PolyNovo (ASX:PNV) Posts Record $150m FY26 Revenue

Aditi Sarkar

29 July 2026 11:27 PM AEST

PolyNovo (ASX:PNV) Posts Record $150m FY26 Revenue

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Key Highlights

PolyNovo (ASX: PNV) has reported record unaudited FY26 revenue and its first positive free cash flow, but with audited profit still pending and a new leadership team, questions over durability remain.
PolyNovo Limited (ASX: PNV) is back in focus after the Melbourne-based medical-technology group lodged an unaudited full-year trading update on 23 July 2026, unveiling record group revenue and its first full year of positive free cash flow.
The disclosure, which precedes audited figures due on 26 August 2026, has renewed debate over whether the burns-and-wounds specialist can sustain the growth that has defined it.
For the year ended 30 June 2026, PolyNovo reported group revenue of $150.0 million, up 16.1% on the prior year, or 20.3% in constant-currency terms.

PolyNovo (ASX: PNV) has reported record unaudited FY26 revenue and its first positive free cash flow, but with audited profit still pending and a new leadership team, questions over durability remain.

Company Overview

PolyNovo commercialises NovoSorb, a proprietary biodegradable polymer platform used to regenerate skin and soft tissue. Its flagship product, NovoSorb BTM (Biodegradable Temporising Matrix), is a synthetic dermal scaffold used in severe burns, complex trauma and reconstructive surgery, offering an alternative to biological grafts. A companion product, NovoSorb MTX, addresses a broader range of wounds, while an outpatient-focused line, NovoSorb SynPath, is being readied for launch.

Recent Developments

PolyNovo Limited (ASX: PNV) is back in focus after the Melbourne-based medical-technology group lodged an unaudited full-year trading update on 23 July 2026, unveiling record group revenue and its first full year of positive free cash flow. The disclosure, which precedes audited figures due on 26 August 2026, has renewed debate over whether the burns-and-wounds specialist can sustain the growth that has defined it.

Financial and Operational Snapshot

Perhaps the most closely watched shift was in cash generation. PolyNovo reported operating cash flow of $24.0 million, up from $3.1 million a year earlier, though that figure included a $3.5 million insurance recovery relating to an earlier fire at an R&D facility. Free cash flow swung to a positive $10.4 million from an outflow of $10.1 million in FY25. Cash and equivalents finished the year at $35.4 million, up…

What May Be Watched Next

Several forward-looking items, which by their nature carry execution risk, could shape FY27. PolyNovo said construction of its new manufacturing facility is complete, with validation underway and roughly $1.5 million of machinery spend expected in the first half of FY27; the plant is intended to materially expand capacity. The commercial launch of SynPath into the outpatient segment, an enlarged US sales team now exceeding 100 frontline staff, and a pipeline…

Key Risks

The story is not without caveats. Currency movements have already dented reported growth and half-year profit, and a firm Australian dollar could continue to mask underlying momentum. The near-total erosion of half-year NPAT shows how manufacturing decisions and investment can compress the bottom line even as sales rise. PolyNovo remains heavily reliant on the US market and a small number of products, and regulatory timelines for new indications can slip.…

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