Business
Why the PolyNovo (ASX:PNV) share price is sinking 10% lower today
The PolyNovo Ltd (ASX: PNV) share price is on the move on Tuesday following the release of a trading update.
In morning trade the medical device company’s shares are down a disappointing 10% to $3.04.
What did PolyNovo announce?
PolyNovo’s update revealed that the company delivered a 31% increase in sales over the prior corresponding period for the first half of FY 2021.
This was driven largely by a 75% increase in sales during the first quarter, which was offset slightly by slower than expected sales in October and November.
Pleasingly, this softness appears to have ended, with the company’s December sales growing strongly and coming in ahead of expectations in the US, New Zealand, and Taiwan markets.
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