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Highlights:

  • Polynovo reports 28.9% revenue growth to AUD 118.6 million in FY25
  • Polynovo expects FY25 EBITDA between AUD 11.2 million and AUD 12.4 million
  • The company ends FY25 with AUD 33.5 million in cash, up from AUD 22 million in March

Shares in Polynovo Ltd (ASX:PNV) climbed 11% to AUD 1.36 in morning trade on Wednesday following the release of the company’s unaudited full-year financial update after market close on Tuesday. Investors responded to notable increases in sales, operating earnings, and cash flow for the year ended 30 June 2025. The medical device company reported group sales of AUD 118.6 million for FY25, up 28.9% compared to the previous year. The growth was largely driven by its US operations, which generated AUD 88.4 million in revenue, a 28.7% increase year-on-year. Sales in other international markets also rose 29.6%, contributing to the broader performance.

Polynovo expects EBITDA for FY25 to fall within the range of AUD 11.2 million to AUD 12.4 million. This would mark a significant improvement from the AUD 3.6 million reported in FY24. Profitability was supported by a turnaround in operating cash flow, which shifted from a AUD 12.5 million outflow in the first half to a AUD 15.7 million inflow in the second half. The company closed the financial year with AUD 33.5 million in cash and cash equivalents, up from AUD 22 million at the end of March. This increase occurred despite capital expenditure and debt repayments during the period.

Polynovo stated that it now supplies its NovoSorb product range in 46 countries. NovoSorb BTM is a dermal scaffold used in the treatment of burns, trauma, and surgical wounds. The company is also expanding its MTX product and platform technology for other clinical applications. Sales momentum in the US market has been supported by field expansion. The company reported 89 personnel in the field, with an additional nine staff being recruited. This field presence has contributed to a 59% increase in sales orders and a 43% rise in unit volume in the US market.

June marked a record month for Polynovo, with commercial sales reaching AUD 12.8 million and total revenue of AUD 13.7 million. Management noted confidence in maintaining revenue momentum in FY26 across Australia, New Zealand, the UK, and the US. The company expects operational cash flow to further increase in the upcoming financial year as profitability expands in key markets.