The PolyNovo Ltd (ASX: PNV) share price has been amongst the best-performers on the Australian share market over the last 12 months.
On Monday the medical device company's shares hit a multi-year high of $1.59, which stretched their 12-month return to a remarkable 194%.
What is PolyNovo?
PolyNovo is an Australian medical device company that designs, develops, and manufactures dermal regeneration solutions using its patented NovoSorb biodegradable polymer technology.
NovoSorb is a novel range of bio-resorbable polymers that can be produced in many formats such as film, fibre, foam, and coatings. Its unique properties provide excellent biocompatibility, control over physical properties, and programmable bio-resorption profile.
And its key NovoSorb Biodegradable Temporising Matrix (BTM) product is a dermal scaffold for the regeneration of the dermis when lost through extensive surgery or burn.
Why has the Polynovo share price almost tripled in value in 12 months?
Investors have been scrambling to get hold of the company's shares over the last 12 months thanks to the success of its patented Novosorb wound treatment technology.
In the first half of FY 2019 NovoSorb BTM generated sales of $3.75 million, which was an increase of 319% on the prior corresponding period.
Since then sales have continued to grow strongly. In fact, at the end of last month the company revealed that it had its second $1 million month in a row. This compares to sales of under $0.2 million in May of 2018.
PolyNovo's CEO, Paul Brennan explained "May sales demonstrate that we are continuing to ramp our sales revenues. Further the size mix and order volumes are demonstrating a wide clinical application across trauma and surgical wounds. The May sales do not yet contain any contribution from Israel, South Africa or India."
What else has been happening?
PolyNovo isn't the only high-flying share in the space. Also rising strongly over the last 12 months has been the AVITA Medical Ltd (ASX: AVH) share price which is up 550% over the period.
AVITA is a medical technology company developing regenerative and tissue-engineered products for the treatment of wounds, scars and skin defects. The positive progress of its RECELL system has been the catalyst for its strong share price gain.
