Today Aroa Biosurgery (AROA, the Company) is pleased to announce financial results for H1 FY23.

With fewer COVID-19 related disruptions, the Company has entered FY23 with momentum and delivered strong financial results.

Aroa reports a strong cash balance of NZ$50.1 million as at 30 September 2022, and is debt free.

Upgraded guidance of NZ$62-64 million.[1] , previously advised on 26 October has been maintained, and normalised[2] EBITDA (unaudited) was positive.

Overall Product sales for H1 FY23 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[3].

Product sales of Myriad made a significant contribution, with revenue for the product line growing by 242% on H1 FY22 and 147% on H2 FY22 (on a constant currency basis) to NZ$5.6m million.

An increase in product gross margin of 5% on H2 FY22 at 84%, on a constant currency basis, was also seen.

Managing Director and CEO Brian Ward said: 'Overall, the business has produced a strong result, and with approximately NZ$50 million in cash, we are poised to enter H2 FY23 with confidence.

It's excellent to see such strong results across the Myriad portfolio, and as our sales force matures and product portfolio broadens, we expect to see momentum build even further.'

The collective effort of the team at AROA over the last six months has enabled us to deliver excellent performance in a complex, rapidly changing environment.'

Contact:

Tel: 1-877-627-6224

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