REG - RUA Life Sciences - Acquisition Update

Rua Life SciencesAnnouncement

03/02/2025 07:00

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RNS Number : 5474V  RUA Life Sciences PLC  03 February 2025

3 February 2025

 

RUA Life Sciences Plc

("RUA Life Sciences", the "Company" or the "Group")

 

Acquisition 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™), updates on the financial
performance of its French subsidiary (ABISS) which was acquired in September
2024.

ABISS has a December financial year end and, as noted in RUA's interim
statements, ABISS was impacted by supply chain challenges in the nine months
to September 2024. These challenges were overcome post-acquisition resulting
in trading income being weighted heavily towards the final quarter of the year
to 31 December 2024. The management accounts of ABISS covering the year to
December have now been prepared and reviewed. At 31 December, shareholders'
funds (net asset value) amounted to €1.6 million.  Total revenues of €2.3
million were achieved, representing growth of 7% over the year to December
2023.  A profit before tax of €46k was recorded compared to a loss of
€352k in the prior year, and after adding back depreciation charges, EBITDA
increased 147% from €185k to €457k. Due to the supply chain challenges,
the pretax loss of ABISS for the 9 months to September amounted to around
€450k however as, stated above, this was remedied with the result that the
final quarter generated a profit of approximately €500k.

Budgets and business planning are currently being undertaken with expectations
for further revenue growth driven by increasing demand in Europe for ABISS's
Cyrene product range.

 

Bill Brown, CEO of RUA Life Sciences, stated: "Abiss is demonstrating itself
to be a very high-quality business, and the combination with RUA allows a
number of strategic opportunities to be pursued in further developing the
group."

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, CEO                                                       Tel: +44 (0)1294 317073

 Lachlan Smith, CFO                                                    Tel: +44 (0)1294 317073

 Cavendish Capital Markets                                             Tel: +44 (0)20 7220 0500
 Limited

 (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™'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 Manufacture:  End-to-end contract developer and manufacturer 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 Heart:      Development of polymeric leaflet systems for heart valves.

 

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