Polynovo Ltd (ASX: PNV) shares are having a great session.
In morning trade, the ASX 200 healthcare stock is up 8% to $2.29.
This means the company's shares are now up approximately 35% since the start of the year.
Why is this ASX 200 healthcare stock rocketing?
Investors have been scrambling to buy the company's shares this morning in response to the release of a very positive trading update.
According to the release, Polynovo had a record month of revenue in April thanks to strong growth across the business.
Polynovo advised that its US business recorded monthly sales of A$6.9 million, which was an increase of 75% on the prior corresponding period.
The Rest of the World business grew almost as quickly. It delivered monthly sales of A$2.4 million, which was an increase of 68.2% over the prior corresponding period. This reflects strong growth in the UK and Ireland, ANZ, Hong Kong, and Germany.
Including a small contribution from BARDA revenue, this ultimately led to PolyNovo achieving record monthly group revenue of A$10.1 million. This represents a 68.6% increase on the same period last year.
The ASX 200 healthcare stock's chair, David Williams, was very pleased with the company's performance and its sales trajectory. He said:
Rest of World sales are very pleasing, coming off a low base. The direction is clear, and with new geographies and new patient applications I couldn't be happier. It's hard to contain my excitement when I see first time orders into Turkey, Abu Dhabi and Ukraine as I think of the lives we are saving.
This sentiment was echoed by the company's CEO, Swami Raote. He said:
We are grateful for the manner in which clinicians are helping us with insights, innovation, education and adoption beyond difficult burns to other areas in plastic and reconstructive surgery. Our global impact continues to accelerate, with 42,000+ patients treated across 39 countries.
What is PolyNovo?
PolyNovo is a medical device company focused on advanced wound care that designs, develops, and manufactures dermal regeneration solutions. These solutions are developed using its patented NovoSorb biodegradable polymer technology.
The key NovoSorb BTM product is a dermal scaffold for the regeneration of the dermis when lost through extensive surgery, trauma or burn.
It is a novel range of bio-resorbable polymers that can be produced in many formats including film, fibre, foam, and coatings. The ASX 200 healthcare stock notes that its unique properties provide excellent biocompatibility, control over physical properties, and a programmable bio-resorption profile.
Based on today's sales update, it seems to be growing in popularity with end users.
