By Stuart Condie
SYDNEY–Shares in wound-treatment developer PolyNovo jumped after the Australian company said that August revenue had more than doubled compared with the same period a year earlier.
PolyNovo on Monday reported total August sales of 7.7 million Australian dollars (US$5.0 million), compared with A$3.5 million a year earlier. Revenue so far this fiscal year, which began July 1, is up 93% on year at A$14.9 million.
PolyNovo’s U.S. sales for the first two months of fiscal 2024 were up 85% on year at A$10.6 million.
Shares in PolyNovo jumped as much as 12% after emerging from a trading halt requested by the company for the release of the update. They were recently up 7.8% at A$1.315.
PolyNovo’s flagship product is its so-called BTM, or biodegradable temporizing matrix. The synthetic polymer holds wounds together so that the body can grow new tissue.
“Our surgeons are expressing their satisfaction with patient outcomes, by adopting BTM and actively championing its use across different specialties,” Chief Executive Swami Raote said in a market filing.
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