The Polynovo Ltd (ASX: PNV) share price looks set to close higher today after the company's annual general meeting (AGM).
What made the Polynovo share price climb higher?
The Polynovo share price has rocketed 5.02% higher to $2.30 per share following the company's AGM.
Chairman David Williams noted the significant growth the company has achieved in 2019.
Polynovo's equity is up 286.67% in 2019 alone and the company boasts a market capitalisation over $1.5 billion. The company's NovoSorb burn treatment has enjoyed great success in recent times, which has fueled its growth.
Polynovo's Biodegradable Temporising Matrix (BTM) sales have swelled to $9.3 million in FY19. That's more than a four-fold increase in revenue in the space of just 12 months.
Mr Williams declined to provide a forecast for FY20 given the difficulty in forecasting the company's growth and commercial sensitivities. The company won't say which hospitals it is supplying nor what orders it has from the US Military.
That hasn't deterred investors this afternoon, who have been bidding up the Polynovo share price to as high as $2.34 per share.
Polynovo's growth to October 2019 is more than 100% ahead of its growth over the same 4-month period last year. Mr. Williams also said "we are seeing significant growth in all markets" with higher sales projected in the coming months.
The company's US business continues to expand both its team and earnings this year. Strong market penetration and tangible patient outcomes are big positives for the Aussie biotech group.
How has Polynovo performed this year?
Polynovo's strong performance in 2019 has seen it climb into the S&P/ASX 200 Index (INDEXASX: XJO). The benchmark Aussie index is up 22.10%, which means Polynovo has outperformed with more than 10 times the capital gains.
Strong sales growth and continued expansion has fuelled the company's share price performance in 2019.
The current $2.30 per share valuation is approaching the company's 52-week high of $2.66 per share, set in mid-October.
