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EL&C Baillieu First |PolyNovo (PNV) | Trading update

EL&C Baillieu First

10 July 2020

PolyNovo PNV
Trading update
Rating*: Hold Price Target*: $2.85 Analyst: Nick Caley

+61 3 9602 9283

Risk: High Share Price: $2.48  
*Note: Rating and Price Target recorded at pre-announcement levels as detailed in our research report dated 29 May 2020.
·    Trading update: PNV has released a trading update for FY20 with the following highlights: 1) FY20 sales are expected to at least double FY19; 2) US sales for June 2020 cited as a record; 3) first sales an surgical procedures in the UK have been completed; and 4) numerous procedures using BTM have now been completed in Germany, Austria and Switzerland.

·    Our view: Trading update appears to be broadly in line with our expectations – at a minimum a doubling of FY19 sales would equate to A$18.6 – we forecast A$20.6m which included A$2m in sales in Europe which may prove slightly optimistic. Overall. It is very encouraging to see PNV win new customers and sales in the US and Europe despite the likely strain on hospitals due to COVID-19. At the current share price the stock is starting to look interesting again relative to our price target.


The information in this email is to provide an update on the relevant security. There are no changes to the recommendation of the security. You should refer to our published research (where applicable) for further information including financials and valuations.


This information is not intended to constitute general or personal advice to any retail client. There has been no consideration of the investment objectives, financial situation or particular needs of any particular person or entity and the recipient of this information must not rely on the veracity of the information in making any investment decisions.


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Nick Caley
Research Analyst

E.L. & C. Baillieu Limited    
ABN 74 006 519 393   Level 22, 35 Collins Street
AFS Licence No. 245421   Melbourne VIC 3000 Australia
Direct  +61 3 9602 9283   Mobile +61 4 1387 2324
Phone +61 3 9602 9222   Email    


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