bullish
PolyNovo (PNV AU): FY23 Result- Sales Momentum Accelerates; Net Loss Widens on Higher Opex
323 Views29 Aug 2023 18:22
SUMMARY
- PolyNovo Ltd (PNV AU) reported record high sales of A$66.5M, up 59% YoY during FY23, mainly driven by strong momentum in the U.S. RoW sales increased 134% YoY to A$14M.
- However, net underlying loss widened to A$2.3M in FY23 from A$2.0M in FY22 due to a 50% YoY increase in operating expenses due to increasing headcount and R&D investment.
- In FY23, the U.S. customer accounts increased to 299 hospitals from 189 hospitals in FY22. PolyNovo continued geography expansion and entered Hong Kong, India, and Canada markets.
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Tina Banerjee
Global Healthcare Analyst
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