The S&P/ASX 200 Index (ASX: XJO) is up 0.2% today, with one ASX 200 stock doing plenty of the heavy lifting.
The resurgent stock in question is medical device company Polynovo Ltd (ASX: PNV), which specialises in the treatment of burns and surgical wounds with its NovoSorb technology.
Polynovo shares closed on Friday trading for $1.10. In early afternoon on Monday, shares are changing hands for $1.20 apiece, up 9.1%.
Despite that big boost, Polynovo shares remain down 52% since this time last year.
Today's surge will come as welcome news to faithful shareholders, though not so much to the cadre of short sellers betting against the stock. Polynovo currently has some 11.6% of its shares held short, the fifth highest on the ASX.
Here's what's sending the beaten-down ASX 200 stock flying higher today.
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ASX 200 stock sets short sellers back
The Polynovo share price is racing higher following the release of the ASX 200 stock's full-year financial results (FY 2025).
Investors are reacting favourably to the 28.9% year-on-year increase in sales to $118.6 million.
The company reported strong growth in its US sales of $88.4 million, up 28.7%, with rest of world sales increasing by 29.6% from FY 2024 to $30.3 million.
On the bottom line, Polynovo reported a net profit after tax (NPAT) for the 12 months of $13.2 million, up 151.2% year on year.
As at 30 June, the ASX 200 stock held cash and cash equivalents of $33.5 million.
The company cited key achievements over the year, including "strong" NovoSorb MTX sales growth following the successful US launch in the fourth quarter of 2024, with sales of $6.7 million in FY 2025.
The 12 months also saw the company progress construction of its new manufacturing facility in Port Melbourne. Polynovo said the facility remains on budget and is intended to be "practically complete" by December.
What did management say?
Commenting on the results sending the ASX 200 stock flying higher today, Polynovo acting CEO Robyn Elliott said, "FY 2025 has been a successful year with significant growth in all major indicators: patients treated, units sold, revenue, profit and regulatory approvals."
Elliot added that she looks forward to FY 2026 "as we drive the commercial roll out of MTX and deliver increased value and positive outcomes for all our stakeholders".
ASX 200 investors will also have noted Polynovo chairman David Williams' bullish profit outlook for the year ahead.
According to Williams:
While I am still focused on revenue growth, shareholders will find it refreshing in FY 2026 to see major capital expenditure coming to an end and increased cash from operations dropping to the bottom line.
