Polynovo (MFJ) Q4 2026 Earnings Report

The call communicates strong commercial momentum across products (notably MTX), significant sales and adjusted EBITDA growth, positive cash generation and strategic investments (new facility, strengthened leadership, clinical evidence). Several manageable near-term headwinds were disclosed: FX volatility, one-off impacts from an R&D lab fire, lumpy large-burn case volumes affecting H2 U.S. growth, reimbursement turbulence for outpatient launches, and timing risks tied to PMA approval and facility transition. Overall the positives (robust growth rates, record months, strong cash flow, substantial MTX adoption and regulatory progress) materially outweigh the challenges, which are largely operational, timing or one-off in nature.

The call guided that PolyNovo is entering FY'27 with strong momentum and clear priorities — advancing the PMA (submission planned this calendar year with FDA review ~12 months), sharing the RCT results, launching SynPath into U.S. outpatient, accelerating MTX, increasing innovation velocity and improving operating leverage — after FY'26 NovoSorb product sales of $138.4M (up 16.7% YoY; +21.3% constant currency), U.S. sales $102.1M (+15.6%/+21.1% cc), Rest of World $36.3M (+20.0%/+21.9% cc), MTX sales $12.6M (+89.6%) with MTX $12.2M in the U.S. (+92.7% cc) and MTX now in 6 markets; the U.S. business added ~200 hospital accounts to >880 total and MTX is used in >330 U.S. accounts, supported by 132 U.S. staff (106 sales), while group July sales set a record at >$13M and June was a U.S. record. Financially, adjusted EBITDA was $13.4M (+50.4% after significant items), free cash flow was $9.4M, cash from operations $23.1M, cash on hand $35.4M, FY gross margin 89.0% (H2 89.2%, July ~95%; new facility expected to modestly reduce margin by ~1–1.5% once ramped), CapEx during the year was $13.8M (including $12.4M for the new facility; $1.5M machinery outstanding), R&D guidance ~5% of sales next year, and regional performance highlights included Americas >AUD100M, Australia +33.9%, Ireland +38.3%, Hong Kong +49.9%, Turkey +79% and India +52.8%, with Rest of World now 26.2% of global sales.