PolyNovo Limited (ASX: PNV) has reported record monthly sales of A$11.9 million and total revenue of A$12.4 million for March 2025, marking a significant milestone in the company’s growth trajectory. This surge represents a 71.1% increase in monthly sales compared to the same time last year (STLY). Year-to-date (YTD) sales for March 2025 reached A$84.4 million, a 31.1% jump from A$64.4 million STLY.
The United States market was a key driver of this growth, with record monthly sales of A$9.3 million, a 92.6% increase STLY. YTD sales in the U.S. hit A$64.4 million, up 32.3% STLY. PolyNovo has successfully expanded its U.S. account base, adding 54 new accounts during the quarter. The increasing adoption of NovoSorb MTX is evident, with expanded account numbers and sales in Q3 reaching A$1.7 million, a 61.2% increase on Q1.
The United Kingdom also experienced substantial growth, with monthly sales of A$0.9 million, up 139.8% STLY, and YTD sales of A$5.5 million, a 62.4% increase STLY. The company achieved its first-ever £1 million quarter in Q3, with total sales of A$2.1 million.
India reported monthly sales of A$133,000, a 97.2% increase STLY, and YTD sales of A$0.9 million. PolyNovo has secured 16 tenders, including 7 through the Government-e-Marketplace (GeM) portal, facilitating product use in government hospitals.
The company’s total monthly group revenue, including BARDA (Biomedical Advanced Research and Development Authority) funding, reached A$12.4 million, a 48.5% increase STLY, and YTD revenue reached A$91.6 million, up 23.7% STLY. PolyNovo reports that they are profitable and operating within their financial plans.
As of March 31, 2025, PolyNovo held A$22.0 million in cash and cash equivalents. The company is also progressing with the construction of a new manufacturing facility, expecting it to be operational by December, and an R&D innovation center.
