Aroa Biosurgery Ltd (AU:ARX) has released an update.
Aroa Biosurgery Ltd reported a 12% increase in FY24 revenue to NZ$69.1 million, driven by strong sales growth of its Myriad product line, despite a transitional dip in OviTex/OviTex PRS revenues due to inventory adjustments by partner TELA Bio. The company experienced a gross margin improvement to 85%, but saw a normalized EBITDA loss of NZ$3.1 million, attributed to continued US expansion and clinical trial investments. Looking ahead, Aroa forecasts FY25 revenues to rise 21-32% with a return to EBITDA profitability, underpinned by ongoing Myriad sales and TELA Bio’s alignment with revenue forecasts.
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