Final FY 2023 results

RUA Life Sciences final results for FY 2023 were in line with the earlier trading statement and reflect the costs associated with the development of its vascular and heart valve products, its cash-generative business segments, cash conservation and a higher R&D tax credit.

Outside the financial results which conformed with the recent trading statement where contract manufacture revenues were ahead of our estimates and total administrative expenses were below, there have been interesting advances at RUA’s Structural Heart division.

Our note discusses the rising tempo of the developments in RUA’s replacement aortic heart valve product, the emergence of the composite leaflet version as the preferred prototype and its advantages and attractions.

Our fair value has changed from £121 million (or 545 pence a share) to £120.3 million (or 542 pence per share).