Half Year Results (audited) for 1H FY24

27 Feb 2024

The half year audited results show:

  • Record 1H FY24 sales of A$42.2m up 54.9% on STLY of A$27.3m.
  • Total revenue including BARDA of A$48.8m up 65.6% on STLY of A$29.5m.
  • Strong growth in U.S. achieving record sales of A$32.2m up 41.7% on STLY of A$22.8m.
  • ROW sales of A$10.0m up by2% on STLY of A$4.5m including strong performances in ANZ, UKI, and the Middle East, also growing sales in India, Hong Kong, and Canada.
  • The Group recorded a net profit after tax of A$2.7m (1H23: A$3.8m loss).

During the Period, the Company’s other key initiatives and achievements include:

  • Exceeded $8 million monthly NovoSorb BTM sales for the first time in November ($8,810,000).
  • Appointed Chief Medical Officer and Chief People Officer.
  • Additional funding of US$10 million from the Biomedical Advanced Research and Development Authority (‘BARDA’) for the pivotal trial of NovoSorb BTM in full thickness (third degree) burns.
  • Passed the mid‑way point for the recruitment of the pivotal trial, with 90 patients currently enrolled.
  • Increased sales teams and customer base globally, 861 hospital accounts and 237 staff.
  • Progressed the product pipeline for NovoSorb BTM and NovoSorb MTX and developed surgical mesh prototypes for hernia repair.
  • Finalised concept design and commenced detailed design of additional, new manufacturing facility in Port Melbourne.

From Chairman, David Williams: “Just off the PolyNovo (ASX:PNV) Half Year Results Webinar where one shareholder suggested that since PolyNovo is now profitable, I should move from my signature Red Jacket to a Green one.”