Aroa Biosurgery Ltd · ASX:ARX
Aroa Biosurgery — FY2026 Earnings Presentation
30 slides from Aroa Biosurgery's earnings presentation, May 26, 2026
Slide 1: FY26 Full Year Results: A breakout year for AROA
FY26 FULL YEAR RESULTS A breakout year for AROA 1 | Un lo cking rege nerative h ealing f or everybody.
Slide 2: Important Notice and Disclaimer
Important Notice and Disclaimer This presentation (Presentation) is dated 26 May 2026 and has been prepared by in conjunction with AROA’s other periodic and continuous disclosure announcements Aroa Biosurgery Ltd, New Zealand company number 1980577, ARBN 638 867 473 lodged with ASX and should rely s
Slide 3: FY26 highlights
FY26 highlights Profitable, self-funding, high-growth company delivering on key metrics NZ$104m +54% NZ$13m Total revenue Myriad growth Normalised EBITDA2 Exceeding guidance (CC 1: NZ$92 -100m), Our highest-growth, highest-margin product line, Exceeded Guidance (CC: NZ$5 - 8m, 174% of the +23% on FY
Slide 4: Aroa at a glance
Aroa at a glance A high-growth soft tissue and complex wound medical device company Four product >US$3B1 TAM families AROA ECM platform For existing products across Base technology for new products AROA ECM-based, predominantly complex wounds & soft-tissue and line extensions sold to US hospitals re
Slide 5: Contents
Contents Financials 01 Guidance exceeded Strategy & growth pillars 02 Myriad , Symphony & OviTex Operations 03 Direct sales engine Outlook 04 FY27 guidance and the investor highlights | Un lo cking rege nerative h ealing f or everybody. 5
Slide 6: Financials
01 | Financials Revenue & earnings guidance exceeded. | Un lo cking rege nerative h ealing f or everybody. 6
Slide 7: FY26 Guidance exceeded
01 FINANCIALS FY26 Guidance exceeded FY26 constant currency1 results vs guidance TOTAL REVENUE2 NORMALISED EBITDA2,3 GUIDANCE DELIVERED GUIDANCE DELIVERED NZ$92-100m NZ$101m NZ$5-8m NZ$11m Above the top of the range ~174% of the guidance midpoint Up from NZ$84m in FY25 (+21%) Up from NZ$4m in FY25 (
Slide 8: FY26 financial results
01 FINANCIALS FY26 financial results PROFIT OR LOSS (Normalised, NZ$) CASH FLOW (Normalised, NZ$) FY26 YoY change FY26 YoY change Total revenue NZ$103.9m +23% Operating activities NZ$10.5m +NZ13.1m Product gross margin 85.5% - Investing activities2 (NZ$3.7m) - Normalised operating expenses1 NZ$82.5m
Slide 9: Myriad growth
01 FINANCIALS Myriad growth +54% CC1: +52% Myriad sales trajectory (NZ$m) 60 49 50 FY26 Myriad sales growth 40 32 30 Relevance 23 20 • Highest-growth product line in the portfolio 14 • Sold by direct sales-force 10 4 • High margin product family (+90%) | Un lo cking rege nerative h ealing f or every
Slide 10: A high-quality revenue base
01 FINANCIALS A high-quality revenue base Aroa earns revenue two ways; both have high margin. The direct channel is now the majority, and growing fastest. AROA direct sales: 59% Endoform , Myriad and Symphony sold by AROA's own US sales force. This is the fastest-growing part of the business, led by
Slide 11: Disciplined use of funds
01 FINANCIALS Disciplined use of funds Investment is concentrated where it drives growth (sales reach and clinical evidence) while R&D intensity normalises Sales & marketing expenses R&D spend 60 60% 12 30% % of product revenue 50 50% % of product revenue 10 40 40% 8 20% NZ$m NZ$m 30 30% 6 20 20% 4
Slide 12: Strategy & growth pillars
02 | Strategy & growth pillars Three distinct growth pillars — Myriad, Symphony & OviTex | Un lo cking rege nerative h ealing f or everybody. 12
Slide 13: Substantial Growth Opportunities
02 STRATEGY Substantial Growth Opportunities > $3B1 TAM Total Addressable Market Total Addressable Market > $1.8B USD 2 > $1.3B USD 3 e.g. Diabetic Foot Ulcers, Venous e.g. Trauma, tumour removal, general e.g. Hernia repair, abdominal Ulcers, Pressure Ulcers, chronic wounds surgery, inflammatory ski
Slide 14: Products that deliver world-leading outcomes at lower total cost of care
02 STRATEGY Products that deliver world-leading outcomes at lower total cost of care World-leading Unmatched Widespread outcomes value impact • Restores tissue1, 2 • Lower product cost1, 2 • 130 peer-reviewed (avg US$6.5k less per use) publications • Fewer complications1, 2 • Lower reapplication rat
Slide 15: Three growth pillars
02 STRATEGY Three growth pillars One ECM platform, three product families, four distinct opportunities Myriad OviTex Symphony SOF T-T ISSUE R ECONST RU CT ION HER NIA & B R EAS T R ECONS T R UCT IO N COM PLEX CHR ONI C W OU NDS Reinforced tissue matrix. Aroa Trauma, limb salvage, & general manufactu
Slide 16: Myriad: the growth driver
02 STRATEGY Myriad: the growth driver Driven by complex cases M Y R IA D OU T C OM E S Large complex wounds (trauma) and limb-salvage procedures are driving Myriad's strong sales growth. Single application Median of one product application Compelling prospective evidence across studies 1 - 6 MASTRR
Slide 17: Symphony: large new compelling opportunity
02 STRATEGY Symphony: large new compelling opportunity R E IM B U R SE M E N T DI SR U PT IO N H I GH E R EV I DE N C E RE Q UI R E M EN T S The market reset From 2026, CMS reimburses skin substitutes on a flat-fee basis — a major time-sensitive reset of a multi-billion-dollar US market. RCT endpoin
Slide 18: OviTex: high-quality distributor revenue
02 STRATEGY OviTex: high-quality distributor revenue AROA is the exclusive manufacturer of OviTex. TELA Bio distributes it — extending AROA's reach at no sales-force cost Reinforced tissue matrix TELA Bio distribution A natural-repair alternative to permanent synthetics North American and European d
Slide 19: Operations
A scaling US direct sales engine 03 | Operations 19 | Un lo cking rege nerative h ealing f or everybody.
