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3 Feb 2025 07:00
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 Lachlan Smith, CFO |
Tel: +44 (0)1294 317073 Tel: +44 (0)1294 317073
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Cavendish Capital Markets Limited (Nominated Adviser and Broker) Giles Balleny/Dan Hodkinson (Corporate Finance) Charlie Combe (Broking) Michael Johnson (Sales) | Tel: +44 (0)20 7220 0500
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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-EonTM, the world's leading long-term implantable polyurethane. Whether it is licensing Elast-EonTM, 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.
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RUA Biomaterials: | Licensor of Elast-EonTM polymers to the medical device industry.
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RUA Vascular: | Commercialisation of open surgical vascular grafts and patches
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RUA Structural Heart: | Development of polymeric leaflet systems for heart valves. |
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