Australia's Polynovo extends gains on strong FY sales; Macquarie optimistic

Polynovo

24/07/2024 03:38

** Shares of Polynovo  PNV.AX  rise as much as 6.2% to
A$2.760, their highest level since July 2, 2021
    ** Stock extends gains from previous session 
    ** Macquarie estimates sales growth of around 48% in FY25
for the medical equipment supplier, totalling sales of A$135.8
mln($89.68 mln)
    ** Brokerage maintains target price of A$2.75 per share,
maintains "outperform" rating
    ** We expect recently launched regions such as India to
continue to grow as a proportion of total sales - Macquarie
    ** Polynovo reported FY24 sales of A$92 mln on Tuesday, up
54.5% vs prior corresponding period
    ** Stock has risen 57.1% this year, as of last close

   ($1 = 1.5142 Australian dollars)

 (Reporting by Shivangi Lahiri in Bengaluru)
 ((shivangi.lahiri@thomsonreuters.com))