PolyNovo - The bullish divergenceASX:PNV The indicator is indicating that share price should be heading higher.
Since market update in january 2021, PolyNovo has lost around 33 per cent of its value due to slowdown in second-quarter sales.
PolyNovo has reported an increase in sales of 31 per cent in the first half of the 2021 financial year, despite slower-than-expected sales through October and November.
The company's first half result was driven largely by a 75 per cent increase during the first quarter of the financial year, compared with the same quarter a year prior.
Sales were particularly strong in the US, where first half sales were up 41 per cent on a year prior. Sales for the month of December exceeded budget.
The company also recorded its first sale to Taiwan in December. Sales in Taiwan and New Zealand exceeded sales for the month of December.
"In the short-term forecasting sales will be challenging particularly in the US, however the medium-term outlook is strong, and we continue to see surgeons using and referring NovoSorb BTM to their peers," said PolyNovo managing director Paul Brennan.
"Once hospitals have more capacity, we will see US and UK sales accelerate just as we have seen in New Zealand and Australia. New geographies offer good opportunities for NovoSorb BTM."
