Announced today:

The trading halt is requested in respect of finalising an announcement on the clearance by the FDA of a major new product for the US market

More good news. PNV has been awarded a $500,000 grant from the Victorian Government

"PolyNovo said it plans to use the funding to support the purchase of new equipment and the upgrading of existing equipment used for manufacturing our NovoSorb SynPath product, used for amongst other things diabetic foot ulcers (DFU)."

Given that PolyNovo already has a manufacturing capability for SynPath, I'm not sure what this grant means other than a healthy injection of free money. The company has previously signalled that the product, which is still in the clinical trial stage, will not be launched until 'late 2023'. The grant would not appear to accelerate this launch.

Oh no! PNV MD Paul Brennan has 'resigned". When the Codan CEO announced his departure that triggered a nose dive in the share price. Let's hope this doesn't happen to PNV, just as they are building up a head of steam.

From the announcement it sounds like the departure of Paul Brennan isn't entirely amicable:

"in more recent times there have been increasing differences with the Board in relation to Paul’s interaction with the company’s senior management team and his management style. Accordingly, the Board has accepted Paul’s resignation.”

The AGM was a bit unusual in that the chairman David Williams ended his introduction with an interesting dissection of PNV share price movements in the past year. He attributes the sp volatility to short interest, which is currently quite high at 6% of issued share capital, the same as it was this time last year. After last year's very positive AGM, the short interest plummeted to 2%, creating a lot of buying pressure which led to a spike in the share price.

It seems very likely that this pattern will play out again after this year's AGM, which was also full of positive news, particularly about strong sales in the US in the past quarter. The only slightly negative sentiment from the meeting is that the company continues not to set any annual revenue target. The justification given for this is that the company is still early in its growth trajectory, and has not yet established a consistent, predictable pattern of growth.

This doesn't worry me in the slightest as a long term holder (in RL). There are so many avenues for growth - selling the existing BTM product into more markets, broadening the use cases for this product, then bringing on the new hernia product in 2023 - and the product is so superior to the competitors' products, that I'm struggling to see anything but a bright future. The big capital investment in manufacturing capacity is behind them, and now the company is focussing on sweating those assets, as the MD Paul Brennan stated.

This mostly repeats Shrivak's straw, but these are my takeaways from the investor presentation and call.

Turned a profit for the first time (if you exclude share-based payments)
49% revenue growth in US to $15.5m, despite Covid , still ramping up sales team,which grew from 18 to 36. This region is profitable and the largest revenue contributor.
25% revenue growth in Australia
Total revenue growth 32% to $29.3m
Entered 8 new jurisdictions in Europe and Asia via distributors
Revenues will increase faster than costs from here on, capex costs were down 60% after commissioning of new factory
Cash on hand $7.7m - no change from 6 months ago
Growth is all about increasing the sales force to get in front of more surgeons
Manfacturing capability for hernia devices is complete, animal trials in progress, working toward FDA approval in March 2023

This is a fabulous Australian innovation story, with a world-beating product and a clear growth path through geographical expansion and development of more products based on the BTM technology to address more use cases. Covid has been a very significant headwind this year since face-to-face selling (to surgeons) is the primary means of acquiring new customers, so to achieve 32% revenue growth in these circumstances is pretty impressive.