Aroa biosurgery. Nz company listing on asx

Read more Aroa Biosurgery To List On The ASX In $225m IPO

Wednesday, 24 June 2020, 11:09 am
Press Release: Aroa Biosurgery
Highlights

• Aroa Biosurgery is a soft tissue regeneration company whose proprietary Endoform® platform technology is derived from sheep forestomach
• Range of five products that have been used in more than four million procedures to date
• Aroa’s products are covered by a patent portfolio that includes 10 patents and 25 pending patent applications across six patent families
• NZ$22m in product revenue FY20 (ending 31 March 2020) & EBITDA positive¹
• Clinically proven with peer reviewed publications & regulatory approval in 37 countries
• Existing and new product pipeline focused on US$2.5b² total addressable market opportunity in the USA – established distribution with sales in more than 600 hospitals
• Aroa is raising $45m as part of the IPO & will list with an indicative market capitalisation of A$225m under the code ARX. Bell Potter and Wilsons are Joint Lead Managers to the IPO.
• At listing Aroa’s Founder and CEO Brian Ward will have an 11% shareholding

Auckland-based soft tissue regeneration company Aroa Biosurgery Limited (Aroa) is set to list on the Australian Securities Exchange (ASX) as part of an initial public offering (IPO) that will see it raise $45m from investors.
The offer will comprise of A$30 million of primary capital through the issue of 40 million new shares at $0.75, with the remaining A$15 million to form part of a sell down by existing shareholders in the company. The IPO values Aroa at A$225 million upon listing, with the company expected to commence trading on 30 July 2020 under ASX code ARX.





Aroa is focused on improving the rate and quality of healing in complex wounds and soft tissue reconstruction. From more than 10 years of research and development Aroa has developed Endoform®, a proprietary soft tissue regeneration technology platform.
Endoform® is derived from ovine (sheep) forestomach and includes a basement membrane layer and propria-submucosa (supportive connective tissue). It acts as a scaffold to grow new tissue lost or damaged through disease or injury, allowing the patient’s own cells to grow into the matrix to build new tissue and re-establish blood supply. As the patient continues to heal this is replaced by their own tissue.
The company lists on the ASX having achieved product revenue of NZ$22.0 million in FY2020 (March year-end) and NZ$18.7 million in gross profit. The company was also EBITDA positive during this period¹.
Aroa has five commercial products approved for sale in the US based on the Endoform® technology which have been used in more than four million procedures targeting chronic wounds, hernia, soft tissue and breast reconstruction. This is in addition to a new product development pipeline, with all products engineered for the challenges of a specific use case.
Aroa’s products are typically 20%-60% less expensive than competing biological products, while offering superior regenerative performance, and in many cases are only at a small price premium over synthetic products.
Its success in market comes off the back of validation from peer reviewed publications as well as past and ongoing clinical studies. Aroa has regulatory clearance in more than 37 countries and a deep patent portfolio.
The total addressable market for its current products exceeds US$1.5 billion² in the US, with an additional pipeline of new products to be commercialised with an estimated more than US$1.0 billion².
The company plans to grow its sales within its principal market of the United States as well as in other markets such as Canada, Europe and select Asian countries where it has made early inroads. To date it has achieved sales with more than 600 hospitals in the US as well as being on contract with major group purchasing organisations and surgical distributors.
Funds from the IPO will be used to invest in sales and marketing, increase manufacturing capacity to meet anticipated demand and facilitate product development, cover operating costs and repayment of borrowings.
Aroa boasts 140 employees across its headquarters in Auckland and its USA-based Appulse office, a sales-focused joint venture.
“Since founding Aroa in 2008 we’ve developed the Endoform® platform technology to deliver clinically effective products and a strong pipeline which places the business in an ideal position for continued growth across the US and other global markets,” said Aroa Founder and CEO Brian Ward.
“We have a proprietary technology that is scalable and efficient, targeting significant addressable markets. I’m excited to share the growth in value of the business with both new and current investors as part of this IPO as well as with the committed board, management and staff behind the company.”
Bell Potter Securities and Wilsons are Joint Lead Managers to the IPO.
¹ Positive EBITDA based on proforma financials
² SmartTRAKBiomedGPS data 2020, DRG Millennium Research data, Hernia Repair Devices, 2020, Aroa management estimates, DRG Millennium Research, Breast Implants & Reconstructive devices, 2018. Market data was prepared before the onset of COVID-19, the economic effect of which is currently not possible to predict with any certainty. Consequently, while the Company has no reason to believe that the market data does not remain accurate based on the relevant markets operating normally, the impact of COVID-19 on the market data that is referenced is not possible to currently predict with any certainty and investors are cautioned against placing undue reliance on such data.
About Aroa Biosurgery:
Aroa headquartered in Auckland, New Zealand is a private, venture-funded soft-tissue repair company that develops and manufactures medical products to improve healing in complex wounds and soft tissue reconstruction. Its products are developed from their Endoform® platform, a novel extracellular matrix biomaterial and distributed in the United States by Appulse and Tela Bio. Aroa strives to improve patient outcomes and provide better healing, every day, everywhere for everybody.
www.aroabio.com/

