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.

IGA, may distribute information/research produced by its respective foreign affiliates within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.

The information/research herein is prepared by IG Asia Pte Ltd (IGA) and its foreign affiliated companies (collectively known as the IG Group) and is intended for general circulation only. It does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.

Please see important Research Disclaimer.

Seize a share opportunity today

Go long or short on thousands of international stocks.

  • Increase your market exposure with leverage
  • Get spreads from just 0.1% on major global shares
  • Trade CFDs straight into order books with direct market access

Live prices on most popular markets

  • Forex
  • Shares
  • Indices
liveprices.javascriptrequired
liveprices.javascriptrequired

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.

liveprices.javascriptrequired

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 20 mins.

The Momentum Report

Get the week’s momentum report sent directly to your inbox every Monday for FREE. The Week Ahead gives you a full calendar of upcoming key events to monitor in the coming week, as well as commentary and insight from our expert analysts on the major indices to watch.

For more info on how we might use your data, see our privacy notice and access policy and privacy webpage.

You might be interested in…

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.