The Polynovo Ltd (ASX: PNV) share price has been on a trending decline over the past 6 months, falling by 40%. This comes as the medical device company has been relatively quiet on the news front.
At Tuesday’s closing bell, Polynovo shares finished the day up 3.61% to $1.865.
What’s been happening with Polynovo lately?
While no new announcements have been released since last month, Polynovo has been busy progressing its BARDA-funded burn study. BARDA is an acronym for the United States-based Biomedical Advanced Research and Development Authority.
The trial spans 20 United States and 5 Canadian burn centres for the clinical study of NovoSorb BTM. Polynovo aims for its NovoSorb BTM to be used as a standard of care in burn patients.
In addition, the company’s chief operating officer, Dr Anthony Kaye, resigned from his position last month. The Polynovo share price fell more than 10% that week after it was revealed Dr Kaye was returning to CSL Limited (ASX: CSL) in a more senior role.
However, Polynovo’s path to profitability is growing stronger following its robust FY21 results.
The company experienced growth across key financial metrics which led it to break even for the first time in its history.
Polynovo expects continued momentum to run into FY22 across a number of geographical markets. These include the United States, Europe, the United Kingdom, the Middle East, Asia, Australia, and New Zealand.
Its NovoSorb graft is expected to see sales surge in FY22, with “70% of burns centres now having purchased” the product.
Furthermore, Polynovo intends to expand its headcount and enter new markets, particularly within the European Union.
Nonetheless, the Polynovo share price has slumped. This is possibly due to bearish sentiment by investors which has caused selling pressure.
Polynovo share price summary
Despite today’s gain, Polynovo shares are down more than 25% for the past 12 months, and 50% in 2021.
Polynovo has a market capitalisation of roughly $1.24 billion and has approximately 661.4 million shares outstanding.