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ASX ANNOUNCEMENT / MEDIA RELEASE 28 APRIL 2021 AROA BIOSURGERY MARCH 2021 4C - COMMENTARY A ROA HIGHLIGHTS • • • • • H2 FY21 product revenues ( unaudited ) grew 16 % on H2FY20 to $ 13.8m on a constant currency basis ( i.e. eliminating impact of exchange rate fluctuations ) . FY21 full year product revenue was $ 21.5m , exceeding the Company's forecast of $ 21.0m . Total revenue ( unaudited ) of $ 22.3m for FY21 . Based on H2 FY21 , product revenues are already at a run rate of greater than $ 25.0m p.a - the Company expects to deliver growth in FY22 ( from FY21 ) with continued improvement in access to hospitals , improving economic conditions and the benefit of the fast - paced US vaccine roll - out . Cash outflow from operations was modest for the March quarter at NZ $ 0.7 million , in line with Aroa's internal budget . Cash on hand of NZ $ 35.4 million as at 31 March 2021 . Successful transition from joint sales operation ( Appulse ) accompanied by expansion in the direct field sales team from 5 to 20 persons and growth in the inside sales team . FDA clearance received for new Myriad MorcellsTM product , immediately followed by commercial launch in the US . • Pilot study indicates benefits of Aroa's Myriad Matrix ™ in surgical reconstruction of chronic wounds . • • Aroa added to the S & P / ASX All Ordinaries Index . The Company will host a webinar to discuss the results this morning at 11.00am AEST , registration is available here . Soft tissue regeneration company Aroa Biosurgery Limited ( ASX : ARX , ' Aroa ' or the ' Company ' ) is pleased to provide an update on its activities for the quarter ended 31 March 2021 . Financial commentary Aroa continued to see an improvement in product sales in the March quarter , realizing full year FY21 product revenues of $ 21.5m ( unaudited ) , despite foreign exchange ( FX ) headwinds and a COVID - 19 surge in the United States ( " US " ) in January . On a constant currency basis to FY20 ( i.e. when eliminating the impact of USD vs NZD exchange rate fluctuations ) , H2 FY21 product revenues were $ 13.8m , representing growth 16 % on H2 FY20 . With product revenues now at a run rate of greater than $ 25.0m per annum ( based on H2 FY21 ) , FY22 is expected to deliver growth compared with FY21 . Cash receipts for Q4 FY21 ( NZ $ 5.8 million ) were higher than Q3 ( NZ $ 5.2 million ) , reflecting the continued improvement in sales over the course of the December and March quarters . Cash outflow from operations for the March quarter remained modest at NZ $ 0.7 million , in line with Aroa's internal budget , ending the quarter with cash on hand of NZ $ 35.4 million . In accordance with ASX Listing Rule 4.7C.3 , Aroa advises that an aggregate amount of NZ $ 102k was paid during the quarter to Aroa's five Non - Executive Directors in payment of their director fees . Appendix A provides a summary of actual expenditure , compared to the estimated use of funds set out in Aroa's IPO Prospectus , in accordance with ASX Listing Rule 4.7C . Cash expenditure is consistent with the use of funds set out in that Prospectus . Aroa expands fully dedicated US field sales team In February , Aroa announced it would expand its direct sales capability and capacity in the US market and dissolve its Appulse joint venture . Appulse , was an unincorporated joint venture arrangement which Aroa entered into with Hydrofera , LLC in April 2018 , to transition sales and marketing activities away from Hollister Inc in the US and Canada . It had been Aroa's primary channel for selling Endoform ™ products to hospital - associated wound centres and home care in the US . Aroa's arrangements with TELA Bio Inc. were unaffected by the Appulse dissolution . Aroa now has 20 fully dedicated field sales representatives , as well as an inside sales team of 8. This is compared to a half share of the joint venture team of 21. Aroa has also expanded its digital marketing activities . AROA BIOSURGERY LIMITED Aroa is unlocking regenerative healing for everybody 64 Richard Pearse Drive , Mangere , Auckland 2022 , New Zealand AROABIO.COM