Second Interim (12 Month) results to 31 March 2025 and Business Update
Bill Brown, CEO Lachlan Smith, CFO
1 INNOVATING TO ENHANCE LIVES
08 July 2025
COMPANY OVERVIEW
IMPROVING AND ENABLING MEDICAL DEVICES
Revenue Generation IP Developed for exploitation
BIOMATERIALS
The Home of our platform technology that holds the IP on Elast-Eon and is the Enabler of our other business assets
MEDICAL DEVICES AND COMPONENTS
Offers expert design, development and manufacturing solutions for implantable medical devices
VASCULAR
Elast-Eon enabled vascular grafts.
STRUCTURAL HEART
Elast-Eon enabled composite heart valve leaflet material.
GROUP FINANCIALS
Minimal increase (10%) in Administrative costs of £0.4m from £3.8m to £4.2m
£0.9m Gain on Bargain purchase on Acquisition of ABISS
Consolidated Income Statement
Group Revenue £4.1m increase of £1.9m (2024: £2.2m)
Group GM remains high at 77% (2024: 81%)
Year to: | Mar-25 | Mar-24 |
£'000s | £'000s | |
Revenue | 4,113 | 2,191 |
Cost of Sales | (941) | (415) |
Gross Profit | 3,172 | 1,776 |
Other Income | 969 | 79 |
Total Admin Expenses | (4,161) | (3,792) |
Operating Profit / (Loss) | (20) | (1,G37) |
Increased supply of Elast-Eon (1,744lbs) up 18% (1,478lbs FY24) |
80% + of 2025 - 2026 covered by existing licensee order book |
RUA Biomaterials
Royalty and license fee income £587k increased by 18% (£496k FY24)
High Gross Margin at 95% (90% FY24)
Year to: | Mar-25 | Mar-24 |
£'000s | £'000s | |
Revenue | 587 | 496 |
Cost of Sales | (25) | (48) |
Gross Profit | 562 | 448 |
Total Admin Expenses | (9) | (27) |
Operating Profit | 553 | 421 |
Medical Devices and Components
90% of 2025 - 2026 covered by existing order book |
Acquisition of ABISS Group |
Contract Manufacturing income £3,526k increased by 108% (£1,679k FY24)
High Gross Margin at 73% (75% FY24)
Year to: | Mar-25 | Mar-24 |
£'000s | £'000s | |
Revenue | 3,526 | 1,679 |
Cost of Sales | (941) | (415) |
Gross Profit | 2,585 | 1,264 |
Other Income | 51 | 80 |
Total Admin Expenses | (2,470) | (413) |
Operating Profit | 166 | 931 |
Reconciliation of Losses
"Controlling costs and securing new business are essential strategies to meet our objectives of reaching profitability"
Year to: | Mar-25 | Mar-24 |
£'000s | £'000s | |
EBITDA excluding Gain on Bargain Purchase | (516) | (1,573) |
Gain on Bargain purchase | 917 | - |
EBITDA | 401 | (1,573) |
Depreciation and Amortisation | (421) | (364) |
Finance income/(expense) | 10 | (83) |
Loss before taxation | (10) | (2,020) |
Consolidated Financial Position
£67k bought £1.0m of net assets
£0.6m WIP C Finished Goods
Strengthened balance sheet
Cash at £3.6m
Year to: | Mar-25 | Mar-24 |
£'000s | £'000s | |
Non-Current Assets | 3,842 | 3,176 |
Cash and Equivalents | 3,567 | 3,931 |
Other Current Assets | 1,846 | 1,062 |
Total Assets | G,255 | 8,16G |
Total Liabilities | 1,863 | 987 |
Equity Attributable to Equity Holders | 7,392 | 7,182 |
Total Equity and Liabilities | G,255 | 8,16G |
Reduction in borrowings £0.2m
Positive net cash flow from investing activities of £0.1m
Cashflow Headlines
Cash at £3.6m
FY2024 (1.3m)
Operational cash flows (0.2m)
consumed are £1.1m less than
Year to: | Mar-25 | Mar-24 |
£'000s | £'000s | |
Net cash inflow from operating activities | (219) | (1,328) |
Net cash outflow from investing activities | 70 | (85) |
(149) | (1,413) | |
Net cash inflow from financing activities | (196) | 3,888 |
Net (decrease) / increase in cash and cash equivalents | (345) | 2,475 |
Effects of exchange rate fluctuations on cash held | (19) | (28) |
Net (decrease) / increase in cash and cash equivalents | (364) | 2,447 |
Opening cash and cash equivalents | 3,931 | 1,484 |
Closing cash and cash equivalents | 3,567 | 3,G31 |
OPERATIONAL PERFORMANCE
"…We are pleased with the group's performance and are planning to increase capacity across all our businesses."Biomaterials
The worlds leading biostable polyurethanes
Elast-Eon™ and ECSil™ two of the most biostable and non-thrombogenic of all polyurethane materials, they improve the performance and durability of medical devices, reducing the need for future interventions.