Hearing its already closed oversubscribed through bell potter.

Thanks JT interesting stuff

Thanks JT I like the sound of this one ;)

This just listed on the ASX. Will be interesting to see how it goes!

Listed today currently $1.37 up 82.7% on IPO price

Hoping to get some of these, didnt realise it had already listed, thanks for bringing it to my attention

Anyone bought into ARX? I took a small holding on Tuesday @ $1.38. Too soon to tell how it will go really ;)

Nice @RupertBear! I had a limit order set last friday when it listed around the $1.20 mark. Mustve opened higher than that coz my order didn't go through haha. I see it's up around the $1.60 mark now.

Yeah I got some when the market opened the other day. When you compare them to Polynovo that has similar revenues and is valued at $1.5 billion, makes this company seem like a steal at $426 million value right now. I see them slowly inching towards the billion dollar mark sometime soon.

I have some :).

Ohhh goodie I am in good company and not alone Bear in the Woods! :)

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Originally Posted by silverblizzard888

Yeah I got some when the market opened the other day. When you compare them to Polynovo that has similar revenues and is valued at $1.5 billion, makes this company seem like a steal at $426 million value right now. I seem them slowly inching towards the billion dollar market sometime soon.

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Been following this one since they announced their listing details.
Bargain of the decade or century at current prices. Got a parcel on listing day and another today after watching the webinar.
Clever guy that CEO Brian Ward, will read investor presentation gains later to digest some of the stuff that went over my head.
Based on the potential. $bln market cap is very easy in the short term.
There is real lack of such quality stocks on the market right now and finally it’s a shame being a Kiwi company they chose to list just on ASX.

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Originally Posted by sb9

Been following this one since they announced their listing details.
Bargain of the decade or century at current prices. Got a parcel on listing day and another today after watching the webinar.
Clever guy that CEO Brian Ward, will read investor presentation gains later to digest some of the stuff that went over my head.
Based on the potential. $bln market cap is very easy in the short term.
There is real lack of such quality stocks on the market right now and finally it’s a shame being a Kiwi company they chose to list just on ASX.

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Yeah takes a bit of time to understand the science behind the products, but once you do its showing a great moat with great potential and these guys will continue to grow quite well going forward. Probably not quite on the radar for a lot of ASX investors, but once it gets more exposure it'll start to run. Indeed its a shame they had to go to the ASX, but currently the NZ market isn't well built that gives these type of companies the confidence that they can raise the capital they need.

Quote:

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Originally Posted by silverblizzard888

Yeah takes a bit of time to understand the science behind the products, but once you do its showing a great moat with great potential and these guys will continue to grow quite well going forward. Probably not quite on the radar for a lot of ASX investors, but once it gets more exposure it'll start to run. Indeed its a shame they had to go to the ASX, but currently the NZ market isn't well built that gives these type of companies the confidence that they can raise the capital they need.

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I can understand why they chose to list solely on ASX as it has peer comparison there with likes of PNV and NZX have none.

According to their 2020 annual report, under note 3 segment information, they state $13.5m of their 2020 revenue came from a single customer. Any idea who this may be? I see it isn't disclosed in their IPO prospectus either.

You guys probably know all this but interesting nonetheless

https://www.rnz.co.nz/programmes/two...ealing-crumpet

https://mail-attachment.googleuserco...B4ln4SgEynfjSw

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Originally Posted by winner69

You guys probably know all this but interesting nonetheless

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Thanks. I listened to the podcast a while ago and enjoyed it.

