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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
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Member
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.
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