Aroa Biosurgery Ltd · ASX:ARX
Aroa Biosurgery — H1 FY26 Earnings Presentation
70 slides from Aroa Biosurgery's earnings presentation, Nov 25, 2025
Slide 1: Aroa Biosurgery (ARX) – Half Year 2026 Results
For personal use only Aroa Biosurgery (ARX) – Half Year 2026 Results UNLOCKING REGENERATIVE HEALING FOR EVERY BODY 1
Slide 2: Important notice and disclaimer
Important notice and disclaimer This presentation (Presentation) is dated 25 November 2025 and has been prepared presentation in conjunction with AROA’s other periodic and continuous disclosure by Aroa Biosurgery Ltd, New Zealand company number 1980577, ARBN 638 867 473 announcements lodged with ASX
Slide 3: Agenda
Agenda H1 FY26 Results Presentation 10.40 – 11:00am Break – end of livestream For personal use only 8:30 – 8:50am Half year results 11.00 – 12:30pm Round table sessions 8.50 – 9:10am Q&A • Commercial strategy & operations Investor Event • TELA Bio OviTex portfolio update 9:10 – 9:40am TELA Bio updat
Slide 4: H1 FY26 Results Presentation Contents
H1 FY26 RESULTS PRESENTATION CONTENTS For personal use only 01 Financials 02 Strategy 03 Operations 04 Outlook 4
Slide 5: Financials
For personal use only Financials 5
Slide 6: H1 FY26 financial results
H1 FY26 financial results For personal use only Profit & Loss Cash Flow H1 FY26 Reported PcP change H1 FY26 Reported PcP change NZ$44.9m ▲$5.7m NZ$4.0m ▲$8.8m Total Revenue ▲15% Operating activities ▲182% 85% ▲$4.3m (NZ$1.6m) ⯆$0.6m Product Gross Margin ⯆2% Investing2 activities ⯆28% NZ$39.6m ▲$1.0m
Slide 7: AROA product sales – H1 FY26
AROA product sales – H1 FY26 For personal use only Total Product Revenue to AROA (NZ$) H1 H2 Total Sales 90 80 70 60 ▲ 50 14% NZ$m 40 30 20 10 0 FY20 FY21 FY22 FY23 FY24 FY25 FY26 7
Slide 8: Individual product revenue to AROA
Individual product revenue to AROA For personal use only Endoform Revenue H1 H2 Myriad Revenue H1 H2 TELA Bio Revenue H1 H2 40 40 40 35 35 35 30 30 30 25 25 ▲ 33% 25 ▲ NZ$m NZ$m 20 20 4% NZ$m 20 15 15 15 10 ▲ 10 1% 10 5 5 5 0 0 FY21 FY22 FY23 FY24 FY25 FY26 FY21 FY22 FY23 FY24 FY25 FY26 0 FY21 FY22
Slide 9: Myriad sales metrics
Myriad sales metrics For personal use only Average account value and no. of customers1 Myriad salespeople $120,000 400 60 350 $100,000 50 300 $80,000 40 250 $60,000 200 30 150 $40,000 20 100 $20,000 50 10 $0 0 FY22 FY23 FY24 FY25 H1 FY26 0 FY21 FY22 FY23 FY24 FY25 H1 FY26 Avg. account value (NZD) No
Slide 10: Strategy
For personal use only Strategy 10
Slide 11: Substantial growth opportunities > $3B TAM
Substantial growth opportunities > $3B1 TAM For personal use only 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, inflam
Slide 12: Strategic focus
For personal use only Strategic focus 12
Slide 13: Operations
For personal use only Operations 13
Slide 14: AROA at a glance
AROA at a glance Well established high-growth soft tissue regeneration company For personal use only Four product AROA ECM platform families for new products, line >US$3B1 TAM predominantly sold to extensions for existing products US hospitals US direct (AROA) & >100 7 million+ peer reviewed publica
Slide 15: Leading change in regenerative healing
Leading change in regenerative healing For personal use only Improved Outcomes Lower Total Cost to Treat 3 Restores tissue 1,2 Lower direct cost (avg $6.5k less per use) 1,2 3 Proven performance Fewer complications Lower reapplication rates 3 100+ peer reviewed Lower infection rates 1,2 SSI reductio
Slide 16: Product overview
