Australian medical company PolyNovo has announced its first million-dollar month since its start-up.
PolyNovo’s main focus is the development of unique and biodegradable polymers for use in medical devices. It provides innovative regenerative products for burns, surgical wounds, hernia repair, trauma and reconstructive surgery.
It has announced the revenue BTM sales for the month of April have exceeded $1 million compared to $321,363 in April 2018. Sales from Australia and New Zealand have also exceeded $1 million.
Its BTM, Biodegradable Temporising Matrix, is a wound dressing intended for treatment of serious wounds and burns where the structure has been lost to trauma or damaged and requires a skin graft.
Once placed on the wound, blood vessels and fibres migrate into the foam scaffold over a period of three to four weeks. During this period the fibroblasts manufacture collagen creating a connective tissue scaffold to replace the damaged tissue resulting in a dermis like layer.
When this process is complete the seal is peeled away and the wound surface is reconstructed with a split skin graft. These grafts offer a thicker, more durable and more aesthetic graft than immediate split-skin grafting.
While quarterly statements aren’t usually released Chairman David Williams hopes this month is an indicator of future successes.
“However, the business base is growing steadily and as it does, we expect more predictability in month to month revenues. Our first million-dollar month is an exciting milestone and hopefully an indicator of things to come,” he said.