I couldn't acceess the attachment. I got an error message. If you still have the link could you please post it again

On the up these last few days with improved volume. :)

Attachment 12025

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Originally Posted by Snow Leopard

On the up these last few days with improved volume. :)

Attachment 12025

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Goody! I am finally back in the green!

Think this will be a slow burner :mellow: ..the Bear gets a bit impatient with slow burners :rolleyes:....patients Rupert! :D

Is that a medical pun?

Aroa Half Year Results (26 November 2020) - https://wcsecure.weblink.com.au/pdf/ARX/02313882.pdf
2020 2019
Total revenue 9,180 13,165
Gross profit 6,035 10,108
Gross margin % 66% 77%
Total normalised operating expenses (11,354) (9,506)
Normalised EBIT (3,450) 1,082
Normalised EBITDA (2,316) 2,153

Good that they remove that $9m+ of other losses to get from the actual to a more palatable normalised number.
But it is a one off.

Still looks promising to me but not betting the wine cellar on it.

Agree. Niche products and still early stage. I plan to accumulate small parcels from time to time by the price. Cheers.

ASX ANNOUNCEMENT/MEDIA RELEASE
16 DECEMBER 2020


NEW STUDY SHOWS AROA BIOSURGERY’S MYRIADTM EFFICACY IN HEALING EXPOSED VITAL BODY STRUCTURES
HIGHLIGHTS
• Aroa’s Myriad™ is further validated in a clinical study and peer-reviewed publication - Journal of Wound Care.
• Study shows 100% success rates from use of Myriad™ when patients underwent surgical reconstruction of exposed vital structures such as bone and tendon.
• Demonstrates utility of Myriad™ for both implant procedures and dermal reconstruction and across a wide range of surgical procedures.
• All patients in the study healed well with a zero rate of complications.

18 January 2021
Release of of shares from voluntary escrow - the Prospectus dated 22 June 2020, 46,215,459 shared will be released from voluntary escrow on 25 January 2021.

https://www.investopedia.com/terms/e/escrowedshares.asp

Does it mean : Companies will also issue stock in escrow, imposing limitations on when the shares can be sold, as part of an employee's compensation plan?

Or the institution shares will be flooding to the market?

I saw more buyers than sellers but the SP is sluggish. Ask myself to be patient :).

December Quarterly Report and Appendix 4C

https://cdn-api.markitdigital.com/ap...df02a206a39ff4

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Originally Posted by Snow Leopard

I have some :).

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I have none. :ohmy:

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Originally Posted by Snow Leopard

I have none. :ohmy:

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Geez I wish I didnt have any :sleep:

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Originally Posted by RupertBear

Geez I wish I didnt have any :sleep:

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Well that can be easily fixed as from 10am Sydney time tomorrow.

But depending upon what kind of investor/trader you are
and what exit conditions you set when you bought
and where, objectively, you see the balance of future risk verses reward over you timeframe of choice
and etc;
decides where you go.

Hope it turns round for you.

Quote:

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Originally Posted by Snow Leopard

Well that can be easily fixed as from 10am Sydney time tomorrow.

But depending upon what kind of investor/trader you are
and what exit conditions you set when you bought
and where, objectively, you see the balance of future risk verses reward over you timeframe of choice
and etc;
decides where you go.

Hope it turns round for you.

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Thanks Snow Leopard, I bought it with the intention of holding as I think it has promise.... so hold I will for now.....I am thinking it is still early days .... and it WILL turn round....but only time will tell...;)

Quote:

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Originally Posted by RupertBear

Thanks Snow Leopard, I bought it with the intention of holding as I think it has promise.... so hold I will for now.....I am thinking it is still early days .... and it WILL turn round....but only time will tell...;)

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Is it wise to average down(fear for falling knife :))) or wait for upside?

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Originally Posted by Pegasus2000

Is it wise to average down(fear for falling knife :))) or wait for upside?

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Its still early days so no long term trading pattern to go by. Given its current down trend I am inclined to think this will go down further. So I am not keen to average down at this stage But i may if it levels off. Just my opinion though

Quote:

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Originally Posted by RupertBear

Its still early days so no long term trading pattern to go by. Given its current down trend I am inclined to think this will go down further. So I am not keen to average down at this stage But i may if it levels off. Just my opinion though

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Thanks very much RupertBear!