Product overview Myriad Symphony OviTex For personal use only Hernia & soft tissue 01 Large complex wounds (trauma) & lower limb salvage 01 Complex chronic wounds 01 reconstruction (breast) Restores tissue, fewer Portfolio expansion - OviTex IHR, Reimbursement changes – 02 complications & single 02
Slide 17: Outlook
For personal use only Outlook 17
Slide 18: Reaffirming FY26 guidance
Reaffirming FY26 guidance1 For personal use only NZ$92-100m NZ$5-8m Total revenue Normalised EBITDA YoY CC growth 10 – 20% (Myriad 25%+ YoY CC growth) 1. All guidance an average NZ$/US$ exchange rate of 0.60 (compared to the average exchange rate of 0.59 in FY25), US tariff rates remaining at 15% an
Slide 19: Focus & key milestones for FY26
Focus & key milestones for FY26 For personal use only FY26 Focus Milestones 01 Large complex wounds (trauma) & lower limb salvage (Myriad) Demonstrate Myriad’s distinctive value Publish studies in Trauma, Pilonidal Sinus Disease, Burns 02 Myriad value proposition One Myriad IDN conversion 03 Deeper
Slide 20: Questions & Answers
For personal use only AROA BIOSURGERY Questions & Answers 20
Slide 21: Normalised profit or loss
APPENDIX Normalised profit or loss1 Sept-25 Sept-24 Change Change CC2 Change For personal use only NZ$000 NZ$000 NZ$000 % % Product sales 44,630 39,092 5,538 14% 11% Other revenue 230 64 166 259% 246% Total revenue 44,860 39,156 5,704 15% 11% Cost of sales (6,589) (5,175) (1,414) 27% 27% Reconcillia
Slide 22: Normalised cash flow
APPENDIX Normalised cash flow1 Sept-25 Sept-24 NZ$000 NZ$000 For personal use only Cash flow from operating activities Reconcilliation between normalised cash flow and NZ GAAP Cash receipts from sales revenue 45,063 37,646 Cash receipts from license fees, project fees, and grant income 367 240 Sept-
Slide 23: Balance sheet
APPENDIX Balance sheet Sept-25 Mar-25 NZ$000 NZ$000 Current assets For personal use only Cash and cash equivalents 10,448 7,991 Term deposits 13,000 14,000 Trade and other receivables 14,176 16,327 Inventories 8,096 8,270 Prepayments 1,494 2,405 Contract assets 20,080 18,712 Tax receivable 543 312 F
Slide 24: For personal use only
For personal use only INVESTOR PRESENTATION November 2025 24
Slide 25: Forward Looking Statements
Forward Looking Statements This presentation contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this document, including but not limited to statements regarding possible
Slide 26: We provide innovative soft-tissue reconstruction solutions
For personal use only We provide innovative soft- tissue reconstruction solutions Our Mission that optimize clinical outcomes by prioritizing the Preservation and Restoration of the patient’s own anatomy. 26
Slide 27: Product Adoption Since Launch
Product Adoption Since Launch For personal use only ~81,000 60+ 5,000+ OviTex Reinforced Tissue Matrix Published or Presented Works Hospitals Covered by (RTM) Implantations Globally (OviTex + OviTex PRS) GPO Access 18,000+ 1,100+ Patients in Peer-Reviewed OviTex PRS Implantations (U.S.) Publications
Slide 28: Driving Revenue Growth
Driving Revenue Growth Sales X Rep X Product X GPO X Clinical = $ SALES For personal use only Force Size Productivity Portfolio Access Experience 2021 Playbook90 BRAVO 24-month data: 40-45 Reps / training (new 5,000+ 2.6% recurrence 5 TB Ltd.* reps) & ongoing, Hospitals intensive product covered by
Slide 29: Quarterly Revenue and Gross Margin
For personal use only $20 $15 Revenue ($M) g o $5 $0 Quarterly Revenue and Gross Margin $41.4M, +41% +40% 1Q22 2Q22 3Q22 4Q22 $69.3M, +19% 9% $58.5M, +41% | 426% 1Q23 2Q23 3Q23 4Q23 1024 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 mmm Revenue Gross Margin 80% 75% Gross Margin 70% 65% 60% @TELABIO’ SCIENCE. VALUE.
