Auckland, New Zealand, November 29, 2022 /PRNewswire/ — Today New Zealand Soft tissue regeneration company Aroa Biosurgery (AROA, the Company) is pleased to report its financial results for the first half of FY23. With less disruption related to COVID-19, the company has begun the fiscal year 23 with momentum and delivered strong financial results.
Aroa reports a strong cash balance of NZ$50.1 million in September 30, 2022 and is debt free.
Improved guidance of NZ$62-64 million.[1] previously announced on October 26 has been maintained and normalized[2] EBITDA (unaudited) is positive.
Overall product sales for the first half of FY23 increased 44% to NZ$28.8 million vs. H1 FY22 (NZ$20.1m), and up 20% vs. H2 FY22 (NZ$24.0m), at constant exchange rates[3].
Sales of Myriad products™ made a significant contribution, with product line sales increasing by 242% on S1 FY22 and 147% in H2 FY22 (at constant exchange rate) at NZ$5.6 million.
An increase in the gross margin of the products of 5% on H2 FY22 at 84%at constant exchange rates, was also observed.
Managing Director and CEO Brian Ward said“Overall, the business delivered a strong result, and with around NZ$50 million in cash, we are ready to enter H2 FY23 with confidence.
It’s great to see such strong results across the Myriad™ portfolio, and as our sales force matures and our product portfolio expands, we expect to see momentum build even further.
The collective effort of the AROA team over the past six months has enabled us to deliver excellent performance in a complex and rapidly changing environment.”
Read the full announcement here
[1] Given the dynamic and evolving impact of COVID-19, all forward-looking statements regarding FY23 performance are subject to the absence of a material decline in the number of medical procedures in the United States or any lasting disruption to business. manufacturing or transportation of AROA and delivery of TELA Bio, Inc. on its revenue forecasts of $42-45 million in CY22. It assumes an average exchange rate of $0.62/NZ$1.00.
[2] Normalized EBITDA is non-compliant financial information, as defined by the New Zealand Securities and Markets Authority, and has been provided to assist users of financial information to better understand and assess the AROA Group’s comparative financial performance. (“Group”) without any distortion from New Zealand GAAP. accounting treatment specific to one-off fair value adjustments, one-off transaction costs related to fundraising. The impact of non-cash share-based payment charges has also been removed from the income statement. This approach is used by management and the board of directors to assess the comparative financial performance of the group. All references in this announcement to “Normalized EBITDA” are as set forth in this footnote.
[3] Constant Currency (“CC”) removes the impact of exchange rate fluctuations. This approach is used to assess the underlying comparative financial performance of the AROA Group without any distortion due to changes in exchange rates, in particular the USD. The USD/NZD exchange rate of $0.62/NZ$1.00 was used in the constant currency analysis, which approximates the average rate for the first half of FY23 and the rate for the FY23 financial forecast. All references in this announcement to “constant currency” are as set forth in this footnote.
ENDS
About AROA™
Aroa Biosurgery is a soft tissue regeneration company committed to “Unlocking Regenerative Healing for Everybody‘. We develop, manufacture, sell and distribute medical and surgical products to enhance complex wound healing and soft tissue reconstruction.
Our products are developed using a proprietary technology platform AROA ECM™, a new extracellular matrix biomaterial derived from ovine (sheep) fore-stomach. More than 5.6 million AROA devices have been applied in the treatment of patients to date.
Founded in 2008, Aroa Biosurgery is headquartered in Auckland, New Zealand and is listed on the Australian Securities Exchange (ASX: ARX).
Website: https://aroabio.com
About Myriad™
Myriad Matrix™ is an extracellular matrix graft, composed of AROA ECM and designed for soft tissue reconstruction and complex wounds. Myriad Morcells™ is a powder format of Myriad Matrix that easily conforms to optimize contact with irregular wound beds.
About Endoform™
Endoform™ products are unique extracellular matrix products, comprised of AROA ECM, for the management of acute and chronic wounds.
About Symphony™
Symphony is a new product that has been developed from the strength of AROA ECM. It is applied as a graft and is surgically fixed at the margins. It is designed to promote healing during the proliferative phase to reduce the time to wound closure, especially in patients whose healing is severely impaired or compromised due to disease.
About Enivo™
It is a new tissue apposition system developed by AROA, designed to close the tissue cavities of a surgical site created by surgical dissection or tissue removal. It is comprised of a specially designed AROA ECM implant which is coupled to an external single use negative pressure pump. When the product is deployed, tissue surfaces are brought together, held in place, and tissue fluids are transported by vacuum to an external fluid collection bag. AROA intends to develop and launch a new class of products using this new technology platform.
Media inquiries
Sarah Torah
Corporate Communications Manager, Aroa Biosurgery
M: 64 21 531 043
E : [email protected]
SOURCE Aroa Biosurgery
