A unicorn is a young company with a market value above $1 billion, and thankfully outside the “buy now, pay later sphere” there are some others emerging on the Australian bourse.
Medical technology player PolyNovo is one of them.
The company is based around CSIRO technology, producing a foam which helps burnt and damaged skin recover more quickly.
The company’s polymer-based Novosorb acute wound management product is being targeted at multiple medical issues, including diabetes, hernia and breast repair.
Chief Paul Brennan, who came from Smith &Nephew Australia, has run the company for the last three years and helped expand the business to the US and South Africa.
On Macquarie estimates PolyNovo will progress from a $3.3 million earnings before inter and tax loss this year to positive $3 million in 2021.
It says revenue will grow from $5.7 million last year to $39.4 million in 2021.
Fidelity is listed as the biggest shareholder with around 4 per cent of the stock, or 28 million shares. CSIRO is also keeping its finger in the pie, with 0.62 per cent or 4 million shares.
In a recent report Macquarie noted the inherent risks in medical start ups but put PolyNovo at the “lower risk” end of the curve.
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