Aroa Biosurgery (ASX:ARX) share price is moving up. Here’s why

Category: Finance

Regenerative healing product company Aroa Biosurgery Limited (ASX:ARX) has delivered strong half-year results. Aroa’s sales revenue is up 108% from H1-FY21. AROA has also signed a contract extension for its Myriad products with a US group purchasing organization (GPO), giving it access to around 1,500 US hospitals. It thus expects FY22 sales revenue to remain at the upper end of previous guidance. AROA has recorded a preliminary unaudited product sales revenue of NZ$17 million. Product sales revenue has thus grown over 108% on H1-FY21. The final product sales numbers are subject to confirmation of AROA’s quarterly revenue share from TELA Bio, Inc. Final unaudited numbers for H1-FY22 are expected by the end of October.Given this preliminary result, ARX expects FY22 revenue to be at the upper end of previous guidance, at NZ$33 million.