Movac Fund 3 reduces 18m shares from 8.61% to 6.21%.

https://cdn-api.markitdigital.com/ap...df02a206a39ff4

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Originally Posted by Pegasus2000

Movac Fund 3 reduces 18m shares from 8.61% to 6.21%.

https://cdn-api.markitdigital.com/ap...df02a206a39ff4

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Hmmm interesting, thanks for sharing Pegasus2000

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Originally Posted by Snow Leopard

...Hope it turns round for you.

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OK, and for my other two wishes:

1/ Can I not have sold out yesterday :crying: &

2/A bottle of Cab Sav from grapes grown on the Gimblett Gravels .

Quote:

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Originally Posted by Snow Leopard

OK, and for my other two wishes:

1/ Can I not have sold out yesterday :crying: &

2/A bottle of Cab Sav from grapes grown on the Gimblett Gravels .

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Oh dear I know how you feel, I could name a few that did the same to me last week! Dont worry it will go back down again and you can buy in cheaper! :D

I like it better when the company is developing their sales team as per today's announcement.

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Originally Posted by RGR367

I like it better when the company is developing their sales team as per today's announcement.

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Not satisfied with the work of previous partner or see the big demand?

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https://cdn-api.markitdigital.com/ap...df02a206a39ff4

ASX ANNOUNCEMENT/MEDIA RELEASE
2 FEBRUARY 2021
AROA BIOSURGERY LIMITED


AROA BIOSURGERY TO FURTHER EXPAND FULLY DEDICATED SALES TEAM FOR KEY U.S. MARKET
HIGHLIGHTS
• Aroa to expand on its own direct field sales presence in the United States market in a move expected to positively impact medium-term sales.
• Existing Appulse joint venture to be dissolved.

Quote:

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Originally Posted by RupertBear

Oh dear I know how you feel, I could name a few that did the same to me last week! Dont worry it will go back down again and you can buy in cheaper! :D

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Looks as though we are off the lows and looking stronger by the day. Old funds out and new funds in.

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Originally Posted by sb9

Looks as though we are off the lows and looking stronger by the day. Old funds out and new funds in.

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Its looking better thats for sure, but I am still not confident enough to top up....what about you?

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Originally Posted by RupertBear

Its looking better thats for sure, but I am still not confident enough to top up....what about you?

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Was thinking it might dip below or go close to $1 and its top time. However, didn't go that way and now its close my breakeven point, hence no plans to buy more. I'm picking the new funds that are on board might push this past 1.50 or 1.60 in the medium term as its very cheap compared to its peers like PNV.

Quote:

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Originally Posted by sb9

Was thinking it might dip or go close to $1 and its top time. However, didn't go that way and now its close my breakeven point, hence no plans to buy more. I'm picking the new funds that are on board might push this past 1.50 or 1.60 in the medium term as its very compared to its peers like PNV.

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Thanks for your thought sb9 :)

Aroa secures FDA clearance for new product : https://cdn-api.markitdigital.com/ap...df02a206a39ff4

revenues up 16%
https://cdn-api.markitdigital.com/ap...df02a206a39ff4

seminar lnk
https://cdn-api.markitdigital.com/ap...df02a206a39ff4

Quote:

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Originally Posted by Pegasus2000

revenues up 16%
https://cdn-api.markitdigital.com/ap...df02a206a39ff4

seminar lnk
https://cdn-api.markitdigital.com/ap...df02a206a39ff4

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Probably one of best value stocks on ASX.

Next Thursday Sharesies event “lunch money” will see the CEO of Aroa biosurgery being interviewed.
I will watch it, but then it will be available on YouTube.

Quote:

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Originally Posted by kiwiyankee

Next Thursday Sharesies event “lunch money” will see the CEO of Aroa biosurgery being interviewed.
I will watch it, but then it will be available on YouTube.

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Thanks for bringing that you our attention

Aroa Biosurgery (ASX:ARX) share price rises on results and strong guidance : https://www.fool.com.au/2021/05/25/a...rong-guidance/

RBNZ may raise OCR in the second half of 2022. NZ dollar is up now. Will the currency movement affect the result of 2022?

This company has a great innovative product and is making in-roads into key markets. I plan to hold for now

This is the Sharesies interview. I haven't watched yet
https://www.youtube.com/watch?v=v1Xgc0Tr6rY

trading halt : https://cdn-api.markitdigital.com/ap...df02a206a39ff4

Anyone is keen on SPP?

