolyNovo (ASX:PNV), the next monitoring points include progress on its US premarket approval submission, developments in outpatient reimbursement, the rollout of NovoSorb MTX and validation of its expanded manufacturing facility. Subsequent reporting will show whether commercial growth is accompanied by changes in operating expenditure, inventory management and cash generation. The company has also scheduled its annual general meeting for late October 2026.

Key Insights

PolyNovo reported higher FY26 revenue, commercial sales and operating cash flow, while statutory net profit declined from FY25. The business is expanding wound-care applications and commercial reach while preparing additional manufacturing capacity. Regulatory processes, US reimbursement settings and the financial performance of its product portfolio remain central factors for future reporting.

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