The Polynovo Ltd (ASX: PNV) share price has returned from its trading halt with a bang on Wednesday.
In morning trade, the medical device company's shares are up 14% to $1.66.
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Why is the Polynovo share price charging higher?
Investors have been bidding the Polynovo share price higher today after the company released a sales update.
According to the release, Polynovo achieved its first ever $7 million sales month in May.
Over the period, the company reported sales of $5.2 million in the United States, which was an increase of 97.3% over the prior corresponding period. This was supported by a 189.3% increase in rest of the world sales to $1.9 million, bringing its total sales to a record of $7.2 million for the month.
This means that including BARDA revenue, for the 11 months to 31 May, Polynovo's sales are up 54.5% year over year to $59.1 million.
Polynovo's chairman, David Williams, said:
There is a lot to like about our growth, but particularly our rate of growth in the table below. Some additional colour in the numbers is that sales YTD May 2023 in Canada were $1.3m, sales to 2 of the 4 major hospitals in Hong Kong with a third evaluating, a significant first sale to the Middle East, sales to more than 15 customers in India and additional sales of NovoSorb MTX in the U.S. The momentum reflects more sales staff, new products like NovoSorb MTX, new medical indications and new geographies.
The company's CEO, Swami Raote, added:
While lumpy, the results demonstrate our ability to quickly gain traction in new markets and to grow existing markets. I am proud of our results and our people but there is a long way to go in our mission to redefine healing for many more patients around the world.
