PolyNovo Limited reported total revenue of A$150 million for fiscal 2026, up 16.1% from the prior year, driven by strong growth in its NovoSorb wound-care portfolio. NovoSorb product sales reached A$138.4 million, a 21.3% increase in constant currency terms, while revenue from the U.S. market alone climbed 21.1% to A$102.1 million.
The company’s NovoSorb MTX product, used in complex wound treatments, nearly doubled its sales to A$12.6 million, an 89.6% rise from A$6.7 million in FY25. U.S. MTX sales accounted for A$12.2 million of this total, up 83.7% year-over-year. PolyNovo attributed the growth to expanded hospital adoption, with the U.S. commercial team growing to 132 employees, including 94 field sales representatives, supporting over 880 hospital accounts.
Adjusted EBITDA surged 50% to A$13.4 million, while operating profit rose 3.8% to A$7.8 million. However, net profit after tax declined to A$7.3 million from A$13.2 million in the prior year, reflecting higher capital expenditures and foreign exchange impacts. Operating cash flow more than sevenfold to A$23.1 million, with free cash flow at A$9.4 million. The company repaid A$5.3 million in borrowings and maintained gross margins at approximately 89%, expected to remain in the 90-95% range through mid-2027.
PolyNovo’s cash balance increased to A$35.4 million as of June 30, 2026, from A$33.5 million at the start of the fiscal year. Capital expenditures totaled A$13.8 million, primarily for the new Port Melbourne manufacturing facility, with remaining machinery costs of A$1.5 million due in the first half of FY27. The facility, slated for completion around March 2027, is projected to reduce gross margins by 1-1.5% once operational.
International sales growth outpaced domestic performance, with constant-currency increases of 79% in Turkey, 53% in India, and 50% in Hong Kong. The company’s clinical publications rose to 535, including 45% focused on non-burn indications, as it pursues broader adoption across wound-care applications.
Shares of PolyNovo fell 8.02% to A$0.975 following the results, trading 41.4% below its 52-week high of A$1.665. The company faces a PMA submission target for calendar 2027, with FDA review expected to take approximately 12 months thereafter.
CEO Bruce Peatey emphasized FY27 as a transition year, stating the focus would shift from capability-building to performance conversion and broader portfolio adoption.