Slide 30: Q3 2025 Performance
Q3 2025 Performance For personal use only 68% Delivering Revenue Gross Margin Growth and Strong Margin with $29.7M $21M Cash and Cash Quarterly revenue of $20.7M, Continuing Equivalents at September 30, 2025 growing 9% over corresponding period of 2024 Improvement Potential 30
Slide 31: Questions & Answers
For personal use only AROA BIOSURGERY Questions & Answers 31
Slide 32: Creating Coverage in Critical Care Surgery: Using Myriad to Restore Soft Tissue
For personal use only Creating Coverage in Critical Care Surgery: Using Myriad to Restore Soft Tissue Alison A. Smith MD, PhD, FACS Associate Professor of Clinical Surgery LSUHSC School of Medicine – New Orleans, LA, USA The following slides include sensitive medical images. Viewer discretion is adv
Slide 33: Biography
Biography • Trauma and emergency general surgeon For personal use only • Clinical fellowship in surgical critical care, University of Texas Health Sciences Center in San Antonio • PhD in Biomedical Sciences, Tulane University on stem cells and wound healing • Board certified in General Surgery and S
Slide 34: Trauma/emergency general surgery practice
Trauma/emergency general surgery practice For personal use only The defects we see and our approach in practice University Key management considerations Medical Center What we need from a bioscaffold 34
Slide 35: Myriad outcomes
Myriad outcomes For surgical soft tissue reconstruction For personal use only 1 Restores Minimal Single tissue complications application Vascularized tissue coverage Low infection and graft A median of one 1-4 in as little as 7 days and loss rates, even in product application 1-4 1-8 volumetric fill
Slide 36: MASTRR Trauma Study Overview
MASTRR Trauma Study Overview Inclusion Criteria Exclusion Criteria For personal use only 49 patients, 61 defects • Patients are willing and able to • Patients with known sensitivity to provide written informed consent ovine (sheep) derived material and to comply with the requirements of Clinical • P
Slide 37: Patient demographics
Patient demographics For personal use only Defect Type # of Defects N=61 100 cm2 [43, 201] Number Defect Size of Defects 18.2% 48.5% Exposed Avascular CDC Grade III Structures Cormican, et al. 2025. Accepted, Journal of Trauma and Injury 37
Slide 38: Overall Outcomes
Overall Outcomes Lower Extremity NSTI with STSG For personal use only 22.5 d 1 [13.3, 33.5] 0 [1,1] Time to Vascularized Graft Loss # OFM Applications Tissue Coverage Time to closure: Median 70 days (IQR: 42-100 days) No deep infections or graft loss 4 superficial skin infections (6.5%) Maximum foll
Slide 39: Key takeaways
Key takeaways Traumatic Lower Extremity Defect For personal use only • Myriad is a safe alternative to augment volumetric fill and support soft tissue coverage in complex cases On Admission 33 Days Post-op 17 Days STSG • Restores tissue with minimal complications and often a single Traumatic Lower E
Slide 40: Questions & Answers
For personal use only AROA BIOSURGERY Questions & Answers 40
Slide 41: Burns Reconstruction: It’s not all about burns
For personal use only Burns Reconstruction: It’s not all about burns Jason N Brown BDS, MBBS, FRACS The Royal Brisbane and Women's Hospital The following slides include sensitive medical images. Viewer discretion is advised. 41
Slide 42: Biography
Biography For personal use only • Burns and general surgeon • Consultant to Acute Surgical and Trauma Services, Jamieson Trauma Institute • Director, Professor Stuart Pegg Adult Burns Centre, Royal Brisbane Women’s Hospital • Director of the Queensland Adult Burns Service • Herston Biofabrications I
Slide 43: Types of burn injuries
Types of burn injuries Adult Burns Centre, Royal Brisbane Women’s Hospital For personal use only Typical burns centre encounters a range burns that vary based on: • Surface area (‘TBSA’) • Depth of the injury (superficial, partial, deep partial, full thickness) • Need for surgical intervention • Req
