PolyNovo share price jumps 10% following $2 million December month
PolyNovo’s stock was first put into a voluntary trading halt before revealing an impressive set of NovoSorb BTM sales figures from the December (CY19) month.
It’s been a positively busy period for Polynovo shareholders.
As we wrote just recently in December:
‘News that Polynovo’s (ASX: PNV) NovoSorb BTM had been granted a certificate of conformance – sent the share price of the now $1.28bn tech-focused healthcare company up as much as 27%.'
This was a significant development for the fast-growing company, as it ‘will give PolyNovo the green light to sell its NovoSorb BTM product throughout the UK, Ireland and the European Union,’ we previously wrote.
PolyNovo share price: more bullish news
Building on those bullish developments, today PolyNovo provided the market with an update regarding its December and H1 FY20 sales performance.
Here, and on an unaudited basis, PolyNovo revealed that revenue from the company's cornerstone NovoSorb BTM product – for the December month (CY19) had reached $2m – representing a 134% increase from the December prior.
This was a first for the company.
Looking at the broad top-line growth in the 2020 fiscal year, the company further reported that H1 FY20 revenue came in at $8.57m – a significant increase from H1 FY19's revenue of $3.75m.
PolyNovo now boasts a market capitalisation of $1.2bn.
Speaking of sales 'ramping' up in recent times, PolyNovo's Chief Executive Officer, 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.’
Other comments – focusing on the company’s expansionist plans also likely caught investor attention today, with Mr Brennan further noting:
‘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.'
In response to this news of PolyNovo’s ‘two million dollar month,’ the company’s share price rose 10.74% – to $2.01 per share – by 16:04 AEDT.
Other news: more developments still to come
The company reported that a full set of audited financial results will be released on February 26.
Polynovo (ASX: PNV) also commented that it would soon release additional information on the current EU/UK prospects following the company's recently received certificate of conformance. PolyNovo’s Chairman – David Williams – expects sales to accelerate as a consequence of this approval.
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