Shares of Polynovo (ASX:PNV) increased as much as 12.3% to A$1.37, setting a course towards their strongest day since June 7, subject to maintaining the surge.

Polynovo, the medical devices manufacturing company, reported total sales of A$13.0 million for the first two months of FY24, reflecting a jump of 83.9% compared to the corresponding period last year.

Furthermore, the company posted sales of A$6.8 million for August, an impressive rise by 110.8%.

Tracking the performance, Polynovo shares have reached their highest point since September 18.

Despite the recent gains, Polynovo’s stock still reflects a decline of 39.6% for the year to date, considering the position at the last close.

Polynovo is a company that specializes in medical devices manufacturing.