PolyNovo Surges with 29% Sales Growth and A$33.5m Cash Boost in FY25
PolyNovo Limited reports a robust FY25 with nearly 29% sales growth, a significant cash increase to A$33.5 million, and expanding global market presence. The company’s strategic investments and product innovations signal strong momentum ahead.
- FY25 sales up 28.9% to A$118.6 million
- Cash and equivalents rose to A$33.5 million by June 2025
- EBITDA expected between A$11.2 million and A$12.4 million, up from A$3.6 million last year
- Strong U.S. sales growth with 89 field staff and 58% increase in sales orders
- NovoSorb BTM gains 510(k) clearance and expands into new international markets
Strong Financial Momentum
PolyNovo Limited has delivered a compelling set of unaudited FY25 trading results, showcasing a significant uplift in both sales and cash reserves. The company’s cash and cash equivalents climbed to A$33.5 million as of 30 June 2025, up from A$22 million at the end of March, despite ongoing capital expenditure and debt repayments. This cash strength underpins PolyNovo’s ability to invest in growth initiatives while maintaining financial flexibility.
Operational cash flow turned positive in the second half of FY25, generating A$15.7 million compared to a first-half outflow of A$12.5 million. This turnaround reflects accelerating profit momentum across key markets including Australia, New Zealand, the UK, and the US, with expectations for further improvement in FY26.
Robust Sales Growth and Market Expansion
Group sales surged 28.9% to A$118.6 million, driven predominantly by a 28.7% increase in US sales to A$88.4 million. The US remains the company’s growth engine, supported by an expanding field team now numbering 89, with nine additional hires underway. Sales orders in the US jumped 58%, and units sold rose 43% year-on-year, underscoring strong market demand.
Internationally, the Rest of World segment grew 29.6% to A$30.3 million, with standout performances in Canada, France, India, Turkey, and the UK. Notably, France’s sales skyrocketed by nearly 379%, albeit from a low base, signaling promising new market penetration. PolyNovo now supplies products in 46 countries, with recurring orders emerging from new markets such as Malaysia, Czech Republic, Malta, Portugal, and Peru.
Product Innovation and Regulatory Progress
PolyNovo’s product portfolio continues to expand with the NovoSorb BTM dermal scaffold receiving 510(k) clearance for thicknesses up to 6 mm in June 2025, facilitating broader clinical applications. The NovoSorb MTX product, designed for highly exudative wounds, showed accelerated sales growth, doubling from A$2.1 million in the first half to A$4.6 million in the second half of FY25.
In a strategic collaboration, PolyNovo is supplying NovoSorb BTM to Beta Cell Technologies for clinical trials following encouraging 'First in Man' proof of concept results. This partnership opens a potential new cell therapy delivery silo alongside PolyNovo’s established wound care business, positioning the company at the forefront of innovative medical technology applications.
Looking Ahead
Capital expenditure of A$8.5 million is planned for FY26 to complete a new manufacturing facility and R&D Innovation Centre, partially funded by collecting overdue US debtors. The company also has access to a A$7.5 million equipment finance facility, with A$3.2 million already drawn.
Leadership remains confident in sustaining revenue growth and operational cash flow improvements, driven by geographic expansion, product innovation, and deepening clinical collaborations. The upcoming audited FY25 results, due 25 August 2025, will provide further clarity on the company’s financial trajectory.
Bottom Line?
PolyNovo’s FY25 results set a strong foundation for accelerated growth, but execution on new facilities and market expansion will be critical to watch.
Questions in the middle?
- How will the new manufacturing facility and R&D centre impact production capacity and costs?
- What is the timeline and commercial potential for the Beta Cell Technologies collaboration?
- Can PolyNovo sustain its rapid US sales growth amid increasing competition?
