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What’s happening with the PolyNovo (ASX:PNV) share price?

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The PolyNovo Ltd (ASX: PNV) share price has been attracting attention since the company announced a Nordic expansion last week.

On 24 February 2021, the PolyNovo trading volume jumped 26% higher than its usual daily average, sending shares in the medical device company up 4% to $2.52.

After closing yesterday at $2.46, the PolyNovo share price is currently trading down 1.22% at $2.43. 

How has the PolyNovo share price performed in 2021?

Year-to-date, the PolyNovo share price has choked, trading down 36.6%. Most of the bloodbath happened in January, with shares plummeting 33% in that month alone. So what happened?

In its trading update for the first half of FY21 released in early January, PolyNovo pointed to how the coronavirus pandemic had taken a whack at the business. Specifically, sales in the United States and the United Kingdom were impacted. 

However, managing director Paul Brennan affirmed the company was continuing to pursue new business opportunities as COVID-19 impacts eased.

The PolyNovo share price continued to fall on 18 January, when the company released a reply to an ASX query on information reported in its interim H1 FY21 update.

What’s the latest PolyNovo story?

The company has continued to expand the reach of its skin regeneration business over the past recent weeks.

In addition to the Nordic expansion, PolyNovo has announced it has entered into markets in Italy, Poland and Turkey.

In its latest earnings announcement, the business advised that it was also seeing success in Germany, Australia and Switzerland. It further noted that distributors had been appointed in Finland, Taiwan, Belgium and Greece.

For the H1 FY21 period, the business reported a net profit after tax (NPAT) loss of $3.5 million.

In its most recent announcement, PolyNovo updated the market regarding the development of its NovoSorb® SynPath product for treating non-healing diabetic skin ulcers.

The two-part study will perform the research required to support PolyNovo gaining reimbursement from US health insurance companies.

The first patients have been enrolled.

PolyNovo share price snapshot

Over the past year, the PolyNovo share price has lost 3.39%. Over the past month, it’s fallen 7.44%

The company has a current market capitalisation of $1.7 billion with 661.4 shares outstanding.

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Gretchen Kennedy 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.

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