PolyNovo’s Rapid Growth Hinges on U.S. Market and Cell Therapy Trials
PolyNovo Limited reported a robust 33.3% increase in Q1 FY26 sales, driven by strong U.S. growth and a remarkable surge in NovoSorb MTX sales. The company also completed key infrastructure projects, positioning itself for further expansion.
- Group sales up 33.3% to A$34.7 million in Q1 FY26
- U.S. sales climb 33.4%, Rest of World sales up 33.1%
- NovoSorb MTX sales jump 174.8% from prior year
- New R&D Innovation Centre and manufacturing facility completed
- Q1 FY26 EBITDA positive with A$23.2 million cash on hand
Strong Sales Momentum Across Key Markets
PolyNovo Limited has kicked off FY26 with an impressive 33.3% rise in group sales to A$34.7 million for the first quarter, underscoring the company’s accelerating growth trajectory. The U.S. market remains the powerhouse, contributing A$27.4 million, up 33.4% year-on-year, while the Rest of World segment also posted a solid 33.1% increase to A$7.3 million. This balanced expansion across geographies signals broadening adoption of PolyNovo’s innovative wound care technologies.
NovoSorb MTX, A Breakout Performer
Among the standout performers is NovoSorb MTX, whose sales surged by a staggering 174.8% to A$2.9 million. This product, designed to support natural wound healing without a sealing membrane, is gaining traction rapidly, particularly in the U.S. and international markets. Chairman David Williams highlighted the product’s strong momentum and bullish outlook, suggesting that NovoSorb MTX could become a significant growth driver in the near term.
Operational Milestones and Financial Health
PolyNovo’s operational infrastructure also saw important milestones. The new R&D Innovation Centre is now fully operational, marking the completion of capital expenditure in this area. Additionally, the company’s new manufacturing facility has finished construction, with only approximately A$2.5 million in capex remaining to make it fully operational. Financially, the company reported a positive EBITDA for the quarter and maintained a healthy cash balance of A$23.2 million as of 30 September 2025, providing a solid foundation for ongoing investment and growth.
Strategic Outlook and Emerging Opportunities
Looking ahead, PolyNovo is eyeing expansion into the U.S. outpatient market, targeting plastic surgeons, podiatrists, and home care providers. Proposed U.S. pricing changes in calendar year 2026 are expected to enhance market opportunities further. The addition of a new CEO and Board Director is anticipated to strengthen this strategic push. Moreover, international markets such as Turkey, Germany, and Canada are showing promising sales ramps, with growth rates of 97%, 269%, and 63% respectively in Q1 FY26.
Innovative Cell Delivery Trials Signal Future Growth
Beyond wound care, PolyNovo is advancing clinical trials with Beta Cell Technologies, exploring the delivery of pancreatic islets and other cells using the NovoSorb BTM platform. This initiative could open a new revenue silo focused on cell delivery therapies, adding a compelling dimension to the company’s long-term growth prospects. While still early days, the potential to diversify beyond traditional wound management is an exciting development for investors and stakeholders alike.
Bottom Line?
PolyNovo’s strong start to FY26, combined with strategic expansions and innovative trials, sets the stage for sustained growth and market disruption.
Questions in the middle?
- How will upcoming U.S. pricing changes concretely impact PolyNovo’s market share and margins?
- What is the timeline and commercial potential for the Beta Cell clinical trials and cell delivery platform?
- Can the company sustain NovoSorb MTX’s rapid sales growth across diverse international markets?
