The Polynovo Ltd (ASX: PNV) share price is racing ahead today following a positive business update from the company.
At the time of writing, the medical device company's shares are fetching for $1.53, up 12.50%. This means that its shares have clawed back the consecutive losses registered in the past week.
What did Polynovo announce?
In a statement to the ASX, Polynovo advised that its United States segment has experienced a strong start to the second quarter.
Sales for October and November have recorded a 133% increase to $4.66 million over the prior corresponding period ($1.99 million). The business noted that last month was particularly solid, equalling the record month of sales in July 2021.
The United States portfolio added 11 additional accounts since 30 September, bringing to the total to 146 accounts.
Across the United Kingdom, Ireland and Europe, Polynovo acknowledged the region has underperformed to expectations. A number of initiatives are being undertaken to improve the sales base along with its distributor network.
In Australia and New Zealand, the segment remains on track despite a temporary blip in the reduction of burn cases. Polynovo highlighted that more than 40% of all BTM use is now outside of burns.
Furthermore, an undisclosed number of large corporations have expressed their interest in bringing BTM to their retrospective markets. Polynovo stated that it is working to establish these relationships for FY22.
The company has also stepped up its recruitment drive as well as its international search for a new CEO. The board is confident of filling the position sometime within the first quarter of 2022.
Polynovo chair, David Williams commented:
There has been a significant uplift in intensity in all areas of the business in the last month. We are adding immediately significant scale to our US salesforce and some important new hires in the UK and other parts of the business.
Polynovo share price snapshot
Over the past 12 months, the Polynovo share price has continued its downward trend to post a 65% loss.
In comparison, the S&P/ASX 200 Healthcare (ASX: XHJ) sector has gained around 7.3% in the same time frame.
It's worth noting that Polynovo shares hit a multi-year low of $1.35 yesterday. This is a huge difference from when its shares were trading above the $4 mark in December 2020.
Based on today's price, Polynovo presides a market capitalisation of about $912.72 million and has approximately 661.39 million shares outstanding.
