Medical devices and solutions group Polynovo [ASX:PNV] has posted some positive news this morning, with the group having achieved its first-ever month of sales to reach as high as $7 million — as reported for the month of May.
PVN shares were soaring for the latest announcement — trading hands for $1.65 a share at the time of writing — having surged 13.5% in value.
Over the year PVN is trending up a significant 48%, over the 12 months. However, it’s still in the red by 18% for 2023. Compared with the wider market, PVN is up 30% on average:
Source: TradingView
Polynovo’s new world revenue record and higher US sales
Earlier on Wednesday morning, Polynovo decided to release news on its financial progress for the month of May.
The group was eager to share that it had hit a new record in monthly sales of $7.2 million (unaudited), with total revenue including BARDA (Biomedical Advanced Research and Development Authority) for the 11 months to the end of May reaching $59.1 million — an increase of 54.5% on the same time last year, when the total had hit $38.3 million.
Results were helped along by higher numbers in the U.S. where monthly sales also hit a new record of $5.2 million — a massive increase of 97.3% on the same time last year.
But it wasn’t just America bolstering the medical group’s sales figures. The group also reported that it had hit record monthly sales across the rest of the world by bringing in a huge 189.3% increase on last year, totalling $1.9 million.
These results included encouragingly strong sales across Canada, Hong Kong, India and even a first-time order from the Middle East, boding well for growing market share and new regions.
Chairman of Polynovo, David Williams stated:
Advertisement:
WATCH NOW: Australia’s ‘abandoned gold’
A revolution is taking place in Australia’s mining sector.
A new type of miner is bringing old gold and critical minerals back to life…and already sending some stocks soaring.
Our in-house mining expert — a former industry geologist — has tapped his industry contacts to uncover four of these stocks that could be next…
‘There is a lot to like about our growth, but particularly our rate of growth in the table below. Some additional colour in the numbers is that sales YTD May 2023 in Canada were $1.3m, sales to 2 of the 4 major hospitals in Hong Kong with a third evaluating, a significant first sale to the Middle East, sales to more than 15 customers in India and additional sales of NovoSorb MTX in the US. The momentum reflects more sales staff, new products like NovoSorb MTX, new medical indications and new geographies.’
Swami Raote Chief Executive Officer, adds:
‘While lumpy, the results demonstrate our ability to quickly gain traction in new markets and to grow existing markets. I am proud of our results and our people but there is a long way to go in our mission to redefine healing for many more patients around the world.’
Source: PVN
Tik-Stocks — viral trends expected in 2024
With cost-of-living and inflation increases, political conflict and the energy crisis taking enough of the attention, you might be thinking…is it worth taking any risks?
But think about this — unassuming small-cap Stem Cell United [ASX:SCU] catapulted 8,284% in two days when it decided it would chase down a medicinal cannabis opportunity.
Also, Cann Group [ASX:CAN] began at 30 cents and ballooned to $4 in a manner of months in another viral explosion.
This is why our experts bring you Tik-Stocks, a sort of cousin to ‘meme stocks’ predicted to be the next big thing…and how to use them.
If you would like to know more about Tik-Stocks click here.
Regards,
Mahlia Stewart
For Money Morning
