Mayank Bansal, CFA
Mayank Bansal is a CFA Charterholder and heads the Equity Research team at Kapitales Research, with over 5 years of experience analysing global equity markets. He leads fundamental, data-driven research combining rigorous financial analysis with macro trends.
PolyNovo Reports AU$150 Million FY26 Revenue and Brings Forward Its US Burns PMA Filing
Highlights:
PolyNovo Limited (ASX: PNV) used its Annual General Meeting on 30 October 2026 to outline a year of growth and leadership renewal. Shares were last quoted at AU$0.920, up AU$0.040 or 4.545%.
Growth and Profitability Continue
Chair Leon Hoare said FY26 built the foundations for PolyNovo’s evolution into a global medical technology company. Revenue of AU$150 million is roughly 39 times the FY17 figure. Chief Executive Officer Bruce Peatey said the business has now treated more than 130,000 patients with NovoSorb products, and that financial discipline accompanied operating progress.
PMA Submission Moves Closer
The Clinical Study Report for the BARDA-funded US pivotal randomised controlled trial has been finalised. Management said all manufacturing, validation and clinical work required for the PMA is complete, and the team is now assembling the submission package. If approved, the application would provide a full-thickness burn indication in the United States and could support broader adoption and future opportunities in other major markets. Trial findings are due to be presented at the American Burn Association meeting in April.
Complex Wounds and New Products
Peatey described complex wound applications as a growing engine, with US revenue from these uses compounding at 52.8% a year over three years. He estimated the addressable patient group across trauma, surgical reconstruction and limb salvage is three to four times larger than burns alone. In a first randomised trial in high-risk diabetic foot wounds, NovoSorb BTM healed wounds 2.7 times faster than standard care.
NovoSorb SynPath is expected to launch in the US outpatient market this calendar year, with additional sizes planned later in FY27. The company is also reviewing its R&D pipeline, including hernia and breast programs, and will consider partnerships where others are better placed to progress an application.
Manufacturing and Leadership
PolyNovo has completed its largest manufacturing facility in Port Melbourne and expects to begin transitioning production there in the second half of FY27. The R&D Innovation Centre, damaged by a fire in November 2025, has been refitted and is largely reoccupied.
On the Board, Christine Emmanuel-Donnelly and Robyn Elliott are retiring, while Dean Phizacklea and Andrew Price have been appointed Non-Executive Directors. Charmaine Gittleson joined in April. A dedicated Nomination Committee has been established, and a new long-term incentive plan applies from FY27.
Outlook
PolyNovo does not currently provide formal financial guidance but says it sees a path to doing so. Its FY27 priorities include the PMA lodgement, the SynPath launch, faster adoption of NovoSorb MTX, pipeline and partnering updates, and greater operating leverage as the business scales.
Note: All data presented is based on information available at the time of writing.
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