PolyNovo (PNV) H1 2026 earnings summary

Executive summary

• Group sales reached AUD 68.2 million for H1 FY2026, up 26% year-over-year, with strong momentum in the U.S. and Rest of World markets.

• NovoSorb MTX group sales surged 195.2% year-over-year to AUD 6.2 million, with strong adoption in the U.S.

• Leadership transition completed with a new CEO and key executive appointments, including a new Company Secretary and Chief Scientific Officer.

• Expanded global footprint, now operating in over 46 countries and treating more than 106,000 patients worldwide.

• Expansion of manufacturing capacity with a new facility in Port Melbourne, supporting a fivefold increase in output and flexibility for new products.

Financial highlights

• U.S. sales were AUD 51.7 million, up 25.3% year-over-year, driven by new account acquisition and deeper penetration.

• Rest of World sales rose 28.3% to AUD 16.5 million, with standout growth in Australia (+52%), Canada (+50.8%), Germany (+28.3%), Turkey (+91.3%), and India (+49.1%).

• Adjusted EBITDA was AUD 4.7 million, up 82% year-over-year, after excluding one-off items such as the R&D lab fire and FX impacts.

• Net profit after tax was AUD 0.0 million, compared to AUD 3.3 million in H1 FY25, mainly due to reduced manufacturing output and a one-off impairment from an R&D facility fire.

• Cash on hand at period end was AUD 29.2 million, with a significant turnaround in operating cash flow to AUD 9 million.

Outlook and guidance

• Expectation of improved profit and free cash flow in H2 as manufacturing normalizes and CapEx for the new facility is completed.

• U.S. PMA submission for NovoSorb BTM on track for FY26, expected to unlock expanded access to U.S., Japan, and China markets.

• Focus on further indication expansion, outpatient access, and geographic growth, especially in China and Japan.

• No formal financial guidance provided; company cites ongoing rapid growth phase and market variability, especially in burns.

• Planned U.S. launch of NovoSorb MTX (6mm) in late FY26.