You'll find the link for the interview on the Aroa company page and also the Meetings page.

But here's a summary of the meeting:

Here is a more detailed summary of the interview with Brian Ward, CEO and founder of Aroa Biosurgery:

1. Introduction and Company Overview (0:00 - 5:30)

- Aroa Biosurgery is a soft tissue regeneration company using proprietary extracellular matrix (ECM) technology derived from sheep forestomach. 

- The company has 4 commercial product families and key partnerships, with 95% of sales in the US market. Total addressable market estimated at $3B+.

- Aroa is at an inflection point, with FY24 product sales of NZ$68m (up from NZ$20m in FY21), gross margins of 85%+, and approaching profitability.

2. ECM Technology, Manufacturing and IP (5:30 - 13:00)

- Aroa's ECM technology enables regenerative healing using a unique bioscaffold with an open structure and key biological signals. This acts as a framework for rapid cell infiltration and tissue growth.

- ECM is processed to remove components that cause rejection while retaining a scaffold for repair. This is then fabricated into specific device designs for each product (e.g. Myriad, OviTex).

- Manufacturing involves isolating specific tissue layers from sheep forestomach, decellularization, and conversion into products. Capacity is being expanded ahead of demand to support up to $200m revenue.

- IP covers the ECM material, production process, and specific product designs. The process is highly scalable with long shelf life and room temperature storage.

3. Commercialization Strategy and Progress (13:00 - 21:00)

- Aroa started with simpler wound products and has built clinical evidence over time to drive adoption in more complex reconstructive procedures. 6M+ patients treated to date.

- The company uses a mix of direct sales in the US (expanding KOL accounts) and a partnership with TELA Bio for hernia/breast products. TELA Bio deal provides capital-efficient growth.

- Surgeons are conservative but sticky once adopted. Aroa has seen increasing clinical acceptance, with a comprehensive GPO contract position and maturing sales force.

- Estimated 18-24 month lag between building commercial team and seeing full productivity. The company is focused on growth initiatives to expand US revenue.

4. Product Advantages and Clinical Evidence (21:00 - 28:30)

- Aroa's products enable one-step procedures with faster healing, fewer complications and lower costs than standard of care. Clinical studies are underway to build further evidence.

- Myriad (soft tissue reconstruction): Faster healing and less complications than biologics or negative pressure wound therapy. Key focus in complex limb salvage and trauma cases.

- Symphony (diabetic/venous ulcers): Combines Aroa ECM and hyaluronic acid. Randomized trial underway vs standard of care, with results expected early 2025.

- OviTex / OviTex PRS: Hernia and breast reconstruction products sold via TELA Bio. Prospective studies show significant reduction in complications vs standard of care.

5. Financial Position, Capital Management and Outlook (28:30 - end)

- Aroa has 85%+ gross margins and prices 20-30% below competitors. Scale benefits and mix shift expected to drive further margin expansion. No pricing pressure seen.

- The company is balancing growth investment with the path to profitability and aims to be cashflow breakeven in the near term. FY25 guidance of NZ$80-87m revenue.

- Multiple factors support an inflection in growth: maturing sales force, GPO coverage, growing clinical evidence, and new product pipeline. R&D projects include new platforms and indications.

- The CEO sees a long runway for Aroa to disrupt the regenerative medicine space and build a successful global company. Key focus in the near term is execution to drive US commercial growth.

@Strawman my question for the $ARX meeting is a bit more complex than usual, so I thought I'd post it here rather than on Slido.

[Sadly I can't make the meeting today, as I have 6 days work this week and next on my side hustle. :-( ]

Anyway, this morning a LinkedIn post by David Williams congratulating the team at $AVH on the FDA approval of ReCell-GO and stating "... looking forward to seeing more of you product on top of ours ..." or words to that effect go me thinking. When we consider the repsective investment propositions of $IART, $ARX, $AVH and $PNV etc etc. and when we compare metrics, it is easy to fall into the trap of thinking of them as competitors. Sometimes they are, but often they aren't as DW's post exemplifies.

So, I'd find it super helpful if Brian Ward could take a step back and go through each of the main products in the $ARX commercial and development portfolios and simply explain:

• What the product is and how it works
• What are the main indications to which it is being targeted
• In those indications in the US, what is the current Standard of Care
• What is the main advantage of the $ARX product vs. the SoC (and the evidence to support this)

To lay my cards on the table, I am a former holder of $ARX and a few years ago sold my holding and put it into $PNV, simply because I could never develop a super-clear answer to these questions, as well as that the %GM, Revenue growth, and exploding breadth of applications for $PNV's BTM lead me to decide to back that horse and go "all in".

I don't know if its possible to do that, or if other StrawPeople would like that understanding as well, but it would be wonderful in this rare, long-format interview to get beyond the one slide, general high level summary.

Hope the meeting goes well, and I look forward to catch up with the recording in any event.

Unless I missed something, a good result from Aroa.

Sales growing strongly,

and plenty of cash in the bank.

Still unprofitable, with the increased revenue mainly going into marketing.

but I like that they put a decent amount into R&D and the revenue is growing strongly.

Still making a loss, but definitely a much better result than the previous year.

Share price was down 7.4% today on the announcement of the above results, which was a surprise to me as I thought they were pretty good.

If anyone has insight into the sell-off I would appreciate the advice. I've recently doubled down from my initial toe in the water and was otherwise quite content.

Cheers.

Thanks for the excellent summery, @mikebrisy

I was also on the investor call this morning and agree with your management assessment. Over time my impression of management is competent, straight talking and not overly promotional.

I think their outlook is worth mentioning, the understated comment that “the environment looks to be improving”’ translates into greater hospital access, product synergies and enough clinical data to drive sales.  Given other companies in the health space have failed to get traction in the States over the past 2 years I think this is a positive for management in navigating difficult situations.

Their stated core reasons for listing, to build a commercial operation in the US, increase sales and continue with R&D, seems to be on track so far.

I did a side-by-side comparison to PNV, it’s over a year ago now so the figures are out of date but at the time it struck me that the $ spend on R&D for ARX was higher than PNV despite the big difference in market cap, etc.  (I’ll try and update the comparison if I get a chance.)

It will be interesting to listen to the PNV meeting Friday and compare management impressions

Held RL