PolyNovo Limited
Climate Impact & Sustainability Data (2022, 2023)
Reporting Period: 2022
Environmental Metrics
Total Carbon Emissions:560 grams of carbon emitted per batch (BTM)
ESG Focus Areas
- Environment
- Social
- Governance
Environmental Achievements
- Certified carbon neutral by Climate Active for its Australian operational emissions in 2021-2022
- Utilises environmentally certified commercial waste disposal providers, with minimal waste produced in manufacturing process
- Engaged a third-party consultancy to develop a waste management and reduction plan in FY23
Social Achievements
- Zero lost time injury and zero medical treatment injuries to employee and contractor workforce
- Total Recordable Injury Frequency Rate (TRIFR) dropped from 5.62 in FY21 to zero in FY22
- Supports charitable and community-based programs
- Provided NovoSorb BTM at no cost for surgical applications in charitable outreach programs
- Supplied product for humanitarian needs during FY22
Governance Achievements
- Board reviews policies and governance practices in reference to the eight Principles of Good Corporate Governance established by the ASX Corporate Governance Council
- Developed a Modern Slavery Statement outlining the process for complying with local and international Modern Slavery laws
- Surveys suppliers for compliance to modern slavery policy and only sources materials from accredited manufacturers
Climate Goals & Targets
Short-term Goals:
- Accelerate revenue from NovoSorb BTM in existing markets and expand geographic reach
- Launch NovoSorb MTX in the U.S. market
- Enter the Canadian market
- Optimise the EU distributor model to improve sales
- Further penetrate the UKI burns market
- Achieve patient recruitment milestones for the U.S. BARDA pivotal trial
- Complete the 138-patient randomized control trial for diabetic foot ulcers using SynPath
- Sign additional GPO/IDN agreements in the U.S. to further accelerate sales
- Finalize device design options for hernia
- Support BetaCell with the supply of NovoSorb BTM for use as a dermal deposit for Type 1 diabetes
Environmental Challenges
- COVID-19 impact on hospital trauma, burn and elective surgery activity
- Supply chain disruptions due to COVID-19
- Increased logistics costs due to COVID-19
Mitigation Strategies
- Maintaining high stock levels in all direct markets
- Updating cash flow forecasts to include the impact of changes in costs
- Implementing a global COVID-safe plan
- Maintaining customer engagement and driving sales by digital means
Supply Chain Management
Responsible Procurement
- Sources materials from accredited manufacturers
- Surveys suppliers for compliance to modern slavery policy
Climate-Related Risks & Opportunities
Reporting Standards
Frameworks Used: ASX Corporate Governance Council Principles
Certifications: Climate Active (Carbon Neutral)
Sustainable Products & Innovation
- NovoSorb BTM
- NovoSorb SynPath
- NovoSorb MTX
Reporting Period: 2023
Environmental Metrics
Total Carbon Emissions:Approximately 560 grams of carbon emitted per batch of NovoSorb BTM
ESG Focus Areas
- Environment
- Social
- Governance
Environmental Achievements
- Carbon neutral certified for business operations for FY2021-22 (projected)
- Uses environmentally certified commercial waste disposal providers, with minimal waste produced in manufacturing
- Engaged a third-party consultancy to develop a waste management and reduction plan
Social Achievements
- Zero lost time injury and zero medical treatment injuries in FY23
- Supports charitable and community-based programs
- Partnership with Interplast for reconstructive surgery in Fiji
- Developed a company-wide Diversity Profile
Governance Achievements
- Board reviews policies and governance practices in reference to the eight Principles of Good Corporate Governance established by the ASX Corporate Governance Council
Climate Goals & Targets
Medium-term Goals:
- Identify potential partners in China and Japan
- Identify potential partners for indication expansion such as hernia and breast
- Finalise device design options for hernia and breast
Short-term Goals:
- Continue to accelerate revenue from NovoSorb BTM in existing and new markets
- Expand product range of NovoSorb BTM and NovoSorb MTX
- Complete recruitment of 120 patients in FY24 for the U.S. BARDA pivotal trial
Environmental Challenges
- Inflation and rising interest rates increased costs
- Uncertainty of patent protection and proprietary rights
- Obtaining necessary regulatory authority approvals
Mitigation Strategies
- Updates cash flow forecasts to include the impact of changes in costs
- Group has a level of discretion in managing cash outflows in response to changes in the impact of rising costs
- Maximises interest earned on cash deposits via high interest term deposits
Supply Chain Management
Responsible Procurement
- Only sources materials from accredited manufacturers
Climate-Related Risks & Opportunities
Sustainable Products & Innovation
- NovoSorb BTM
- NovoSorb MTX