Medical device and wound care company PolyNovo reports a 295 per cent slide in EBIT to post a $3.8m net loss after tax for the first half of the financial year.
PolyNovo said its first-half profit included the reversal of $4.7m in share awards and share options expense forfeited by the previous chief executive officer and chief operating officer on their resignations, and an unrealised forex gain of $400,000.
The group reported strong growth in the US with record firt-half sales of $22.8m, up 61 per cent.
PolyNovo recorded a 131 per cent jump in employee-related expenses to $17.7m.
Revenue of $29.6m was a 61.8 per cent increase on the first half of 2022.
PolyNovo said 8000 patients in the first six months of 2023 compared to near 10,000 patients through the full year 2022.
Biomaterial company PolyNovo reported in its half-year results a net loss after tax of $3.8 million, plunging to 336.2 per cent.
PolyNovo reported a revenue of $29.5 million, up 62.2 per cent in its half-year results.
The company recorded its sales at $27.3 million, jumped 67.5 per cent when compared to the prior corresponding period.
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