The Polynovo Ltd (ASX: PNV) share price is up around 7% after announcing European growth.
Polynovo is a business involved in helping regenerating skin that’s been lost through extensive surgery or buns. NovoSorb is a range of bio-resorbable polymers that can be produced in many formats and have unique properties that provide strong biocompatibility, control over physical properties and programmable bio-resorption profile.
European growth
Polynovo has announced its entry into Poland with the appointment of Hortho Medical Innovations as its exclusive distributor.
Hortho distributes devices for medical reconstruction, as well as a number of complimentary bio-absorbable implant technologies and it works closely with key opinion leaders in plastic and reconstruction surgery. Hortho has a direct team servicing all of Poland and plans to add dedicated personal to support their NovoSorb BTM sales and marketing.
Poland is the six largest country in the European Union with a population of more than 38 million, and a medical device market valued at over $2.2 billion.
Polynovo Managing Director Paul Brennan said: “Poland is an exciting growth market in Europe and we see this partnership as an important step in expanding our sales in Europe.”
Turkey
The company also announced it’s entering the Turkish market with the appointment of Incomed Saglik Hiz and its medical sales channel LotuS as the distributor.
Polynovo said this was a significant step in expanding to a significant number of surgeons and patients in the region.
LotuS has an established product portfolio and sales relationships within wound and burn treatment.
Polynovo said that Turkey has seen significant economic growth over the past 10 years, and it is building a modern medical industry. Turkey has a population of 82 million people and a GDP of US$761 billion in 2019. Polynovo sees good medium term opportunities in Turkey.
Polynovo Managing Director Paul Brennan said: “We are excited by our partnership with LotuS mcd and our entry into Turkey. The country is an important geographical and commercial link in our European, Mediterranean and Middle East strategy. We will now be able to service surgeons who work across EMEA and expand the inter-surgeon referral of the benefits of NovoSorb BTM.”
Summary thoughts
Polynovo continues to expand and it could be worth a small buy today if you believe in its growth story. The Polynovo share price has dropped heavily since early January.
However, there are other ASX growth shares that I understand better like Pushpay Holdings Ltd (ASX: PPH) and VanEck Vectors Video Gaming and eSports ETF (ASX: ESPO) which I think could be better value.