Biostable
Properties Uses
Neurostimulation Devices
Non-thrombogenic Non-calcific Fatigue resistance
High mechanical performance Abrasion resistance
CRM Devices
Catheter and cannulae General Orthopaedic Implantable joint coatings Spinal Discs
image: Freepik.com
Biomaterials
Strategic partnering
Improved Marketing
Increase focus on license deals
Long term planning
Focus C Priorities
12 | INNOVATING TO ENHANCE LIVES | ||
image: Freepik.com |
Biomaterials
Strategic Refocus Driving Growth
Strategic shiftRefocused into high-potential business segments
Prioritised Biomaterials as core value driver
ExecutionStrengthened engagement with partners
Expanded marketing and outreach activities
Increased business development across new therapeutic areas
Delivering results18%+ growth in Revenues and Volume sales
Improved traction in long-term licence opportunities
Medical Devices C Components
End to end contract developer and manufacturer of medical devices
RUA Medical is a medical textiles ad implantable fabric specialist contract manufacturer and holds ISO 13485:2016 certification. We occupy two FDA registered facilities. Works with a number of businesses in the commercial application of implantable fabrics and medical textiles.
Core offering Device and market areas
Concept and design Prototype development Contract manufacturing Sterilization management Supply chain management Packaging and Assembly
Orthopedics Neurolgy
Drug delivery systems Surgical Gynecology/Urology Patient Monitoring
Medical Devices & Components
Building Value
Strategic refocusAcquired ABISS for £67k, gaining control of £1.0m in assets
Repositioned as a growth platform within our Group
Complements our high-margin licensing and biomaterials strategy
Early commercial successCustomer growth
one key account scaled from £80k to £630k annual recurring revenue
Doubled MDC revenue
Attractive new business pipeline with annual recurring revenue potential of c£6m+
Growth opportunity
Addressing high growth markets
Growth rate: CAGR 11.4%
MARKET USD 149bnGlobal medical device manufacturing market is expected to be worth
$149b by 2029
Challenge: Lack of innovation
Driver:
Rising aging population
Restraint: Stringent regulatory guidelines
Opportunity: Growth in emerging countries
16
INNOVATING TO ENHANCE LIVES
ABISS ACQUISITION
ABISS - Acqusition
Core of implantable textiles
Own CE Mark Products
Product and IP portfolio
Coloplast licensee/distributor
FDA registered facility in St Etienne
ISO 13485 facility
Clean room production
Regulatory, clinical and QMS
Talented team
Contract Manufacture business
Own distribution in Eastern Europe (Abiss Poland)
Locations
BUSINESS OUTLOOK
Summary
IMPROVING AND ENABLING MEDICAL DEVICES
Group revenue growing through strong customer relationships Underlying profit improvement from cash generating units Strong product pipeline across all segments
Composite leaflet material exceeding expectations Well advanced to commercialise vascular
Effective expense control Strategic treasury management
Reduced group losses and cash burn
PATHWAY TO CREATE LONG-TERM SHAREHOLDER VALUE
STRATEGY ACCELERATION
Stimulate revenue expansion and drive growth across segments Allocate investments towards streamlining processes and systems Achieve enhanced profit margins by boosting productivity
Strategically reorganise the contract manufacturing business around its profitable core Deliver long-term commercial contract for alternative leaflet material
Partner for Regulatory approval of vascular products
Foster long-term differentiation through innovation Build upon business strengths
Thank you