PolyNovo (ASX: PNV) shares jump 6% on FY24 trading update

Tue 26 Sep 23, 10:54 AM | Team Kalkine

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.

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