ASX-listed Aroa Biosurgery hits over 2-week high on FY23 outlook

Aroa Biosurgery

24/05/2022 05:42

** Shares of New Zealand-based soft tissue repair co
 ARX.AX  climb as much as 6.8% to A$0.860, their highest since
May 6
    ** Co posts FY22 product revenue of NZ$39.2 million ($25.24
million), an 81% increase on FY21  urn:newsml:reuters.com:*:nASXgX4Mp
    ** Sees FY23 product revenue guidance of NZ$51-55 mln, to
deliver 30-40% growth on FY22
    ** Says 2023 product gross margins are expected to improve
to 77% due to increased sales of higher-margin products and
better manufacturing efficiencies 
    ** Co is however forecasting an EBITDA loss for FY23 due to
U.S. sales force and product development investments 
    ** Shares on track for their biggest intraday pct gain since
May 11
    ** More than 185,360 shares change hands as compared with
the 30-day average volume of ~144,447 shares  
    ** Stock down 21.1% this year, as of last close, vs a 4%
fall in the S&P/ASX 200 index  .AXJO  



($1 = 1.5533 New Zealand dollars)

 (Reporting by Roushni Nair in Bengaluru)
 ((Roushni.Nair@thomsonreuters.com;))