Australian wound-care firm PolyNovo reported a significant surge in its August revenue on Monday, which more than doubled compared to the same month last year. The company's total sales for August 2023 amounted to 7.7 million Australian dollars (US$5.0 million), marking a significant increase from A$3.5 million recorded in August 2022.
Since the start of the fiscal year on July 1, 2023, the firm's financial performance has also been strong with a 93% increase in revenue to A$14.9 million. Notably, PolyNovo's U.S. sales for the first two months of fiscal 2024 have seen an 85% year-on-year increase, reaching A$10.6 million.
Following this financial update, PolyNovo's shares experienced a significant leap. After resuming from a trading halt requested by the company prior to the release of this update, the shares surged by up to 12%. More recently, they were recorded at A$1.315, marking a 7.8% increase.
PolyNovo is recognized for its flagship product, the BTM or biodegradable temporizing matrix. This synthetic polymer is intended to hold wounds together, facilitating the body's generation of new tissue in the process. Surgeons have shown satisfaction with patient outcomes using BTM and are advocating for its use across various medical specialties.
The CEO of PolyNovo, Swami Raote, shared these details in a market filing without providing further comments.
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