The Polynovo Ltd (ASX: PNV) share price leaped 10% higher today after announcing its first product orders for the German, Austrian and Swiss markets.
Who Is Polynovo Ltd?
PolyNovo is an Australian medical device company that designs, develops, and manufactures dermal regeneration solutions using its patented NovoSorb biodegradable polymer technology.
Its current product is NovoSorb BTM (Biodegradable Temporising Matrix), a wound dressing intended for the treatment of full-thickness wounds and burns where the dermal structure requires a split-thickness skin graft for final closure.
Think of it like a ‘sheet’ that goes over affected areas and lets the skin tissue heal ‘through it’, lessening the risks of rejection and infection.
What Happened?
Pleasingly for investors, today Polynovo said they shipped first orders of NovoSorb BTM in preparation for surgeries, with the first surgery taking place on Sunday.
“The enthusiasm and engagement of surgeons for NovoSorb BTM is very exciting and likely to bring further product sales in the near term,” PolyNovo’s CEO, Paul Brennan said.
“We are off and running in Europe,” added Chairman David Williams. “When we announced our EU approval in mid-December we said we expected near term sales. We have achieved that now and better still we have the first patients being treated.”
Management’s seemingly very positive commentary follows a trading halt in PolyNovo’s shares earlier this month.
According to Yahoo!Finance, PolyNovo is a company valued by investors at over $1 billion however its sales were last reported at just $2 million per month.
I think you’ll admit, that’s quite a high valuation.
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