PolyNovo (PNV) H2 2025 earnings summary

Executive summary

• Achieved record commercial sales growth of 28.9% year-over-year, with strong performance in both U.S. and international markets.

• Net profit after tax reached $13.2 million (A$13.2m), increasing 151% (149.1%) from the prior year.

• EBITDA rose to $11.2 million (A$11.2m), up 209% (211.1%) year-over-year, reflecting significant operating leverage.

• NovoSorb BTM and MTX products drove market leadership in burn and wound care, with over 60,000 patients treated globally.

• Completion of the BARDA pivotal clinical trial and confirmation of PMA submission strategy with the FDA.

Financial highlights

• Total revenue reached $180 million (A$129.2m), up 28.9% (23.3%) year-over-year.

• U.S. sales grew 28.7% to $88.4 million (A$88.4m), international sales up 29.6% to $30.3 million (A$30.3m).

• Operating profit increased 341.2% to A$7.5m.

• Operating expenses rose 19.4%, below the sales growth rate, reflecting improved operating leverage.

• Positive operating cash flow of $3.1 million (A$3.1m) for the year, with strong second half performance.

Outlook and guidance

• Focus on disciplined execution, expanding supply for increased BTM demand, and full launch of MTX 6 mm in the U.S.

• BARDA clinical trial and PMA submission expected by end of calendar year, with FDA review likely to take 8–12 months.

• Anticipated continued growth in revenue and profitability, supported by new manufacturing facility and operational excellence initiatives.

• No formal guidance provided, but no obstacles seen to maintaining or exceeding current growth rates.

• Leadership transition with a new CEO and refreshed Board.