SECOND MILLION DOLLAR MONTH

Revenue from BTM sales for the month of May are more than $1 million (May 2018 $192,410 - 419% increase) and greater than April revenue. These sales do not yet contain contribution from Israel, South Africa or India. 

May sales demonstrate that PNV continues to ramp sales and still on track to achieve break even status in FY20. 

Product pipeline for PNV:

•  Hernia product development on track for direct market entry USA Mid-2020.
• Breast product development in partnership with Establishment Labs (Motiva), market entry post-PMA study 2024-5.
• New applications for NovoSorb polymer.
• BetaCell diabetes collaboration.
  

PNV has outlined plans for a new factory, which will be purpose built for Hernia, Breast and Shared component manufacturing. Build to commence in May and will be fully commissioned by May 2020. Cash flows will fund factory expansion and there are no plans of a cap raise.

Polynovo recently appointed Mr Ashok Srinivasan to the position of COO, with responsibility for the Company’s operations, including manufacturing, engineering, supply chain and facilities.

Mr Srinivasan holds Engineering qualifications and a Master of Science in Manufacturing and Industrial Engineering. He has experience in global supply chain and distribution with surgical instruments.

PolyNovo’s CEO, Mr Paul Brennan said, “Ashok will add a depth of experience to our factory expansion and the significant increase in production we expect from our US and post-CE Mark expansion.”

PolyNovo is pleased to announce the appointment of the German company PolyMedics Innovations (PMI) as distributor for NovoSorb BTM in Germany, Austria and Switzerland.

PolyNovo anticipates CE regulatory clearance for the European Union shortly and the appointment of PMI will enable immediate market entry in the above countries.

PolyNovo’s CEO, Mr Paul Brennan said, “This is a very exciting partnership which should bear fruit quickly in a pivotal European market for NovoSorb BTM. We have been in discussion with PMI for some time and we are confident we will be very successful in the DACH region”.

PolyNovo has been granted access to the US Department of Defence (DoD) contracts through a Defence Acquisition and Program Administration (DAPA) and Veteran’s Affairs (VA) contract.

This access allows DoD facilities to purchase NovoSorb BTM for the treatment of serving military, veteran’s, and their families. DoD health facilities, anywhere in the world, will now be able to purchase NovoSorb BTM.

In addition, PolyNovo has been granted access to several other United States Government contracts. The US Government will provide BTM access to Medicare/Medicaid patients under the Federal Supply Services (FSS) contract. Importantly, this enables both inpatient and outpatient treatments using BTM to be reimbursed.

MILLION DOLLAR MONTH

PolyNovo is pleased to announce:

• Revenue from BTM sales for the month of April are more than $1M (April 2018 $321,363); and

• Revenue from sales for BTM in Australia and New Zealand only are more than $1M year to date (YTD April 2018 $66,048) 

A million-dollar revenue per month was a rough indicator the company was at or close to break-even - with Paul Brennan (CEO) indicating that FY20 will be break even.