PolyNovo delivered a solid financial performance in FY26, growing total revenue to $150.0 million, representing a 16.1 percent increase from the prior year. The company’s commercial sales climbed 16.7 percent to $138.4 million, with the constant currency growth rate of 21.3 percent highlighting the impact of Australian dollar strength on reported figures. The results reflect a company that continues to expand its footprint in wound care, having now treated more than 127,000 patients across 50 countries.
What distinguishes this year’s result is the acceleration in profitability metrics. Underlying EBITDA surged 50.4 percent despite modest reported EBITDA growth of 8.1 percent to $12.1 million, suggesting the business is generating greater cash generation per dollar of revenue. Operating cash flow jumped significantly to $23.1 million, up $20 million from the prior year, while free cash flow improved by $9.4 million. These cash generation improvements matter considerably for a medtech company scaling its operations and R&D investments, indicating that revenue growth is translating into genuine profitability gains rather than accounting artifacts.
The geographic and product mix offers another encouraging signal. U.S. commercial sales reached $102.1 million, up 15.6 percent locally, with particularly strong performance in the NovoSorb MTX product line at $12.2 million, up 92.7 percent in constant currency. The emergence of complex wound applications, particularly large burns, as a growing portion of U.S. sales alongside other indications demonstrates successful market expansion beyond PolyNovo’s initial focus areas. Rest of World sales grew 20 percent to $36.3 million, suggesting the international expansion strategy is gaining traction.
The company’s strategic positioning also strengthened during the year through leadership appointments. Bruce Peatey’s elevation to Chief Executive Officer, combined with the appointments of Dr Marthe D’Ombrain as Chief Scientific Officer and Amy Demediuk as General Counsel and Company Secretary, signals the Board’s commitment to deepening expertise across clinical, commercial and governance functions. These appointments follow what the Chair described as a period of significant leadership change, and should provide continuity as the company pursues its next phase of growth.
Investors should monitor how PolyNovo sustains the underlying EBITDA growth trajectory as it reinvests in product development and geographic expansion. The cash generation improvements suggest the company may be approaching a more self-sustaining growth profile, a transition that typically rewards market confidence. Watch for progression of NovoSorb MTX adoption, international regulatory approvals for new indications, and whether the rest of world segment can achieve U.S. comparable growth rates. The company’s ability to translate its proven platform into sustained margin expansion while scaling globally will define the value PolyNovo can ultimately deliver to shareholders.
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About PolyNovo Limited (ASX: PNV)
PolyNovo Limited designs, manufactures, and sells biodegradable medical devices for surgical and trauma applications, with a primary focus on dermal regeneration matrices and reconstructive surgery products. The company develops innovative biocompatible polymer solutions used in burn treatment, wound management, and emerging applications including hernia repair and pancreatic implants. It operates across multiple international markets including Australia, New Zealand, the United States, and Europe.
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