Aroa Biosurgery (ARX: $1.15) delivered another consistent quarter of growth. Net cash receipts were up 88% over the PCP to NZ$17 million for the quarter, and up 83% over the PCP for the last nine months to NZ$42 million.
Revenue for the 12 months to the end of March is on track for between NZ$60 - NZ$62 million, although this is dependent on its distributor in the US for two of its products, Tela Bio, reaching its own forecast.
For its 2023 financial year (ending 31 March) the company expects to be breakeven on a normalised EBITDA. Its net cash flow from operations was NZ$0.15 million for the December quarter.
Most of Aroa's sales are generated in the US. It added five more direct sales staff in the last quarter to give it a total sales team of 48.
Aroa is capitalised at $394 million.
Bioshares recommendation: Speculative Buy Class A
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