Aroa Biosurgery (ARX) H2 2026 earnings summary

Executive summary

• Achieved a breakout year with strong revenue growth, profitability, and self-funding status, marking five consecutive years of revenue growth led by Myriad.

• Total revenue reached NZD 104 million for FY26, up 23% year-over-year, exceeding guidance.

• Myriad product line drove 54% growth, now the highest-margin and fastest-growing segment.

• Completed pivotal Symphony randomized controlled trial, meeting endpoints and opening new market opportunities.

• Ended FY26 with NZD 27 million in cash, debt-free, and generated NZD 5 million in net cash flow.

Financial highlights

• Revenue of NZD 104 million, up 23% year-over-year, and above guidance.

• Normalised EBITDA of NZD 13 million, up 201% year-over-year and exceeding guidance.

• Product gross margin remained high at 85.5%.

• Operating cash flow of NZD 10.5 million, reversing prior year losses; net cash flow positive by NZD 5 million.

• Operating expenses increased 11% to NZD 82.5 million, reflecting investment in growth.

Outlook and guidance

• FY27 revenue guidance set at NZD 115–125 million, representing 13–23% growth.

• Direct revenue expected to grow 24–40%; TELA Bio sales assumed flat.

• Normalised EBITDA guidance of NZD 8–11 million, with NZD 9 million investment in scaling growth.

• Symphony revenue guidance of NZD 1–5 million, with potential upside.

• Priorities include accelerating Myriad sales, Symphony launch, and deeper account penetration.