Image source: © Pattiachann | Megapixl.com

Highlights

  • In August 2023, the company registered 119% YoY growth in total revenue to AUD 7.7 million.
  • Total revenue increased by nearly 56% YoY in FY23.
  • Williams (David John) has the highest stake in PNV, with a shareholding of around 3.10%.

PolyNovo Limited (ASX: PNV) is a medical device company which is engaged in manufacturing dermal regeneration solutions by employing its patented NovoSorb technology. The medical devices being developed by PNV are expected to bring clinical advances to several surgical applications, such as breast reconstruction and hernia repair.

Shares of the ASX-listed health care equipment and service company surged by almost 6% today (26 September 2022), after the company shared that it has witnessed a positive start in FY24. Total revenue (including BARDA and sales) in August increased by 118.7% over the previous corresponding period (pcp) to AUD 7.7 million. In the first two months of FY24, the US sales surged by 85.3% on pcp to AUD 10.6 million and the rest of the world’s sales appreciated by 78% on pcp to AUD 2.4 million.  

August standalone sales grew by 110.8% on pcp, while the US sales grew by 119.2% on pcp in August. August year-to-date BARDA revenue zoomed by 146.9% on pcp to AUD 1.6 million.

Commenting on FY24 sales till date, Swami Raote, CEO of PNV, said:,

FY23 results highlights

The company reported a 56.80% YoY increase in revenue to AUD 65.7 million in FY23, backed by sales growth of 44.6% YoY in the US to AUD 46.1 million. During the stated period, the company registered a net loss of AUD 4.90 million, compared to a net loss of AUD 1.20 million in FY22.

Top 10 Shareholders

The top 10 shareholders of PNV have nearly 15.61% shareholding in the company, while the top four have an 8.85% stake in the firm. Williams (David John) and The Vanguard Group, Inc. have the highest stake in the firm, with a shareholding of ~3.10% and ~2.44%, respectively.

Outlook

The company expects its revenue to grow in direct markets, especially in Hong Kong, India, ANZ, UKI and the US. The key distributor markets of PNV, Germany and Canada are forecasted to perform well, and new distributors in Spain and France will experience early sales.

Share performance of PNV

PNV shares closed 5.95% up at AUD 1.335 apiece on 26 September 2023. Including today’s gain, PNV’s share price has dropped by 4.3% in the last 12 months and fell by 25.63% in the last six months.

The 52-week high of PNV is AUD 2.71 apiece, recorded on 7 February 2023, while the 52-week low is AUD 1.17 apiece, recorded on 22 September 2023. Noteworthy here is that today’s closing price is almost 50% lower than its 52-week high.

Note 1: Past performance is neither an Indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, currency, is 26 September 2023. The reference data in this report has been partly sourced from REFINITIV.