[QUOTE=Pegasus2000;898202]Anyone is keen on SPP?[/QUOTE

I added more from the last few days and I will get the maximum allowed on the spp too.

[QUOTE=RGR367;899346]

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Originally Posted by Pegasus2000

Anyone is keen on SPP?[/QUOTE

I added more from the last few days and I will get the maximum allowed on the spp too.

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Is it time to back up the truck now on this one based on the report just in?

[QUOTE=RGR367;915001]

Quote:

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Originally Posted by RGR367

Is it time to back up the truck now on this one based on the report just in?

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a few points from the video : https://us02web.zoom.us/webinar/regi...TvCVyqHsYavJtQ
1. The own sale team really makes difference.
2. HealthTrust is picky on a few products instead of wide range of product. It is a bit unusual that Myriad is chosen out side the cycle.
3. Myriad Matrix is good quality product and cost-effective, especially.

Hope that the Aroa will keep the momentum going after post covid-19 vaccination and the number of the surgery being recovered.

https://cdn-api.markitdigital.com/ap...df02a206a39ff4

Earning upgrade. Manufacturing and development are not affected by Auckland lockdown.

Quote:

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Originally Posted by Pegasus2000

https://cdn-api.markitdigital.com/ap...df02a206a39ff4

Earning upgrade. Manufacturing and development are not affected by Auckland lockdown.

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This should get the sp moving up from now on.

Quite a large drop from the SSP with news due this week. Just being hammered with the general market or is there more to it?

Quote:

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Originally Posted by The diver

Quite a large drop from the SSP with news due this week. Just being hammered with the general market or is there more to it?

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The share price weakened after the 25th November half year report.
Looks as though there were too higher expectations built into their share price at over $1.50.
I do not know whether the current 84 cents is good buying or not ,as cash outflow from operating activities were $5.8mil for H1 .FY 22.which seemed to me to be high compared to their $17.2 mil revenue.

I could understand the consistent downward trend with too high expectations could account for the decrease to $1 but a ~12% drop on Monday with no news seems drastic. I see from the financial report that Net cash outflow of $5.8m included a one of interest expense of 1.5M for their debt which was paid off with the capital raising. So ongoing should be less. Increased staffing though probably going to be a big ongoing cash outflow increase.

Their revenue guidance for FY22 is based on an assumed exchange rate of 0.72 NZD/USD. It has been consistently lower than this since the announcement so I wonder if this could have an impact at all on the final announcement.

Non-executive director Phil McCaw bought 81925 (AUS 61443.95, $0.75 per share) in 12 April 2022.

26 April, 2022


Financial Highlights

• Preliminary unaudited FY22 full year product revenue of approximately NZ$39.2 million, being NZ$37.7 million on a constant currency[1] basis and exceeding the Company’s constant currency guidance of NZ$34-37 million. This represents constant currency growth of approximately 84% on FY21.
  
• H2 FY22 preliminary unaudited product revenue grew 19% on H1 FY22 and 66% on H2 FY21, on a constant currency basis.
  
• Preliminary unaudited total revenue of approximately NZ$39.7 million for FY22, representing approximately 78% growth on FY21.
  
• Net cash flow outflow from operations was NZ$5.1 million for the quarter, primarily reflecting the timing of cash receipts on product sales during the quarter.
  
• Net cash outflow from investing activities was NZ$1.4 million for the quarter, reflecting AROA’s investment into the manufacturing facility expansion.
  
• Strong cash balance of NZ$56 million as at 31 March 2022, and the Company remains debt free.

Operational Highlights

• Myriad Matrix™ awarded the Gold Award for “Most Innovative Dressing or Device” at the Journal of Wound Care’s World Union of Wound Healing Societies Awards 2022.
  
• Limited US commercial launch of Symphony™
  
• In-person attendance at four key industry conferences.
  
• Commercial manufacturing has now commenced at AROA’s second manufacturing facility.
  
• AROA will host an investor webinar today at 10.30am AEST to discuss the results. Click here to register.

Soft tissue regeneration company Aroa Biosurgery Limited (ASX:ARX, ‘AROA’ or the ‘Company’) is pleased to provide an update on its activities for the quarter ended 31 March 2022.

