NovoSorb ® MTX First Sales and March 2023 $6m Revenue

Their headlines

• Monthly Revenue (unaudited) including BARDA of A$6.4m in March, up 48.2% pcp, including record BTM sales of A$5,45m.
• Sales Revenue (unaudited) for 9 months to 31 March 2023 of A$41.1M up 49.8% pcp.
• Total Revenue (unaudited) for 9 months to 31 March of $A45.2m, up 47.8% on pcp $30.6m

My Observations

Continued good progress, even if tracking well below my model which has SP target of $2.46, vs. $1.63 opening today.

3rd Q revenue was ($45.2-$30.6)=$14.6m, which means if March was $6.4m, then Jan and Feb averaged $4.1m, which gives an indication of the month to month variability. "Lumpy" as DW comments.

In my previous straw I noted the recent results of $ARX and $IART (NASDAQ) and it is clear that - assuming most of the growth continues to be in USA - that $PNV is growing more strongly than both, and much more strongly than $IART, the incumbent.

So even if the rate of growth is moderating (from >60% to c. 50%) it is clear that $PNV is taking a larger share of the market - a good sign.

No real details on India, other than by omission if new hospitals have been added in USA, Canada and HK, then no new hospitals have been added in India, or elsewhere for that matter.

Initial market SP response a modest rise.

My Key Takeaway

An OK result, but in the absence or further news before the FY, I don't think it is strong enough to significantly reverse the SP decline we've seen in recent weeks, but it should be enough to stabilise it.

Disc: Held IRL and SM