PNV - Banter and General Comments, page-5669

Endeavour Asset Management has been a long term investor in PNV, and this is their comments in their October report on PNV:

"Polynovo provided a 1Q22 sales update during the month, which displayed green shoots of strong growth after what has been a very challenging period for the business following the fallout of Covid. Polynovo’s flagship product is used to repair the multiple layers of skin that are damaged in deep burns or wounds. Sales in the UK, Ireland and Europe were up 327% and 204% on the prior year respectively, which is encouraging. However, there were mixed results in Australia and the US as Covid and lockdowns impacted some regions more than others. Despite the prolonged impacts, the investment thesis remains intact. There are multiple further uses for Polynovo’s technology which are yet to be commercialised which surgeons are discovering and driving, these provide upside to the current valuation. Further GPO agreements and the rollout of sales teams is expected to drive sales growth over the balance of FY22. Polynovo closed down 5.5% for the month."

Endeavour Asset Management I recall was one of the fund managers that as just one part of their due diligence process, had engaged with surgeons and sent analysts to wounds and burns conferences to speak to surgeons directly to get their views first hand on how well BTM compared with existing biological matrices in the market. The result was obviously overwhelmingly positive, and they have remained on the register despite the fact that PNV has already multi-bagged from when they invested.