PolyNovo (PNV) Trading update summary

Financial performance

• Group revenue rose 16.1% to $150.0 million, with commercial sales up 16.7% to $138.4 million.

• U.S. commercial sales increased 15.6% to $102.1 million, while Rest of World sales grew 20.0% to $36.3 million.

• NovoSorb MTX commercial sales nearly doubled, up 89.6% to $12.6 million.

• Operating cash flow surged to $24.0 million, and free cash flow improved to $10.4 million.

• Cash and cash equivalents stood at $35.4 million at year-end.

Operational and strategic updates

• Manufacturing facility construction is complete, with validation activities underway and minimal capex remaining.

• Insurance payments of $3.5 million received for the R&D Innovation Centre fire, with further payments expected.

• U.S. sales organization expanded to over 100 frontline personnel, with added reimbursement and marketing resources.

• NovoSorb BTM demand supported by over 500 clinical articles and nine textbook chapters published in FY26.

• Commercial launch preparations for NovoSorb SynPath are ongoing, targeting outpatient opportunities.

Market and product development

• Revenue from complex wound indications is growing faster than from large burns.

• Clinical evidence and peer education are accelerating NovoSorb MTX adoption.

• Expanded manufacturing capacity and new product catalysts position the company for sustainable growth in FY27.

• Recent strategy review identified multiple growth opportunities for FY27.

• Leadership team strengthened with several executive appointments.