Slide 20: Five consecutive years of revenue growth
03 OPERATIONS Five consecutive years of revenue growth Total product revenue has grown to NZ$104m in FY26, led by Myriad F Y2 6 GR O W TH 120 100 +23% Total product revenue 80 NZ$m 60 +54% Myriad 40 20 +8% TELA Bio (OviTex) 0 FY21 FY22 FY23 FY24 FY25 FY26 TelaBio Sales Endoform Sales Symphony Sales
Slide 21: Scaling US direct sales engine
03 OPERATIONS Scaling US direct sales engine AROA has built core US commercial infrastructure — the foundation for the next phase of growth Hospital direct Distributor Changed structure sales team leverage & leadership Targeting operating room Distributor networks reach East/west regional split, mor
Slide 22: Myriad commercial momentum
03 OPERATIONS Myriad commercial momentum Customer accounts have grown steadily, ongoing focus on sales productivity , , C U S TO M E R A C C OU N TS S AL E S F OR C E V S. C U S TO M E RS SE R V E D 500 60 525 450 50 450 400 350 375 40 300 300 250 30 225 200 20 150 150 100 10 75 50 0 0 0 FY22 FY23 F
Slide 23: Outlook
A deliberate investment year 04 | Outlook 23 | Un lo cking rege nerative h ealing f or everybody.
Slide 24: FY27 guidance: investing to accelerate sales
04 OUTLOOK FY27 guidance1: investing to accelerate sales Focus on the Myriad sales ramp & Symphony launch TOTAL REVENUE NZ$115 - 125m • Direct revenue growth of 24 - 40% vs FY26 • Sales of OviTex to TELA Bio are assumed to be flat 13 - 23% growth • Continued improvement in operating leverage NORMALI
Slide 25: FY27 priorities and upcoming catalysts
04 OUTLOOK FY27 priorities and upcoming catalysts A clear operating agenda and a steady stream of clinical studies for the market to track F Y2 7 O PE RA T IN G FO C U S U PC O M I NG C L I NI C A L S TU D IE S & C AT A LY S TS Myriad momentum 01 Sustain the growth trajectory in the operating room F
Slide 26: Investment highlights
04 OUTLOOK Investment highlights A profitable, self-funding medtech growing 13-23% 1, with a new product catalyst Proven growth Profitable & Myriad driving Five straight years of revenue self-funding growth growth. FY26 above the top Normalised EBITDA positive, Grew 54% in FY26 (CC1), high- of guida
Slide 27: Questions & Answers
Questions & Answers Thank you for attending Aroa Biosurgery's FY26 Full Year Results. R E G IS T E RE D O FF ICE 64 Richard Pearse Drive, Auckland 2022, New Zealand PO Box 107111, Auckland Airport, Auckland 2150, New Zealand | Un lo cking rege nerative h ealing f or everybody. I N V E ST O R R E L A
Slide 28: Normalised Profit or Loss
APPENDIX Normalised Profit or Loss Mar-26 Mar-25 Change Change Change (CC 1) NZ$000 NZ$000 NZ$000 % % Reconcilliation between normalised profit or loss and NZ GAAP Product sales 103,507 83,977 19,530 23% 22% Mar-26 Mar-25 Other revenue 347 720 - 373 -52% -50% NZ$000 NZ$000 Total revenue 103,854 84,6
Slide 29: Normalised cash flow
APPENDIX Normalised cash flow1 Mar-26 Mar-25 NZ$000 NZ$000 Cash flows from operating activities Reconcilliation between normalised cash flow and NZ GAAP Cash receipts from sales revenue 95,521 76,648 Cash receipts from license fees, project fees, and grant income 1,266 2,032 Mar-26 Mar-25 Cash paid
Slide 30: Balance Sheet
APPENDIX Balance Sheet Mar-26 Mar-25 NZ$000 NZ$000 Cash and cash equivalents 21,061 7,991 Term deposits 5,995 14,000 Trade and other receivables 22,172 16,327 Inventories 6,019 8,270 Prepayments 3,499 2,405 Contract assets 18,261 17,417 Tax receivable 192 312 Financial assets at fair value through o