Aroa Biosurgery (ARX) Q3 2026 earnings summary

Executive summary

• Strong clinical and commercial momentum for Myriad, with positive trauma study results and expanding evidence base, including rapid tissue coverage and low complication rates in trauma procedures.

• Symphony positioned for growth with US CMS setting a single reimbursement rate of US$127.14/cm² for outpatient skin substitutes, supporting broader adoption and commercial strategy focused on hospital outpatient departments and multiple care settings.

• Largest ongoing multicenter study (MASTRR) for bioscaffolds in complex reconstruction with 450 patients enrolled; trauma subgroup shows strong clinical outcomes and reduced complications.

• Guidance for FY26 revenue and EBITDA tracking toward the upper end of the range, with ongoing profitability and cash flow positivity.

• Momentum driven by Myriad's success in soft tissue reconstruction, accumulating clinical evidence, and continued contribution from TELA Bio.

Financial highlights

• FY26 total revenue guidance: NZ$92–100 million (constant currency), representing 10–20% year-over-year growth; normalized EBITDA: NZ$5–8 million.

• Myriad product expected to deliver over 25% year-over-year constant currency growth.

• Actual sales and EBITDA are tracking toward the upper end of guidance.

• Cash flow positive for the last four quarters and expected for the full year.

• Strong Q3 performance driven by direct sales and stable Ovitex sales.

Outlook and guidance

• FY26 results expected at the upper end of guidance due to sales momentum and favorable US reimbursement changes.

• Symphony RCT results expected by fiscal year-end or by end of March 2026, with publication expected in FY27.

• Guidance assumes stable US tariff rates, no material decline in US medical procedures, and no major disruptions to manufacturing or transport.

• Symphony anticipated to match or exceed Myriad's previous growth trajectory, depending on market and reimbursement dynamics.

• Guidance based on NZ$/US$ exchange rate of 0.60.