AROA Biosurgery Half Yearly Results H1 FY23

Soft tissue regeneration company Aroa Biosurgery Limited (ASX: ARX) is pleased to announce its full results for the first half of the 2023 financial year, which ended on September 2022

Highlights are listed below. To read the full announcement

AROA CEO Dr Brian Ward and CFO James Agnew are hosting an investor webinar today at 11:00 AEST to discuss these results                                            

• Financial HighlightsH1 FY23 Product sales were up 44% to NZ$28.8 million compared to H1 FY22 (NZ$20.1 million), and up 20% compared to H2 FY22 (NZ$24.0 million), on a constant currency basis
• Product gross margin % of 84%, representing a 6% increase compared to H1 FY22, and a 5% increase compared to H2 FY22, on a constant currency basis
• Total reported H1 FY23 revenue inclusive of project fees was NZ$29.3 million
• H1 FY23 Myriad product revenue grew 242% on H1 FY22 and 147% on H2 FY22 (on a constant currency basis) to NZ$5.6m million
• H1 FY23 normalised EBITDA (unaudited) was positive
• Upgraded FY23 guidance maintained at NZ$62-64 million
• Strong cash balance of NZ$50.1 million as at 30 September 2022 and the Company is debt free

• Operational HighlightsThe Company continues to gather clinical evidence, including publication of a pre-clinical study demonstrating the potential of AROA’s new Enivo system, as well as ongoing recruitment of patients for the Myriad Augmented Soft Tissue Regeneration Registry
• On 4^th November, the Company submitted an application for regulatory approval to the US Food & Drug Administration (‘FDA’) for the first product in the Enivo range
• The Company is planning a full launch of Symphony in April 2023 and expects to be well-positioned for pending reimbursement changes
• Regulatory approval for Myriad Matrix in the Australian market was gained in September
• Seasoned Medtech Executive and long-time entrepreneur Dr. Catherine Mohr joined AROA’s Board on 1 November as a Non-Executive Director
• Due to headcount growth, additional office space has been secured in Auckland, New Zealand

September Quarterly Results Webinar 

Soft tissue regeneration company Aroa Biosurgery Limited (ASX: ARX)) is pleased to announce that it will hold a webinar with CEO Brian Ward and CFO James Agnew on Tuesday 25 October at 1.00pm AEDT to discuss the September Quarterly Results which will be released pre-market the same day

Investors and interested parties can register for the webinar via the following link:

https://us02web.zoom.us/webinar/register/WN_vIDjJfx5QWmoIBNdbohrnA

Investors can submit questions prior to the webinar to shinsley@aroabio.com or do so via the Q&A functions on Zoom