Results out for ARX this morning.

I'm still digesting, but on first glance a good result. ARX was FCF positive for the first time, and we can see the start of the operating leverage at play with a much improved net loss (down to $921k from $3.5m - normalised). Actual loss was $1.2m vs $3.9m - the main normalisation being FX changes.

Revenue was up 14% year on year and still has a pristine balance sheet - cash of $23m vs $22m PCP. Only LT debt are some leases of $7m. My thesis has always been that ARX has valuable technology, which is superior to others for a number of common applications in wound management. I like that all their presentations focus on developments in the products, not financials, etc. Demand is growing and it's doing a good job of developing new products. It's US distribution deal has always held the company back, but the fears of the US distributor failing appear to be easing (a little). Also note all the above is quoted in NZ$, so take care in considering valuation (which is AUD, given it's ASX listing).

Might be time for an update @Strawman from the CEO...

Owned IRL.