Ann: 1H24 Trading Result (unaudited), page-124

The first named analyst is Madeleine Williams. She joined Wilsons as an analyst in 2021. She is said to have a Bachelor of Biomedicine Degree, has “worked for various healthcare organisations”, and has "advanced her experience in finance operations”.

I remember that Ms Williams was quoted for Wilsons in the media article published just before Christmas, related to the hold up in BTM supplies getting into Israel.

I’ve reread her comments on PNV at the time. My comments below in red.


Wilsons analyst Madeleine Williams said Polynovo was entering 2024 in a “particularly interesting spot”, saying it was likely to surpass IART (Integra Lifesciences) as market share leader in the burns segment in the US, alongside their leading share in Germany and the UK.

PolyNovo is entering 2024 in a “particularly interesting spot”? Meaning? No explanation is given other than that Ms Williams thinks it “likely” that PolyNovo will take Integra’s position as market share leader in burns in the US this year. But no explanation is provided for that thinking either.

"We have previously been concerned about Polynovo’s lack of ability to expand use-case outside of burns but assess that clinical evidence in trauma and new product filings/releases, potentially in hernia, could be pencilled for 2024,” Ms Williams wrote in a note to investors earlier this month.

Translated, I think this means “Until now, we have been negative on PolyNovo because it’s had no success getting doctors to use BTM outside of burns. But hey, that might change in 2024. They might actually put together some evidence that it’s being used outside burns, maybe release a new product, file something, somewhere, to someone… who knows, David Williams might even launch a new colour jacket!”

"We see Polynovo’s expanding product suite positioning them as an attractive asset to larger players."

We’ve noticed that while it’s not expanding, PolyNovo’s product portfolio is kind of expanding, and that can only mean one thing….. takeover time!!

I do hope so, because then I won’t have to analyse the ****out of this #@$*! company any more!

"However their valuation still sits on average, about 3 times that of peers."

Sorry, got distracted there. Almost forgot to mention again that we really don’t like PolyNovo because its valuation is higher than its peers, you know, companies like Mesoblast and KC Tissue Inc….