PolyNovo (PNV) H2 2026 earnings summary

Executive summary

• Achieved strong commercial momentum with group sales up 16.7% to AUD 138.4 million (21.3% in constant currency), with U.S. and rest of world sales both increasing over 21% in constant currency.

• NovoSorb BTM and MTX products expanded into new clinical applications and geographies, with MTX sales nearly doubling year-over-year to AUD 12.6 million.

• Completed a major U.S. pivotal RCT for burns, finalized the clinical study report, and advanced regulatory submissions, including PMA submission for BTM.

• Built and completed a new manufacturing facility, expanded regulatory clearances to eight new markets, and strengthened leadership and market access capabilities.

• Entered FY 2027 with record sales in July, signaling continued momentum.

Financial highlights

• Group sales reached AUD 138.4 million, up 16.7% year-over-year (21.3% in constant currency); total revenue was AUD 150 million.

• U.S. sales were AUD 102.1 million, up 15.6% (21.1% in constant currency); rest of world sales AUD 36.3 million, up 20% (21.9% in constant currency).

• MTX sales grew 89.6% to AUD 12.6 million; U.S. MTX sales up 92.7% in constant currency.

• Adjusted/underlying EBITDA was AUD 13.4 million, up 50.4% year-over-year; reported EBITDA was AUD 12.1 million, up 8.1%.

• Free cash flow reached AUD 9.4 million; cash on hand at year-end was AUD 35.4 million.

Outlook and guidance

• FY 2027 priorities: PMA approval, RCT results, SynPath U.S. outpatient launch, MTX acceleration, innovation velocity, and improved operating leverage.

• Expect continued strong growth in complex wound applications and further geographic expansion, especially in Europe and the Middle East.

• R&D spend projected at around 5% of sales, with increased focus on pipeline velocity and disciplined portfolio management.

• New manufacturing facility transition planned for March, with minimal margin impact expected.

• Plans to establish a business development function to pursue partnerships and licensing opportunities.