2021 Reports Announcement of Full-Year Results Appendix 4E...

2021 Reports
Announcement of Full-Year Results
Appendix 4E
Chairman and MD Report
Directors’ Report
Financial Statements
PolyNovo Limited
ABN 96 083 866 862
26 August 2021



PolyNovo Limited
ABN 96 083 866 862
2/320 Lorimer Street
Port Melbourne
VIC Australia 3207
P +61 (0) 3 8681 4050
F +61 (0) 3 8681 4099

26 August 2021
ASX Announcement Full Year Results FY21
The company is pleased to report we have reached breakeven/profit, excluding non-cash expenses. This significant
milestone has been achieved with strong sales growth and significant investment in sales personnel. Audited results were a net loss after income tax of $4.61m (2020 $4.19m) but this includes $2.63m in share-based
payments expense ($2.63m), unrealised foreign exchange losses ($1.12m), and depreciation & amortisation ($1.12m). Total revenue of $29.34m includes:
• NovoSorb BTM of $25.51m up 33.8% on the prior year
• Revenue from the BARDA clinical trial program of $3.65m up 18.1% on the prior year
• As at 30 June 2021, the Company held $7.69m in cash and short-term investments. COVID had a significant impact on hospital trauma, burn and elective surgery activity. Notwithstanding limited hospital
access, lockdowns, and travel restrictions, we adapted our business and had continued material sales growth globally
and notably in the US with BTM sales up by 49% in $US and distributor sales up by 53.1%. We continued to invest in building our capacity to drive revenue with personnel growing from 78 to 106. Investing in our
sales teams is a significant driver of sales momentum. In the second half we saw a strong improvement in revenues and
new accounts. This trajectory and new US sales staff are expected to deliver a strong FY22.
PolyNovo expanded in Europe using our distributors to rapidly reach new geographies and establish revenue flow.
Finland, Belgium, Netherlands, Luxembourg, Greece, Turkey, Poland, Italy, and Taiwan were added in FY21. Further
countries will be added in FY22. During the Period, the Company’s other key initiatives and achievements include:
• Commenced recruitment in the BARDA funded ($15m USD) Pivotal trial
• Staff increased from 78 to 106 with a US sales team of 36
• Signed Taiwan distributor and achieved first sales
• Signed 6 European distributors covering 8 markets and expanded our German distributor’s territory to include
Belgium, Netherlands, Luxembourg, and Sweden
• Signed three General Purchasing Organisations (GPO’s) in the US
• Implemented advanced digital marketing strategies to drive sales and marketing during COVID
• Completed the new production facility for hernia, film, foam, and polymer with redundant capacity for BTM
• Initiated a US chronic wound study for health insurance reimbursement
• Initiated a chronic wound study with Flinders University South Australia Our production capacity and logistics team have maintained production schedules and successfully negotiated the
challenges of airfreight to maintain stock levels in all regions