The webinar this week confirmed the validity of the “Accelerating Global Impact” slogan that PolyNovo has adopted since Swami Raote came on board as CEO a year ago.
From just 14% last FY, PolyNovo’s ex-US sales have now surged to over 22% of total sales. Novosorb is now officially the market leading dermal substitute in both the UK and Germany (ahead of forecast), capturing ~45% of dermal substitute sales in the former and 56% in the latter. BTM was already the market leading dermal substitute in full thickness burns in Australia & New Zealand.
The acceleration in ex-US sales seems set to continue this FY, with first sales in India only commencing late in FY23 and sales in France and Spain (with 115m population) soon to begin.
While sales in burns dominates in Australia/New Zealand and the United States, in the UK the leading use for BTM is in wounds. Swami Raote mentioned that more European surgeons are taking liberties with BTM, attracted by its versatility and driven by the constraints in their health systems.
The growing international acceptance of Novosorb as a key part of PolyNovo’s growth story contrasts with the other ASX-listed “skin companies” – Avita and Aroa.
Despite ReCell entering the European market in 2005 and the Canadian and Australian markets in 2006, well before receiving US approval in 2018, just 0.7% of Avita sales last year were outside the United States.
And while Aroa has regulatory approval in 50 countries, ex-US sales represented just 2.9% of the company’s total sales last year.
With China and Japan next on the list of markets to be conquered, it will be exciting to watch the further acceleration in PolyNovo's global growth.
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