Why the PolyNovo (ASX:PNV) share price is zooming 7% higher today

The PolyNovo Ltd (ASX:PNV) share price is zooming higher on Wednesday following the release of two positive announcements…

| More on:
A young man pointing up looking amazed, indicating a surging share price movement for an ASX company

Image source: Getty Images

The PolyNovo Ltd (ASX: PNV) share price is pushing higher this morning following the release of a couple of positive announcements.

At the time of writing, the medical device company’s shares are up 7% to $2.66.

What did PolyNovo announce?

This morning PolyNovo announced that it has expanded its presence in Europe by entering into both the Poland and Turkey markets.

In respect to Poland, the company has appointed Hortho Medical Innovations as its exclusive distributor in the country.

According to the release, Hortho distributes modern and innovative devices for medical reconstruction. This includes a number of complementary bio-absorbable implant technologies.

It also works closely with key opinion leaders in plastic/reconstructive surgery and has a direct team servicing all of Poland. Hortho plans to add dedicated personnel to support NovoSorb BTM sales and marketing activities.

The company notes that Poland is the sixth largest country in the European Union with a population of more than 38 million, and a medical device market valued at over $2.2 billion.

PolyNovo’s Managing Director, Paul Brennan, said: “Poland is an exciting growth market in Europe and we see this partnership as an important step in expanding our sales in Europe.”

What about Turkey?

Over in Turkey, PolyNovo has appointed Incomed Saglik Hiz and its medical sales channel LotuS as its distributor.

It notes that this expansion into the Europe-Middle East-Africa (EMEA) region is a big step in bringing NovoSorb BTM to a significant number of surgeons and patients in the region.

LotuS has an established product portfolio and sales relationships within wound and burn treatment. It also has over 10 years’ experience launching innovative devices through its extensive customer base.

Management advised that LotuS is the distributor of Suprathel (an artificial wound and burn dressing) and is familiar with the benefits of synthetic products in the treatment of complex surgical wounds. NovoSorb BTM will complete its plastic and reconstructive surgery offering.

Mr Brennan commented: “We are excited by our partnership with LotuS mcd and our entry into Turkey. The country is an important geographical and commercial link in our European, Mediterranean and Middle East strategy. We will now be able to service surgeons who work across EMEA and expand the inter-surgeon referral of the benefits of NovoSorb BTM.”

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of January 12th 2022

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of POLYNOVO FPO. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Gainers