- For the first half of 2022, Polynovo (PNV) reports a 45 per cent increase in sales when compared with the same time last year
- While the company has experienced “patchy” results across Europe and the UK, its unaudited results indicate record sales for its US market
- Following an increase in its US accounts, US sales for December totalled $3.4 million, marking a 76 percent increase on the prior corresponding period
- Polynovo intends to expand its US sales team and is also undertaking initiatives outside of the US to improve its in-market programs, direct sales force and distributor networks
- In pre market open shares have been trading grey at $1.43
For the first half of 2022, medical device developer, Polynovo (PNV) has reported a 45 per cent increase in sales compared with the same time last year.
While the company experienced “patchy” results across Europe and the UK, it has seen record sales for its US market for the period ending December 31.
Excluding funding from The Biomedical Advanced Research and Development Authority, in unaudited results, PNV marked a 76 per cent increase in US sales over December compared with the previous year, with record revenue of $3.4 million.
The results follow an increase in the company’s US accounts with 16 new accounts added in quarter one and a further 19 added in quarter two, bringing the total to 154.
For the quarter, results were $8.06 million, another record for the company, up 105 per cent on the same time last year, and exceeding $5 million for the first time.
Year to date, Polynovo’s US sales are up by 58 per cent on the prior corresponding period and the company has also seen quarter on quarter momentum with sales for Q2 increasing by 31 percent on Q1.
The company intends to increase the size of its US sales team with a further ten reps being recruited to expand coverage across key cities and regions.
While encouraged by sales growth in the US, Chairman of PolyNovo, David Williams said there is more to achieve.
“We still have new sales staff being onboarded and more staff to be employed. In addition, we are retraining existing staff to follow surgeon leads using the product in new indications,” said Mr Williams.
He also noted that the company is hoping to ramp up across the rest of the world where initiatives are being undertaken to improve the effectiveness of its in-market programs, direct sales force and distributor networks.
In Europe, Polynovo has secured first sales to Cyprus and reordering in Denmark, Italy, and Germany, and its first order shipped to Poland.
In the UK and Ireland, PNV said two new sales staff have been appointed to cover the north and south of London.
At pre-market open, shares were trading grey at $1.43