PolyNovo (ASX:PNV) reported unaudited trading results for the first half of FY26, with group revenue rising 26% to $68.2 million, compared with $54.1 million in the same period last year.
US sales reached $51.7 million, up 25.3% year-on-year, while Rest of World revenue grew 28.3% to $16.5 million, driven by strong performances in Australia, Canada, Germany, Ireland, and Turkey.
NovoSorb MTX sales surged 195.2% to $6.2 million, reflecting accelerated adoption, while BARDA revenue fell 62.5% to $2 million, in line with expectations following the completion of the pivotal trial for full-thickness burns.
Total group revenue, including BARDA, rose 17.6% to $70.4 million.
Cash and liquidity strengthened during the period, with cash and cash equivalents of $29.3 million at Dec. 31, 2025 and positive operating cash flow of $9.5 million, compared with an outflow of $12.5 million in H1 FY25.
The company also completed construction of its new manufacturing facility, with remaining capex of $2.2 million expected in H2 FY26, and maintains access to a $7.5 million equipment finance facility, of which $2.6 million has been drawn.
PolyNovo remains on track with its US pre-market approval submission for full-thickness burns and has submitted a comprehensive clinical evidence package to the Centers for Medicare and Medicaid Services to support Medicare coverage for NovoSorb BTM.
CEO Bruce Peatey said the results reflect "strong growth across key markets, driven by broader adoption, new products, and expanded geographies," and highlighted ongoing strategic initiatives in the US outpatient market