Polynovo’s (ASX:PNV) patchy global sales counter strong US growth

Global sales in biotech giant PolyNovo (ASX:PNV) have surged 45 per cent to $16.3 million from a year ago, led by encouraging sales in the US while global sales were described as “patchy”. 

US sales for December were a record $3.4 million, up 76 per cent from the same time last year, while second quarter sales were a record $8.06 million, up 105 per cent from a year ago. 

Polynovo said major focus on markets outside the US have been “patchy”, but initiatives are being undertaken to improve the effectiveness of its in-market programs, direct sales force and distributor networks.

“While US sales are very encouraging, there is more to achieve as we still have new sales staff being onboarded and more staff to be employed. In addition, we are retraining existing staff to follow surgeon leads using the product in new indications,” said chairman David Williams.

Shares in PolyNovo (ASX:PNV) are trading 18.7 per cent higher at $1.70.