AROA BIOSURGERY LIMITED (ARX)
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27/05/2026

1

Buy

$1.09

65.15%

Bell Potter points to 54% growth in Myriad sales as the highlight for Aroa Biosurgery's FY26 results. Growth in Myriad revenues was the main factor in pushing up group revenues by 23% y/y and adj earnings (EBITDA) up 201% y/y.

The direct sales force is noted for generating 59% of group revenues against around 38% a year earlier which has lowered the reliance on indirect sales by the US distribution partner.

The analyst flags the trend is likely to be retained into FY27 as management continues to expand the direct sales channels.

Opex forecasts are raised by -$5m to reflect the higher marketing spend over the prior forecasts, which lowers forecast FY27 earnings (EBITDA) to $12.3m from $17.7m, which stands at the top end of the guidance range.

Target price slips to $1.09 from $1.12 with a Buy rating retained.

FORECAST
Bell Potter forecasts a full year FY26 dividend of 0.00 cents and EPS of 1.56 cents.
Bell Potter forecasts a full year FY27 dividend of 0.00 cents and EPS of 2.95 cents.

05/05/2026

1

Buy

$1.35

104.55%

Canaccord Genuity maintains a Buy rating for Aroa Biosurgery, upgrading its target price to $1.35 from $1.16 after a strong FY26 trading update exceeded management's expectations.

Revenue of NZ$104m and underlying EBITDA between NZ$11m and NZ$12m both outperformed guidance, driven by dramatic growth acceleration for the Myriad product in the fourth quarter.

The report attributes this outperformance to disciplined sales execution and strong clinical resonance from the Mastrr study, particularly within the US soft tissue repair market.

Looking ahead, recent regulatory changes to skin-substitute reimbursement are expected to pivot patients toward hospital outpatient settings, a shift ideally suited to the company's existing infrastructure, commentary suggests.

Management expects the upcoming Symphony launch into chronic wound care to provide a sustainable catalyst for further decoupling stock performance from broader sector trends through FY28.