PolyNovo (PNV) AGM 2025 summary

Opening remarks and agenda

• Meeting opened with a quorum, introduction of directors, new Acting CEO, and key executives; acknowledgment of outgoing and incoming board members.

• Special welcome to incoming CEO Bruce Rathie, who will assume the role on December 1, 2025.

Financial performance review

• Achieved record regulatory clearances and expanded commercial sales by nearly 29%, reaching 46 markets.

• Closed the year with $33.5 million in cash after debt repayment and major capital investments; positive operating cash flow expected to grow.

• Net profit after tax increased by 151%; revenues exceeded $129 million.

• U.S. sales force grew to 95, servicing over 700 accounts, with 243 new accounts in FY25.

• No need to raise capital for expansion or operations; capital expenditure to taper in FY2026.

Board and executive committee updates

• Several senior management changes, including the transition to a new Chair and CEO.

• Rob Douglas appointed to the board, bringing extensive medtech experience.

• Acknowledgment of outgoing Chair David Williams for his 11-year tenure and contributions.

• Recruitment for additional directors and senior executives underway, with a focus on involving the new CEO in selections.