Highlights

  • PolyNovo reported unaudited FY26 group Revenue of $150.0 million, up 16.1% year-on-year.
  • Commercial sales increased to $138.4 million, with U.S. sales reaching $102.1 million.
  • The company generated positive free Cash Flow of $10.4 million during FY26.
  • NovoSorb MTX revenue increased 89.6% during the year as PolyNovo expanded its product portfolio.

PolyNovo (ASX:PNV) has closed FY26 with group revenue of $150.0 million and a return to positive free cash flow, supported by continued expansion of its NovoSorb wound-care product range and record U.S. sales.

The trading update released on 23 July 2026 ahead of audited FY26 results showed commercial sales growth of 16.7% during the year, with the United States remaining the company's largest market.

The result represents an operational milestone for PolyNovo (ASX:PNV), which has focused on converting commercial growth into sustainable cash generation while expanding its wound-care product portfolio.

What Was Announced?

PolyNovo reported unaudited FY26 group revenue of $150.0 million, representing growth of 16.1% year-on-year and 20.3% growth on a constant currency basis.

Commercial sales, excluding grants and other income, reached $138.4 million, up 16.7% year-on-year or 21.3% on a constant currency basis.

The United States contributed $102.1 million in commercial sales, increasing 15.6% year-on-year and 21.1% on a constant currency basis. Rest-of-world sales increased 20.0% to $36.3 million.

NovoSorb BTM (Biodegradable Temporising Matrix), the company's key product used in burns and complex wound trauma, generated $125.8 million in revenue, up 12.3%.

NovoSorb MTX, a dermal matrix product, recorded revenue of $12.6 million, increasing 89.6% during the year.

PolyNovo reported Operating Cash Flow of $24.0 million, including $3.5 million in insurance progress payments related to a November 2025 Research and Development Facility fire.

Free cash flow was positive at $10.4 million, compared with negative free cash flow in the prior year. Cash reserves stood at $35.4 million.

Why This Matters

For PolyNovo (ASX:PNV), reaching $150 million in annual revenue and generating positive free cash flow provides visibility into the company's ability to fund expansion through operating activities.

The U.S. market remains the largest contributor to sales, with record monthly sales reported during June 2026.

Growth in NovoSorb MTX also indicates increasing contribution from products outside the company's original burns and trauma focus, supporting broader application development.

However, the FY26 trading update is unaudited, and full financial results will provide additional detail on profitability, margins and underlying performance.

Company Background

PolyNovo (ASX:PNV) is an Australian medical technology company focused on complex wound management through its proprietary NovoSorb biodegradable polymer technology.

Its flagship product, NovoSorb BTM, is used in burns and severe soft-tissue wound applications as a temporary synthetic scaffold that supports tissue regeneration before being absorbed by the body.

The company is expanding its product portfolio through NovoSorb MTX and continues to invest in Manufacturing capacity, new indications and geographic expansion.

The United States remains PolyNovo's largest commercial market.

Financial Position

PolyNovo reported cash reserves of $35.4 million at the end of FY26.

Operating cash flow was $24.0 million, including $3.5 million of insurance progress payments related to the November 2025 R&D facility fire.

Free cash flow was positive at $10.4 million, reversing the negative free cash flow position recorded in FY25.

The company expects further insurance recovery related to the facility fire during the first half of FY27 and has approximately $1.5 million of remaining Capital Expenditure required to complete validation of its new manufacturing facility.

Audited FY26 results, including net profit and Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA), are expected on 26 August 2026.

What Comes Next?

The next major milestone for PolyNovo (ASX:PNV) is the release of audited FY26 results on 26 August 2026, which will provide further detail on profitability, margins and segment performance.

Investors will also monitor validation progress at the new manufacturing facility, commercial rollout plans for NovoSorb SynPath in outpatient wound indications and continued expansion of the U.S. sales organisation.

Further insurance recovery from the 2025 facility fire and ongoing performance of NovoSorb MTX will also remain key areas of focus.

Risks

PolyNovo (ASX:PNV) remains exposed to execution risks around manufacturing capacity expansion, product adoption and healthcare market conditions. The FY26 trading update is unaudited, and final results may include adjustments to reported figures. The company has significant exposure to the U.S. market, creating sensitivity to reimbursement conditions, currency movements and competitive dynamics. Delays in manufacturing facility validation or insurance recovery could also affect future operations and reported cash flows.

Investor Takeaway

PolyNovo has reported FY26 revenue of $150.0 million and positive free cash flow of $10.4 million, supported by continued U.S. sales growth and increased contribution from NovoSorb products.

The result indicates progress toward funding expansion through operating cash generation, although the audited FY26 results will provide a clearer view of profitability and margins.

For PolyNovo (ASX:PNV), upcoming focus areas include manufacturing capacity validation, U.S. commercial growth, NovoSorb MTX adoption and further product expansion.