PolyNovo (ASX: PNV) has reported record financial results for the first half of FY25, with total revenue reaching $59.9 million, a 22.8% increase from the previous corresponding period. The company recorded $54.1 million in product sales, up 28.1%, driven by strong demand for its NovoSorb wound treatment products across the United States and international markets.
The company’s U.S. sales rose 27.9% to $41.2 million, while revenue from the rest of the world increased 28.6% to $12.9 million. PolyNovo also continued to benefit from its partnership with the U.S. Biomedical Advanced Research and Development Authority (BARDA), which contributed $5.4 million in revenue.
Net profit after tax for the period increased 23.9% to $3.3 million, reflecting growth in both product sales and operational efficiencies. The company has also expanded its product pipeline, with new sizes and thicknesses added to its NovoSorb Biodegradable Temporising Matrix (BTM) and NovoSorb MTX ranges. Prototypes for hernia repair and plastic surgery mesh products have entered pre-clinical development, positioning PolyNovo for further expansion.
CEO Swami Raote highlighted the company’s ongoing momentum, stating, “We continue to redefine healing in the world of acute complex wounds. Our growing market share, expanding product portfolio, and strong global demand reinforce the transformative impact of NovoSorb technology.”
Looking ahead, PolyNovo is preparing to launch its third manufacturing facility in Port Melbourne by December 2025, alongside a new Innovation Centre, set to open in June 2025. The company remains focused on expanding into new treatment areas, including trauma, oncological excisions, and vascular wounds, while continuing to strengthen its global presence.