HIGHLIGHTS


FY22 Results

• Audited full year product revenue of NZ$39.2 million, reflecting an 81% increase on FY21. On a constant currency[1] basis, product revenue was NZ$37.7 million (an increase of 84% on FY21), exceeding the Company’s upgraded constant currency guidance of NZ$34-37 million. Total revenue (inclusive of project fees) was NZ$39.7 million, representing growth of 78%.
  
• Product gross margin of 76% (75% constant currency), representing an 8% increase on FY21.
  
• Result delivered despite COVID-19 continuing to impact access to hospitals and procedure volumes in the US.
  
• Normalised EBITDA loss for FY22 was NZ$1.5 million, compared to a loss of NZ$3.3 million in FY21. Normalised loss before income tax was $5.2 million (NZ GAAP Loss before income tax of NZ$8.3 million) compared to NZ$7.5 million in FY21 (NZ GAAP Loss before income tax of NZ$19.1 million).
  
• Strong cash balance of NZ$56.1 million with no debt.

FY23 Outlook

• Product revenue guidance of NZ$51-55 million, to deliver 30-40% growth on FY22.
  
• Product gross margins are expected to improve to 77% due to increased sales of higher margin Myriad™ products and improving manufacturing efficiencies (despite increased indirect overheads from the new manufacturing facility).
  
• AROA is continuing to invest in its US salesforce and product development to drive growth in FY23 and beyond. As a result, it is forecasting an EBITDA loss for FY23.
  Given the dynamic and evolving impact of COVID-19, guidance is subject to no material decline in US medical procedure numbers or sustained disruption to AROA’s manufacturing or transportation activities and TELA Bio, Inc. delivering on its revenue guidance of US$40-45 million in CY22.[2] It also assumes an average NZD/USD exchange rate of 0.70.

NZD/USD exchange rate of 0.70, the assuming is wrong, should be lower, I think.

Been on quiet a good run up since early Jul, from a low of $0.65 to today and $1.02.

Last few days have been particularly positive.

Quote:

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Originally Posted by Snow Leopard

Been on quiet a good run up since early Jul, from a low of $0.65 to today and $1.02.

Last few days have been particularly positive.

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Long may the run up continue, finally back over a $1, not sure why its going up but I will take it :) still a wee way to go for me to break even :(

Combination of one or two funds may be in acquisition mode and the pesky sellers all but finished I guess. Got some big holding here and almost back to break even.
Could be some nice clear blue sky days ahead from hereon. Still much cheaper compared to the other outfit PNV, which is trading at much higher multiple.

I sold all mine end of Dec 2021 for about $1.02 when downtrend underway so probably time to take another look now it’s gone full circle. make something on these on the second try lol

Bell Potter 2023 picks:
Aroa Biosurgery (ARX)
Aroa Biosurgery is a commercial stage
medical device company that operates
within the complex wound care and
soft tissue reconstruction sector.
The portfolio includes Endoform/
Myriad/Symphony (complex wounds)
and the OviTex devices (breast &
hernia surgery) which are distributed
through TELA Bio in the US. 1H23
Revenue NZ$29.3m (48% revenue
growth on 2H22) has been driven by
Myriad and OviTex sales. Aroa has
maintained its FY23 revenue guidance
of NZ$62-64m, gross product margin
of 84% and normalised EBITDA to be
approximately breakeven. Key catalysts
include the ongoing commercialisation
of Myriad, Symphony launch during
CY23 and product line extension
involving OviTex.
Buy, Price Target au$1.40

ASX ANNOUNCEMENT/MEDIA RELEASE31 JULY 2023A R OA B IO S UR GE RY J UN E 20 2 3 4 C – C OM M EN T A RY
Financial Highlights
• Increased cash receipts from customers of NZ$15.2 million during the quarter, compared toreceipts of NZ$12.3 million for the prior quarter.
• In line with expectations, net cash outflow from operations of NZ$4.8 million for the quarter,compared to the prior quarter outflow of NZ$1.9 million. This primarily reflected typical postfinancial year payments and a planned operating loss for the quarter. Net cash outflow frominvesting activities was NZ$1.3 million for the quarter, reflecting further investment intoadditional manufacturing plant & equipment capacity.
• Strong cash balance of NZ$38.5 million as at 30 June 2023.
• FY24 product revenue guidance maintained at NZ$72-75 million1(25-30% increase on FY23on a constant currency basis2).
• FY24 product gross margin guidance maintained at 85%.
• FY24 normalised3 EBITDA profit guidance maintained at NZ$1-2 million.