The Polynovo Ltd (ASX: PNV) share price is up 1.9% in late afternoon trading to $2.13 per share.
The S&P/ASX 200 Index (ASX: XJO), meanwhile, is struggling to hold on to its earlier gains, though currently still up 0.2%.
Polynovo is under the microscope today as the ASX medical device developer gets set to deliver its full year 2021 financial results (FY21) tomorrow.
With investors keenly awaiting Thursday's results, we look back to how the Polynovo share price moved following the release of its FY20 results.
What did Polynovo report in FY20?
The Polynovo share price fell 6.5% on 26 August 2020, the day the company reported its FY20 results.
The fall came despite a 104% increase in sales revenue reported over the year, to $19.1 million. Revenue grew across the company's markets, with particularly strong growth in the United States.
Likely contributing to Polynovo shares falling after last year's results was the 28.8% year-on-year increase in operating expenses which reached $22.6 million. The company reported an operating loss of $1.1 million and a net loss after tax of $4.2 million.
Polynovo finished off FY20 with a cash balance of $11.6 million.
No guidance was offered for FY21. However, management said at the time they planned to reinvest funds back into the business for new product development and to expand into new markets.
Polynovo share price snapshot
Over the past 12 months, Polynovo's share price is down 10%. By comparison the ASX 200 is up 22% since this time last year.
Year-to-date, the Polynovo has yet to recover from the sharp falls it suffered in January. Its shares are down 45% in 2021.