Slide 44: Beyond thermal injury
Beyond thermal injury Adult Burns Centre, Royal Brisbane and Women’s Hospital • Centralized surgical expertise in skin and wound care For personal use only • Burns centers treat a diverse range of wounds that go well beyond thermal injury Pressure injuries Soft tissue Atypical Trauma infections woun
Slide 45: Bioscaffold utilization in the Burns Center
Bioscaffold utilization in the Burns Center No one product is suitable for all wounds For personal use only • Burns centers have a multitude of options across synthetic, biologic and donor tissue products • Product selection based on: • surgeon preference • economics • type of wound • stage of manag
Slide 46: Our journey with Myriad Matrix
Our journey with Myriad Matrix Could Myriad replace allografts at the Burns Center? For personal use only Allograft But allograft has limitations • Human donated skin • Specific storage and shelf life • Considered the “Gold Standard” in the requirements. Stored at -80o C, cold chain absence of nativ
Slide 47: Our journey with Myriad Matrix
Our journey with Myriad Matrix Could Myriad replace allografts at the Burns Center? For personal use only Experience: Current use includes: • ~ 1.5 years of Myriad Matrix experience - • Promotion of rapid healing in sensitive ~over 40 patients treated with over 250 areas with dermal burns (face, han
Slide 48: Questions & Answers
For personal use only AROA BIOSURGERY Questions & Answers 48
Slide 49: Thank you for attending
Thank you For personal use only for attending Eleonora de Vos m +61 450 930 010 investor@aroa.com Visit www.aroa.com www.linkedin.com/company /aroa-biosurgery-limited/ 64 Richard Pearse Drive, Auckland 2022, New Zealand PO Box 107111, Auckland Airport, Auckland 2150, New Zealand 49
Slide 50: Commercial Strategy
For personal use only Commercial Strategy BRIAN WARD | CHIEF EXECUTIVE OFFICER 50 | For educational purposes only. Not for distribution.
Slide 51: What’s changing?
What’s changing? Established opportunities 01 For personal use only Myriad & Ovitex, Endoform Nascent opportunity 02 Myriad in specialties outside of soft tissue reconstruction Emerging opportunity 03 • International (Ex-US) • Myriad & OviTex, Endoform New opportunity 04 Symphony looks promising 51
Slide 52: Why is it important?
Why is it important? 01 New near-term revenue streams For personal use only 02 New pathways for account access 03 Increasing presence & relevance Symphony potentially the most significant • Reimbursement changes expected Jan 1, 2026. Coverage to follow 04 • Fluid situation • Expect market disruption
Slide 53: How are we changing?
How are we changing? Working closer & exploring For personal use only TELA Bio opportunities for more leverage Myriad – tuning up AROA direct Symphony – following limb salvage surgeons Building an agile network of AROA independent sales outpatient sales representatives (ISRs) New infrastructure Outs
Slide 54: Key takeaways
Key takeaways For personal use only Momentum… Focusing on existing opportunities where there is strong growth potential & assembling resources to pursue adjacent opportunities. 54
Slide 55: TELA Bio OviTex portfolio update
For personal use only JAMES AGNEW | CHIEF FINANCIAL OFFICER TELA Bio OviTex portfolio update 55 | For educational purposes only. Not for distribution.
Slide 56: What’s changing?
What’s changing? For personal use only Launched 2015 - 2018 Launched 2019 - 2022 Launched 2024 01 Full portfolio of products that address OviTex Core OviTex 1S OviTex 2S OviTex LPR OviTex IHR all hernia procedures 4-layer device No smooth sides 6-layer device 1 smooth side 8-layer device 2 smooth si
Slide 57: Why is it important?
