PolyNovo (ASX: $PNV) reports record 1H FY24 sales up 54.9%

PolyNovo Limited (ASX: $PNV) has released its half-year audited results for 1H FY24, showing a record 1H FY24 sales of A$42.2m, marking a significant increase of 54.9% compared to the same period last year. The total revenue, including BARDA, also saw a substantial rise, reaching A$48.8m, up 65.6% on the same time last year. The U.S. market achieved record sales of A$32.2m, up 41.7% on the previous year, while sales in the rest of the world (ROW) reached A$10.0m, marking a remarkable increase of 122.2% from the same period last year. Additionally, the company recorded a net profit after tax of A$2.7m, a significant turnaround from the A$3.8m loss reported in 1H23.

Executive Commentary on 1H FY24 Results

PolyNovo Chairman, David Williams, highlighted the exceptional performance, stating, 'There is little new here that was not in our 22 January announcement. It was a great half, but we have moved on. There is a lot to talk about that has happened since 31 December, which we expect to talk about during our investor webcast on 27 February.' CEO, Swami Raote, expressed pride in the company's achievements, saying, 'Proud of how our people and clinicians are working together to help amplify NovoSorb BTM adoption curve globally. I am looking forward to replicating this success with NovoSorb MTX and our new products pipeline.'

Summary of 1H FY24 Results

PolyNovo (ASX: $PNV) has delivered a strong performance in the first half of FY24, with record sales and substantial revenue growth. The company's achievements include exceeding $8 million monthly NovoSorb BTM sales for the first time, appointing key executives, securing additional funding for pivotal trials, and expanding its global sales teams and customer base. PolyNovo has also made progress in developing its product pipeline and new manufacturing facility. The company's focus on innovation and expansion bodes well for its future performance and market position.