Investing.com - Polynovo Ltd (ASX:PNV), a leading expert in burns treatment, experienced a significant surge in shares on Wednesday following the near doubling of its US sales during May. This substantial increase was driven by demand for their innovative polymer film surgical products.
The company's stock value rose sharply by 10.3%, reaching $1.605 per share.
Investments made by PolyNovo in marketing and sales efforts contributed to impressive revenue growth across various regions including the Middle East, UK, Canada, and Hong Kong. The revenue generated from these areas nearly tripled compared to the same month last year, totaling $1.9 million. Furthermore, their US sales reached a remarkable $5.2 million.
Swami Raote, CEO of PolyNovo expressed his optimism regarding these results stating that they highlight the company's ability to swiftly establish its presence within new markets while simultaneously expanding existing ones. However, he acknowledges there is still much progress needed in order to bring transformative healing solutions to more patients worldwide.
In May alone, group sales achieved an all-time high record with earnings amounting to $7.2 million; this represents an increase of 118.1% since June 2021 when access restrictions into American hospitals brought challenges for PolyNovo during the pandemic peak period.