RUA Life Sciences PLC Trading Update (5148U)
2023年11月24日 - 4:00PM
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RNS Number : 5148U
RUA Life Sciences PLC
24 November 2023
24 November 2023
RUA Life Sciences Plc
("RUA Life Sciences", the "Company" or the "Group")
Half-Year Trading Update
RUA Life Sciences (AIM: RUA), the holding company of a group of
medical device businesses focused on the exploitation of the
world's leading long-term implantable biostable polymer
(Elast-Eon(TM)), today provides an unaudited trading update for the
six-month period ended 30 September 2023, being the first half of
the 2024 financial year ("H1 2024").
Revenue
In the previous financial year, revenue within the Contract
Manufacture business was weighted in the first half. The current
year has seen this weighting reverse due to a temporary disruption
in the timings of shipping orders to customers. As a result, total
Group revenue (including royalties) for the period decreased to
GBP794k, representing a year-on-year decline of 28% ( H1 2023 :
GBP1,104k).
-- Biomaterials royalties for the period from Elast-Eon
increased to GBP199k, representing year on year growth of 6% ( H1
2023 : GBP187k)
-- Contract Manufacture revenues for the period decreased to
GBP595k, representing a year on year decline of 35% ( H1 2023 :
GBP917k)
Notably, however, post period end, October was a strong month
for Contract Manufacture and by the month end, revenues had
recovered to be just 6% behind budget for the year to date, and
Management anticipates full order fulfilment by the end of November
with trading in line with budget and subsequently back to normal
trading volumes. Consequently, the Group is confident that
full-year revenues will align with management expectations for the
current financial year.
Cash
Despite the order disruption, the Group continued to manage its
resources tightly with cash at 30 September 2023 of GBP0.5m (31
March 2023: GBP1.5m). With a catch-up in order shipments together
with the receipt of R&D Tax Credits of GBP381k, the cash
position at 21 November 2023 stood at over GBP1.0m.
Loss for period
As a result of the heavy second-half weighting and the resulting
shortfall in revenues, Group losses before tax for the period are
expected to temporarily widen by 22% to GBP1.4m ( H1 2023 :
GBP1.1m), reflecting the shortfall in revenues however, costs
remained tightly controlled.
Bill Brown, Chairman of RUA Life Sciences , stated : " Taking
into account the recent catch-up in shipments, o ur Biomaterials
and Contract Manufacturing businesses continue to perform in line
with expectations and demonstrate growth potential. As announced on
20 November with the Strategy Update our focus is to minimise the
future investment required for the Group to commercialise its
development projects and provide a pathway for the Group to reach
profitability and cash generation in a significantly shorter
timeframe."
The Group expects to announce its interim results in the second
half of December 2023.
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014.
For further information contact:
RUA Life Sciences
Bill Brown, Chairman Tel: +44 (0)1294 317073
Caroline Stretton, Group Managing Tel: +44 (0)1294 317073
Director
Cavendish Capital Markets Limited Tel: +44 (0)20 7220 0500
(Nominated Adviser and Broker)
Giles Balleny/Dan Hodkinson (Corporate
Finance)
Charlie Combe (Broking)
Michael Johnson (Sales)
About RUA Life Sciences
The RUA Life Sciences group was created in April 2020 when RUA
Life Sciences Plc (formerly known as AorTech International Plc)
acquired RUA Medical Devices Limited to create a fully formed
medical device business. RUA Life Sciences is the holding company
of the Group's four trading businesses, each exploiting the Group's
patented polymer technology.
Our vision is to improve the lives of millions of patients by
enabling medical devices with Elast-Eon(TM) , the world's leading
long-term implantable polyurethane. Whether it is licensing
Elast-Eon(TM) , manufacturing a device or component, or developing
next generation medical devices, a RUA Life Sciences business is
pursuing our vision.
Elast-Eon(TM)'s biostability is comparable to silicone while
exhibiting excellent mechanical, blood contacting and flex-fatigue
properties. These polymers can be processed using conventional
thermoplastic extrusion and moulding techniques. With over 8
million implants and 15 years of successful clinical use, RUA's
polymers are proven in long-term life enabling applications.
The Group's four business units are:
RUA Contract End-to-end contract developer and manufacturer
Manufacture: of medical devices and implantable fabric
specialist.
RUA Biomaterials: Licensor of Elast-Eon(TM) polymers to the
medical device industry.
RUA Vascular: Commercialisation of open surgical vascular
grafts and patches
RUA Structural Development of polymeric leaflet systems
Heart: for heart valves.
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