PolyNovo (PNV) H2 2025 TU earnings summary

Executive summary

• Business achieved strong global growth, with FY25 group sales reaching A$118.6m, up 28.9%, and U.S. sales at A$88.4m, up 28.7%, with no signs of slowing.

• June 2025 was a record month with A$13.7m in revenue, highlighting ongoing momentum.

• Expansion into new countries and indications is driving further growth, with notable increases in the U.K. (51%) and Canada (48%).

• NovoSorb MTX product launch in the U.S. generated A$6.7m in its first year, with rapid adoption and further growth expected.

• Cash position improved to A$33.5m at June 30, up from A$22m, after paying down debt and capital expenditures.

Financial highlights and performance

• U.S. sales reached A$88.4m, with 88 salespeople on the ground and plans to increase to 98.

• Operating profit for the year is expected to be A$10–12m, with consensus at A$11m.

• Cash flow from operations in 2H25 was A$15.7m, reversing a 1H25 outflow of (A$12.5m).

• No bad debts have been recorded, and debtor days have been reduced from 90 to 60, with further improvement expected.

• FY25 EBITDA is expected between A$11.2m and A$12.4m, compared to A$3.6m in the prior year.

Operational highlights and growth

• Record monthly commercial sales of A$12.8m and revenue of A$13.7m achieved in June 2025.

• U.S. sales orders rose 58% and units sold increased 43% year-on-year.

• Company now supplies products in 46 countries, with ongoing expansion in staff and markets.

• New country launches include Malaysia, Czech Republic, Malta, Portugal, and Peru, each already placing repeat orders.

• Surgeons continue to find new uses for products, driving organic growth and market expansion.