ASX:PNVMedical Equipment
PolyNovo (ASX:PNV) Shares Confront Premium Valuation After Margin Compression
PolyNovo walked into this result as a high expectation stock, trading on a rich P/E of 94.6x and coming off a 30 day gain of about 23%. Yet the shares still closed around A$1.01. The headline from the full year numbers is margin pressure. Net profit margin over the last 12 months sat at 4.9%, compared with 10.3% a year earlier, and a one off A$4.7m hit dragged on earnings. For a medical equipment growth story priced at a premium, that squeeze is what the market is now testing against the...