PolyNovo (PNV) Investor Update summary

Financial performance and cash position

• Group sales grew 31.1% year-to-date to A$84.4m, with March sales up 71.1% year-on-year to A$11.9m and U.S. sales up 32.3% to A$64.4m.

• Cash flow from operations turned positive in the second half, with cash on hand at 30 April 2025 of A$22.0m and a forecast of A$28.5m by 30 June 2025 after significant CapEx.

• Remaining CapEx for the new facility is A$8.5m, with the project on track and milestone payments proceeding as planned.

• Debtor days reduced from a peak of 92 to 70, targeted to return to 55 by June, with improved U.S. debtor collections.

• Bad debts remain negligible, with only one immaterial write-off in seven years.

Market expansion and leadership

• Over 700 U.S. customer accounts, with a sales team of 80+ and plans to add at least 16 more in the next financial year.

• Market share leader and standard of care in the U.S., U.K., Ireland, Australia, and New Zealand, with leading positions in Germany, France, and Turkey.

• Entered the Indian market in late 2022; NovoSorb BTM added to GEM Portal in April 2024.

• Over 70,000 patients treated across 46 countries, supported by 340+ independent articles.

• Japan distributor appointed; potential partners identified in China, with market entry options under evaluation.

U.S. and India market updates

• U.S. sales team members typically become profitable within 3–6 months, with some achieving this in as little as one month.

• India achieved a record sales month in April (A$201,000), driven by three major government tenders, and expects to reach a run rate of A$2m annually.

• Out of 62 major tenders pursued in India, 25 have been won, with the target to reach 100 tenders by December 2025.

• Currently selling to 328 hospitals in India, with pricing for key products at A$1,000 per unit, supported by government funding.