PolyNovo delivers record FY26 NovoSorb sales of $138.4m as complex wounds fuel growth
PolyNovo (ASX: PNV) used its FY26 full-year results presentation, released 26 August 2026 alongside its Appendix 4E, to report record NovoSorb Group sales of $138.4m, up 16.7% on a reported basis and 21.3% in constant currency against FY25’s $118.6m.
Presented by Chief Executive Officer Bruce Peatey and Chief Financial Officer Jan Gielen, the results carried the strategic framing “Proven platform. Scaling for growth.” The standout theme was clear: growth is increasingly being driven by complex wounds beyond the company’s traditional burns market.
United States sales reached $102.1m while Rest of World (ROW) contributed $36.3m. Operating cash flow told the sharpest story, climbing to $23.1m from just $3.1m a year earlier.
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FY26 financial highlights at a glance
The headline scorecard from the presentation showed broad-based growth across regions and improving cash generation.
| Metric | FY26 | FY25 | Change | Constant Currency |
|---|---|---|---|---|
| NovoSorb Group Sales | $138.4m | $118.6m | +16.7% | +21.3% |
| U.S. Sales | $102.1m | $88.4m | +15.6% | +21.1% |
| ROW Sales | $36.3m | $30.3m | +20.0% | +21.9% |
| EBITDA | $12.1m | $11.2m | +8.1% | Underlying +50.4% |
| Cash & equivalents | $35.4m | $33.5m | +5.7% | — |
| Operating Cash Flow | $23.1m | $3.1m | +$20.0m | — |
Several standouts emerged from the numbers:
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Operating cash flow surged to $23.1m from $3.1m in the prior year.
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Underlying EBITDA (before significant items) rose 50.4% to $13.4m.
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Free cash flow reached $9.4m.
Complex wounds emerge as the next growth engine
The strategic heart of the presentation was PolyNovo’s shift beyond burns. Management highlighted a widening divergence in U.S. sales trajectories, with burns growing steadily while non-burn indications expanded far more rapidly.
Over three years, U.S. sales recorded a compound annual growth rate (CAGR) of 19.1% for large burns, against 52.8% for other indications, producing an all-indications CAGR of 30.9%. The company noted this reflects the expanding clinical utility of the NovoSorb platform.
Momentum in NovoSorb MTX underscored the trend. MTX sales reached $12.6m, up 89.6% (+98.9% in constant currency), supported by 252 new hospital accounts and an expanding commercial footprint across Australia, the United States, Canada, Hong Kong, India and New Zealand, with a UK regulatory pathway underway.
Evidence base is deepening
Management framed the growing body of clinical evidence as the engine behind broader adoption. Articles and abstracts increased from 402 pre-FY26 to 535 in FY26, while academic text chapters rose from 1 to 9.
The publication mix, current as of February 2026, split across Other Indications at 45%, Burn at 36% and Mixed Aetiology at 19%, reflecting the platform’s expanding relevance beyond its original burns application.
Paul Kim, DPM, MS
“NovoSorb® technology is the second disruptive technology in my 22 years of surgical practice that has profoundly impacted complex lower extremity soft tissue reconstruction in the complicated patient. The ease of use, versatility, bacterial tolerance, predictable outcomes, and lower cost will undoubtedly drive wider adoption.”
Professor, Department of Plastic Surgery, Department of Orthopedic Surgery
University of Texas
What is NovoSorb and why complex wounds matter
NovoSorb is PolyNovo’s proprietary platform used across burns and complex wounds applications.
The platform spans two key products. NovoSorb BTM is used for large TBSA burns and traumatic wounds, while NovoSorb MTX targets complex wounds and reconstruction, including lower extremity and limb salvage cases.
Regional performance across a global footprint
Growth was recorded across all three regions on a constant-currency basis, with distinct drivers in each.
United States
Total U.S. sales reached $102.1m, up 15.6% (+21.1% in constant currency), with MTX up 83.7% (+92.7% in constant currency). The company added 200 new hospital accounts in FY26 to reach more than 880 total accounts.
Management described the U.S. operation as profitable with increasing operating leverage, supported by a 106-strong sales team.
Rest of World
ROW sales of $36.3m rose 20.0% (+21.9% in constant currency) and represented 26.2% of global sales. High-growth markets on a constant-currency basis included:
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Turkey: 79.0%
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India: 52.8%
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Hong Kong: 49.9%
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Ireland: 38.3%
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Australia: 33.9%
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DACH region: 15.5%
Regional constant-currency growth was recorded at +20.2% for the Americas, +17.6% for EMEA and +37.8% for APAC.
Profitability, cash and a strengthened balance sheet
Reported net profit after tax (NPAT) came in at $7.3m, down from $13.2m, a figure that requires context. The prior-year result included a $5.7m tax benefit from the recognition of tax losses as an asset, whereas FY26 carried a $0.5m tax expense. Underlying operations improved over the period.
Statutory EBITDA was also affected by significant items, including a $4.7m asset write-off relating to the R&D Innovation Centre fire (fully insured) and a $6.0m insurance claim recognised in the period. Gross margin held strong at 89.0%.
| Income Statement | FY26 | FY25 | Change |
|---|---|---|---|
| Total revenue | $150.0m | $129.2m | +16.1% |
| Operating profit | $7.8m | $7.5m | +3.8% |
| NPAT | $7.3m | $13.2m | -44.5% |
| EBITDA | $12.1m | $11.2m | +8.1% |
| Underlying EBITDA | $13.4m | $8.9m | +50.4% |
Cash on hand closed at $35.4m, up from $33.5m, after $13.8m of capital expenditure during the year.
Capital-efficient growth
The cash flow bridge illustrated the company’s funding position across the year:
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Opening cash: $33.5m
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Operating activities: +$23.1m
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Capital expenditure: ($13.8m)
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Borrowings repaid: ($5.3m)
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FX and other: ($2.1m)
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Closing cash: $35.4m
Of the capital expenditure, $12.4m related to completion of the new manufacturing facility. Construction is now complete, with approximately $1.5m of machinery capex remaining to be paid in 1H27. Costs relating to the R&D facility rebuild are covered by insurance.
FY27 priorities — converting opportunity into growth
Management outlined a forward roadmap centred on four product-led priorities:
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NovoSorb BTM: Secure U.S. PMA approval and pursue evidence-based expansion. PolyNovo finalised the Clinical Study Report for its U.S. pivotal randomised controlled trial funded by BARDA.
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NovoSorb SynPath: Launch NovoSorb SynPath for the U.S. outpatient market.
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NovoSorb MTX: Accelerate MTX adoption, including the UK launch.
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NovoSorb (platform): Increase innovation velocity and build business development capability.
On the operational front, construction of the new manufacturing facility is complete, and regulatory clearance for NovoSorb BTM was achieved in eight new markets.
The presentation closed on the strategic framing of “Scale the Core, Leverage the Platform, Build a Global Enterprise,” positioning the company’s approach as translating clinical leadership into long-term value.
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