PolyNovo Limited (PNV), a disruptive medical technology company based in Melbourne, Australia, announced its audited trading results for FY25, reporting significant growth across key financial indicators. The company develops innovative medical devices that simplify the management of acute complex wounds, redefining healing with meaningfully differentiated patient outcomes across multiple wound etiologies. Group sales reached A$118.6 million, a 28.9% increase compared to the previous year’s A$92.0 million. U.S. sales led the charge with A$88.4 million, up 28.7% from A$68.7 million in FY24, while Rest of World sales also saw substantial growth, climbing 29.6% to A$30.3 million.
The company’s net profit after tax surged by 151.2% to A$13.2 million, compared to A$5.3 million in the prior corresponding period. PolyNovo’s cash and cash equivalents stood at A$33.5 million. Key achievements during the period included strong sales growth of NovoSorb MTX following its successful U.S. launch, first sales and recurring orders of NovoSorb BTM in multiple new markets, and registration of NovoSorb BTM and MTX up to 6mm thickness in the U.S. The company also completed fitting out its new R&D Innovation Centre in Port Melbourne and progressed construction of its new manufacturing facility, which remains on budget and is expected to be practically complete by December 2025.
Acting CEO Dr Robyn Elliott credited the successful year to significant growth in patients treated, units sold, revenue, profit, and regulatory approvals. Chairman David Williams highlighted that major capital expenditure is coming to an end in FY26, with increased cash from operations expected to bolster the bottom line. The company’s FY25 results presentation was live-streamed on 25 August.
PolyNovo remains focused on expanding the NovoSorb BTM and MTX product portfolios, pursuing further regulatory approvals, and developing hernia and soft tissue reinforcement devices. The company has also appointed a Japanese partner to facilitate market entry in Japan. Clinical completion of the BARDA pivotal trial for NovoSorb BTM in full thickness burns remains on track, with PMA submission planned for late CY25.
