PolyNovo posts record $150m FY26 revenue as US sales hit new high
PolyNovo (ASX: PNV) released its unaudited FY26 trading update on 23 July 2026, reporting record group revenue of $150.0m for the financial year ended 30 June 2026, up 16.1% on FY25’s $129.2m. On a constant currency basis, which strips out foreign exchange movements, revenue rose 20.3%.
The figures are preliminary and unaudited. Full audited FY26 results are due on 26 August 2026, and the Company noted that EBITDA and NPAT outcomes are not yet finalised as year-end financial close procedures continue.
A standout in the update was record US commercial sales recorded in June. The revenue growth was paired with growth in operating cash flow and a swing to positive free cash flow, signalling an improved cash position.
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FY26 financial results at a glance
The medical technology company reported broad-based growth across geographies and its core product lines. Notably, this period marks the introduction of constant currency reporting, which PolyNovo intends to continue going forward to provide a clearer view of underlying performance.
| Metric | FY26 ($m) | FY25 ($m) | Change % | Constant Currency % |
|---|---|---|---|---|
| Group revenue | 150.0 | 129.2 | 16.1% | 20.3% |
| Group commercial sales | 138.4 | 118.6 | 16.7% | 21.3% |
| US commercial sales | 102.1 | 88.4 | 15.6% | 21.1% |
| Rest of World commercial sales | 36.3 | 30.3 | 20.0% | 21.9% |
| NovoSorb BTM sales | 125.8 | 111.9 | 12.3% | 16.4% |
| NovoSorb MTX sales | 12.6 | 6.7 | 89.6% | 98.9% |
| BARDA funded pivotal trial revenue | 5.3 | 8.6 | (38.8%) | (38.8%) |
The most pronounced growth came from NovoSorb MTX, with sales up 89.6% (98.9% constant currency), while BARDA funded pivotal trial revenue declined 38.8%. Rest of World commercial sales grew 20.0%, outpacing the reported US growth rate.
Rest of World expansion has been advancing through capital-efficient distributor partnerships, including an agreement covering eight Balkan countries and a population of 22 million people, with clinical demand pre-validated through prior humanitarian supply.
Cash flow turnaround underscores self-funding growth
Beyond the revenue result, the update highlighted a decisive shift from cash burn to cash generation across the year.
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Operating cash flow: $24.0m (FY25: $3.1m), which includes $3.5m in receipts for the R&D lab insurance claim.
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Free cash flow: $10.4m, up from negative $10.1m in FY25.
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Cash and cash equivalents: $35.4m (FY25: $33.5m), up 5.7%.
Positive free cash flow marks a return to positive free cash flow after FY25’s negative figure. According to CEO Bruce Peatey, the margin improvement was supported by increased manufacturing production output in the second half compared to the first, which lifted gross margin and profitability for the year.
New manufacturing facility complete as insurance claim progresses
Two operational items featured in the update. Construction of PolyNovo’s new manufacturing facility is complete, with validation activities progressing as planned. Capital expenditure requirements are largely complete, with $1.5m outstanding for additional machinery expected to be paid in H1 FY27.
Following the fire at the Company’s standalone R&D Innovation Centre in November 2025, PolyNovo received written notice of indemnity from its insurers, as announced on 12 February 2026. Progress payments totalling $3.5m have been received to date, with further payments expected during H1 FY27 as the claim is finalised.
Expanded capacity is intended to underpin future growth, while the insurance recoveries help de-risk the rebuild and restoration of the R&D facility.
Understanding NovoSorb: the technology behind the growth
PolyNovo is a medical technology company focused on managing complex wounds. Headquartered in Melbourne, it operates across the United States, United Kingdom, India, Hong Kong and Singapore, alongside several distributor-supported markets.
At the core of its offering is the proprietary NovoSorb® biodegradable polymer platform, which addresses significant unmet needs in wound care. The platform underpins multiple products.
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NovoSorb BTM is the established product, widely used in major trauma and burns.
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NovoSorb MTX is seeing accelerating adoption, driven by growing clinical evidence and peer-to-peer education.
A single platform generating multiple products supports scalable growth, and MTX’s near-doubling of sales suggests this expansion strategy is gaining traction. The evidence base cited in the update includes:
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More than 500 clinical articles and abstracts.
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Nine textbook chapters published in FY26.
Strategy delivering as indication base broadens
Management indicated the commercial strategy is working as intended. The Company is leveraging its strength in major trauma and burns to build clinician confidence in other complex wound indications, with total revenue from those other indications growing at a faster rate than large burns.
Investment in the US sales organisation continued, with frontline personnel now exceeding 100 people, supported by added specialised reimbursement expertise and additional marketing resources.
Management was also transparent about headwinds. The CEO cited an evolving US competitive environment following shifts to the reimbursement landscape, together with a seasonal decline in major burns presentations across many direct markets.
CEO Commentary
“We’re pleased to have finished the financial year strongly, with record sales recorded in the U.S. in June and manufacturing production output increasing significantly compared to H1… The strategy employed to date, leveraging our strength in major trauma and burns to drive clinician confidence elsewhere, is succeeding,” said Bruce Peatey, Chief Executive Officer.
Product catalysts and what lies ahead in FY27
The update pointed to several forward-looking items. The Company is preparing for the commercial launch of NovoSorb® SynPath®, targeting the outpatient opportunity that management has identified as a continued focus.
The NovoSorb BTM PMA submission is targeting completion before the end of calendar 2026, with PolyNovo having finalised its Clinical Study Report and incorporated 18-month patient follow-up data to satisfy a key FDA prerequisite.
According to Chair Leon Hoare, multiple executive leadership appointments were actioned during FY26, and a recent strategy review highlighted multiple areas of opportunity and growth. Full audited FY26 results, a review of key FY26 initiatives and the FY27 strategy are scheduled for release on 26 August 2026.
Chair Commentary
“The FY26 revenue result was very solid, reflecting a broadening of both the customer and indication base; and as anticipated, both operating and free cash flow were strong… FY27 shapes as an exciting year,” said Leon Hoare, Chair.
Taken together, record revenue, a decisive cash flow turnaround, completed manufacturing expansion and a pipeline catalyst in SynPath position PolyNovo as well positioned to continue delivering sustainable growth. Investors will look to the full audited results on 26 August 2026 for confirmation of the underlying profitability picture, which remains subject to the Company’s year-end financial close.
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