PolyNovo Ltd (ASX: PNV) chair David Williams has scooped up another $52,000 worth of shares in the synthetic skin company, buying another 37,000 shares on the open market.
Mr Williams paid $1.41 per share for the new stock in the company, and it brings his holdings to 21.4 million shares, worth just shy of $30 million at the current share price of $1.40.
It wasn't the only share move announced on Thursday, with investment bank JPMorgan Chase & Co. increasing its stake from 7.7% of the company to 9.9%, or just a touch more than 69 million shares.
PolyNovo shares have dipped from levels around $1.50 over the past few days, perhaps influenced by their impending removal from the S&P/ASX 200 Index (ASX: XJO), which was announced last week.
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Sales expected to grow
The company said in its annual report released this week that sales of its NovoSorb product were up 28.9% in FY25 to $118.6 million, and its net profit was up 151.2% to $13.2 million.
PolyNovo's chair, Mr Williams, and acting chief executive, Dr Robyn Elliott, said in an address in the annual report that they expected another strong year.
We expect to see continued sales growth in direct markets, especially the US, Australia, New Zealand, Canada and India, where multiple products have received relevant regulatory clearance. As the clear market share leader across several European markets, we expect that trends seen elsewhere, including the expansion of indications, will continue to drive growth.
