Highlights

  • PolyNovo’s NovoSorb sales rose 28.9% YoY in FY25, supported by increased U.S. and international demand.
  • Net profit after tax increased 151.2% in FY25.
  • The company expects continued cash flow growth in FY26, backed by expanding surgeon adoption and new product milestones.

PolyNovo Limited (ASX:PNV), a global medical device company focused on advanced wound-care solutions, delivered a year of notable financial growth for the full year ended 30 June 2025 (FY25). The company develops and manufactures the NovoSorb® range of dermal regeneration products, used across burns, trauma, reconstructive surgery, and broader soft-tissue repair. Its development pipeline includes applications in breast reconstruction, hernia repair, and orthopaedics.

Revenue Growth Accelerates Across Key Markets

In FY25, NovoSorb U.S. sales reached AUD 88.4 million, rising 28.7% from AUD 68.7 million in FY24. The company also recorded 35.7% YoY growth in customer receipts, which increased to AUD 117.0 million.

Rest of World sales expanded 29.6% YoY in FY25, supported by growth across key markets. NovoSorb MTX contributed AUD 6.7 million during the financial year following its successful U.S. launch, adding a new stream of recurring product demand.

Net profit after tax improved sharply to AUD 13.2 million in FY25, up from AUD 5.3 million in the prior year, an increase of 151.2% YoY. The company attributed the uplift to higher global demand, increased procedure adoption, and enhanced operational efficiencies.

Operational Expansion and Financial Improvements

The company recorded two areas of financial pressure: an EBITDA margin of 6.7%, below the industry median of 25.8%, and a lower current ratio of 2.77x, compared with 3.41x in FY24.

Clinical Progress and FY26 Outlook

PolyNovo enters FY26 with a focus on advancing its clinical and product pipeline while expanding surgeon adoption, driving demand for NovoSorb BTM across burn and wound indications and boosting uptake for NovoSorb MTX.

Key milestones for FY26 include the planned U.S. launch of the NovoSorb MTX 6 mm product and continued progress on the BARDA pivotal trial leading to a PMA submission. The company is also sharpening its reimbursement strategy, strengthening clinical evidence, and pursuing geographic expansion aligned with its value proposition.

Share Performance of PNV

PNV shares closed at AUD 1.195 per share on 03 December 2025, marking a 1.27% gain. Over the past year, the stock has declined 46.89%. It is down 13.72% over the three-month period and has fallen 5.53% in the past month. PNV also recorded declines of 1.24% over the past week and 9.13% across six months

The 52-week high for PNV is AUD 2.360, reached on 23 January 2025, while the 52-week low is AUD 0.930, recorded on 7 April 2025.

Support and Resistance Summary

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

Note 2: The reference date for all price data, and currency, is 03 December 2025. The reference data in this report has been partly sourced from EODHD/Others.

Technical Indicators Defined:

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.