PolyNovo Limited (ASX: PNV) has opened up over 7% this trading session, getting as high as $2.73 per share, making it the best performer in the ASX 200 today. The rally comes on the back of an announcement the company made this morning, outlining their success in breaking into the European market.
PolyNovo Limited (ASX: PNV) has opened this trading session up over 7% after an ASX announcement outlining their success in cracking into the European market. The company has sold its flagship product to a company in Germany, Austria and Switzerland. (Credit: PolyNovo.com)
PolyNovo is an Australian developer of unique, patented, biodegradable polymers for use in medical devices. The company provides regenerative products for burns, surgical wounds, orthopedics and reconstructive surgery amongst other health issues.
The company’s ASX announcement included several positives for the company, including their first product order of their flagship biodegradable temporizing matrix (BTM) product from medical device company PolyMedics Innovation (PMI) for their branches in Germany, Austria and Switzerland. Furthermore, PolyNovo’s BTM product is being used in surgery for the first time on Sunday in Germany. PNV also announced that there are a number of surgeons that plan to use BTM in upcoming surgeries in the coming week and fortnight.
Today’s announcement is just more great news for the company that is looking to break into an opportunistic and lucrative European market. The stock has rallied 30 fold in the past 5 years and 335% in the past year alone. The company is expected to breakeven in FY20 and is currently trading on a forward FY21 consensus multiple of 175x earnings and a FY22 consensus multiple of 94x, meaning that the market expects PNV’s earnings to grow significantly through the next few years.