PolyNovo has delivered solid FY26 revenue growth of 16.1%, driven by commercial sales expansion and improved manufacturing output, while progressing insurance recovery from its R&D centre fire.
- Group revenue rises 16.1% to AUD 150 million
- US commercial sales up 15.6%, Rest of World up 20%
- Operating cash flow surges 674% to AUD 24 million
- New manufacturing facility completed and validated
- Insurance claim progress payments total AUD 3.5 million
Revenue Growth Anchored by US and Global Sales
PolyNovo Limited (ASX:PNV) has reported a robust preliminary trading update for FY26, with group revenue climbing 16.1% to AUD 150 million. Commercial sales, excluding BARDA-funded trial revenue, rose 16.7% to AUD 138.4 million, underpinned by a 15.6% increase in US sales to AUD 102.1 million and a 20% lift in Rest of World sales to AUD 36.3 million. The company’s flagship NovoSorb BTM product contributed AUD 125.8 million, up 12.3%, while NovoSorb MTX nearly doubled sales, surging 89.6% to AUD 12.6 million.
Cash Flow Strength Driven by Manufacturing and Sales Momentum
Operating cash flow soared 674% to AUD 24.02 million, reflecting increased manufacturing output and strong sales execution. Free cash flow swung to a positive AUD 10.4 million from a negative position the prior year. PolyNovo completed construction of its new manufacturing facility and is progressing validation activities, with only AUD 1.5 million in capital expenditure remaining for machinery expected in H1 FY27.
Insurance Claim Progress Following R&D Centre Fire
Following the November 2025 fire at its standalone R&D Innovation Centre, PolyNovo has received AUD 3.5 million in progress payments from insurers, with further recoveries anticipated during the first half of FY27. The company continues to work closely with insurers to finalise the claim and cover costs associated with rebuilding and restoring the facility.
Strategic Investments and Product Pipeline Support Growth Outlook
CEO Bruce Peatey highlighted the expansion of the US sales organisation, now exceeding 100 frontline personnel, supported by added reimbursement expertise and marketing resources. He noted the competitive US reimbursement landscape and seasonal market fluctuations but emphasised that product performance remains strong. The company is preparing for the commercial launch of NovoSorb SynPath, targeting outpatient wound care, while clinical evidence and peer education continue to drive NovoSorb MTX adoption.
Chair Leon Hoare pointed to a broadening customer and indication base as key drivers of solid revenue growth and expressed confidence in FY27 prospects following a recent strategy review and multiple executive leadership appointments.
Awaiting Finalised Financials and Upcoming Catalysts
PolyNovo is finalising its year-end financial close, with EBITDA and NPAT figures yet to be released. The full FY26 results and strategic update are scheduled for 26 August 2026. Investors will be watching for how the company leverages its expanded manufacturing capacity, new product launches, and ongoing insurance claim resolution to sustain growth momentum.
Bottom Line?
PolyNovo’s FY26 performance showcases operational resilience and strategic positioning, but final earnings and insurance claim outcomes will be critical to validate its growth trajectory.
Questions in the middle?
- How will the final EBITDA and NPAT figures compare to preliminary cash flow strength?
- What is the timeline and potential financial impact of the remaining insurance claim settlements?
- Can the upcoming NovoSorb SynPath launch accelerate growth in outpatient wound care markets?