POLYNOVO LIMITED (PNV)
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PNV

PNV - POLYNOVO LIMITED

FNArena Sector : Pharmaceuticals & Biotech/Lifesciences
Year End: June
GICS Industry Group : Pharmaceuticals, Biotechnology & Life Sciences
Debt/EBITDA: 2.19
Index: ASX300 | ALL-ORDS

PolyNovo is an Australian medical devices company developing and commercialising its NovoSorb technology for the treatment of burns, wounds and negative pressure wound therapy. It has been a listed company since 1998.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$0.945

25 Jun
2026

0.010

OPEN

$0.94

1.07%

HIGH

$0.96

1,396,011

LOW

$0.93

TARGET
$1.703 80.2% upside
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FNARENA'S MARKET CONSENSUS FORECASTS
PNV: 1
Title FY25
Actual		 FY26
Actual		 FY27
Forecast		 FY28
Forecast
EPS (cps) xxx 1.1 1.6 xxx
DPS (cps) xxx 0.0 0.0 xxx
EPS Growth xxx - 44.5% 47.8% xxx
DPS Growth xxx N/A N/A xxx
PE Ratio xxx N/A 61.0 xxx
Dividend Yield xxx N/A 0.0% xxx
Div Pay Ratio(%) xxx N/A N/A xxx

Dividend yield today if purchased 3 years ago: 0.00%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 0.00

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages
HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 FactSet UK Limited. All rights reserved
Title 202120222023202420252026
EPS Basic xxxxxxxxxxxxxxx1.1
DPS All xxxxxxxxxxxxxxx0.0
Sales/Revenue xxxxxxxxxxxxxxx143.7 M
Book Value Per Share xxxxxxxxxxxxxxx13.1
Net Operating Cash Flow xxxxxxxxxxxxxxx23.2 M
Net Profit Margin xxxxxxxxxxxxxxx5.11 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202120222023202420252026
Return on Capital Employed xxxxxxxxxxxxxxx8.44 %
Return on Invested Capital xxxxxxxxxxxxxxx7.23 %
Return on Assets xxxxxxxxxxxxxxx5.62 %
Return on Equity xxxxxxxxxxxxxxx8.44 %
Return on Total Capital xxxxxxxxxxxxxxx10.03 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx9.4 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 202120222023202420252026
Short-Term Debt xxxxxxxxxxxxxxx3 M
Long Term Debt xxxxxxxxxxxxxxx15 M
Total Debt xxxxxxxxxxxxxxx18 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx35 M
Price To Book Value xxxxxxxxxxxxxxx7.01

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202120222023202420252026
Capex xxxxxxxxxxxxxxx13.8 M
Capex % of Sales xxxxxxxxxxxxxxx9.60 %
Cost of Goods Sold xxxxxxxxxxxxxxx97 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx37 M
Research & Development xxxxxxxxxxxxxxx5 M
Investments - Total xxxxxxxxxxxxxxx0 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

1.0

No. Of Recommendations

3
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Morgans

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Macquarie

23/02/2026

1

Outperform

$1.75

85.19%

PolyNovo's commercial sales rose 26% year on year, with strong growth in both the US and rest of world. MaTriX sales are accelerating, Macquarie notes, contributing 9% of total sales for 1H26.

In the near term, the broker expects ongoing strong order growth, with MaTriX acceleration and new markets to support sales growth. In the medium term, Macquarie expects new product filings and new market entries.

Target falls to $1.75 from $1.90, Outperform retained.

FORECAST
Macquarie forecasts a full year FY26 dividend of 0.00 cents and EPS of 0.90 cents.
Macquarie forecasts a full year FY27 dividend of 0.00 cents and EPS of 3.40 cents.

Bell Potter

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

1

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Canaccord Genuity

26/02/2026

1

Buy

$1.58

67.20%

Interim revenue for PolyNovo of $70.2m rose 18% on the prior year but missed Canaccord Genuity's forecast by -6%.

Earnings (EBITDA) of $4.7m was less than half the broker’s $9.5m estimate, reflecting weaker top-line growth and a temporary gross margin aberration.

The analysts highlight US sales grew 25% in constant currency, with the flagship product Biodegradable Temporising Matrix (BTM) up 15.5% and the Novosorb Matrix (MTX) up 193%. It's felt he current valuation at 3.8x CY26 EV/sales undervalues the Novosorb platform.

Operating cash flow (OCF) was $9.0m, leaving net cash of $25.5m.

The broker's FY26 revenue forecasts are cut by -5.3% and FY26-27 earnings estimates reduced by -20-30%, largely on FX impacts. 

Canaccord reiterates a Buy rating on PolyNovo and lowers its target price to $1.58 from $1.62.
Access Extra Coverage Research History >

PNV STOCK CHART

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