7 January 2020
PolyNovo has said previously that it does not intend to issue quarterly financial statements. However, the Company would like to give shareholders a sense of the ramp up and direction of sales. Accordingly, we inform the market that in December the Company had its first two-million-dollar month. The first one-milliondollar month was announced 2 May 2019, which gives some feel for the acceleration of sales in the US, Australia and New Zealand.
• Revenue from NovoSorb BTM sales, unaudited, for the month of December 2019 were just over $2M compared with $890k December 2018 (134% increase)
• H1 NovoSorb BTM revenues, unaudited, were $8.57M compared to $3.75M H1 FY19 (129% increase)
PolyNovo’s CEO Paul Brennan said,” We are pleased with the sales trend. However, as a word of caution sales will continue to be lumpy as new sales staff are added and new territories opened up and because of natural disasters such as fires and volcanoes. The expansion of the US sales team is adding to the sales momentum and we expect to see further acceleration of sales as a result of increased in-territory sales and the wider territory coverage coming from new staff hires. We are appointing more salespeople in the US to drive revenue and we are still actively recruiting.”
PolyNovo Chairman David Williams said,” We expect an acceleration in sales in the near term with CE approval and now that the UK/Ireland and DACH regions have sales resources, inventory and what we perceive to be a strong latent demand for our product.”
The company expects to make a further announcement shortly about the EU/UK prospects post CE authorisation.
The audited financial results will be released to the market on 26 February 2020.
This announcement has been authorised by the Company Secretary Mr. Jan-Marcel Gielen.
About NovoSorb®
NovoSorb is a novel range of bio-resorbable polymers that can be produced in many formats including, film, fibre, foam, and coatings. NovoSorb’s unique properties provide excellent biocompatibility, control over physical properties, and programmable bio-resorption profile. NovoSorb BTM is a dermal scaffold for the regeneration of the dermis when lost through extensive surgery or burn.
About PolyNovo®
PolyNovo is an Australian based medical device company that designs, develops and manufactures dermal regeneration solutions (NovoSorb BTM) using its patented NovoSorb biodegradable polymer technology. Our development program covers Breast Sling Hernia, and Orthopaedic applications. For further information and market presentations see www.polynovo.com.au