Why is it important? Hernia Surgical Market 1 Complex, Moderate Ventral/Abdominal $630M Wall Reconstruction Full portfolio of products that For personal use only addresses all Hernia procedures $590M Simple Ventral Hernia Repair • Market potential fully $1.8B2 01 unlocked~US$1.8B • More competitive
Slide 58: How are we changing?
How are we changing? Full portfolio of products that For personal use only 01 addresses all Hernia procedures Development activities now focused on fine tuning TELA Bio capital raise and re-financing • Increased confidence in ongoing TELA Bio margin 02 • More focus on market facing collaboration opp
Slide 59: Key takeaways
Key takeaways A full (and highly valuable) For personal use only 01 portfolio of products to capitalize on the full 90 TELA Bio's Revenue market opportunity 16% 80 19% 70 TELA Bio adequately financed 41% 02 60 to continue to drive revenue growth 50 US$m 40% 40 62% 30 18% 20 86% 10 0 2018 2019 2020 2
Slide 60: Enivo update
For personal use only Enivo update ISAAC MASON | VP - PRODUCT STRATEGY 60 | For educational purposes only. Not for distribution.
Slide 61: What’s changing?
What’s changing? Progressing studies for DeNovo clearance For personal use only Preclinical study concluded • Tissue apposition improves rate & quality 01 of healing - reduces complications1 • Demonstrates the importance of the AROA ECM sleeve1, 2 Initiating clinical study 02 CRO identified for 30 p
Slide 62: Why is it important?
Why is it important? Mitigated regulatory uncertainty 01 For personal use only Clear DeNovo designation. US FDA STeP programme offers expedited interaction Defined data required for regulatory clearance 02 Expect 12-month clinical study & 12-month regulatory review for DeNovo clearance. Expect comme
Slide 63: How are we changing?
How are we changing? High confidence in Enivo performance For personal use only 01 Enivo promotes tissue apposition and improves outcomes in dead space management1 Execute commercialisation planning Manufacturing: scale up 02 Marketing: positioning, target procedures Sales: defining the selling proc
Slide 64: Key takeaways
Key takeaways For personal use only 01 Enivo expected to be commercialised in CY’28. 02 Novel device targeting large unmet clinical need 03 Complements existing offerings 64
Slide 65: Symphony strategy update
Symphony strategy update For personal use only MIKE LINNELL | GLOBAL PRODUCT MANAGER & DIRECTOR - INTERNATIONAL MARKETING | For educational purposes only. Not for distribution. 65
Slide 66: What’s changing?
What’s changing? For personal use only US skin substitute reimbursement Effective January 1st , all products will be 01 reimbursed at a flat fee of $127.28/cm2 across all sites of care. Coverage to follow Product must have RCT data to be covered 02 for DFUs & VLUs 66
Slide 67: Why is it important?
Why is it important? For personal use only Historically, the highest-priced products were favoured by physicians due to 01 increased profits. Symphony was not competitive Physicians will now select products that offer 02 clinical efficacy at a reasonable cost. Symphony is now well-positioned 03 Many
Slide 68: How are we changing?
How are we changing? Preparing for a Symphony launch For personal use only 01 • Doctor’s office • Hospital outpatient department Symphony offering • Proven efficacy (RCT, AROA ECM & hyaluronic acid) 02 • Responsible pricing • Versatile range (sizing) • Nationwide GPO coverage with all major GPOs Enh
Slide 69: Key takeaways
Key takeaways For personal use only Significant reimbursement changes 01 effective January 1st, 2026; coverage to follow Market impact 02 substantial shifts in clinical practice and product selection are expected AROA is well-positioned 03 for the new environment 69
Slide 70: Thank you for attending AROA’s Half Year Results and Investor Event
Thank you for attending AROA’s For personal use only Half Year Results and Investor Event. We truly value your ongoing interest and continued confidence in AROA’s journey. 70