Aroa Biosurgery (ASX:ARX) announced financial results for the half-year ended 30 September 2022.

H1 FY23 Product sales were up 44% to NZ$28.8 million compared to H1 FY22 (NZ$20.1 million), and up 20% compared to H2 FY22 (NZ$24.0 million), on a constant currency basis.

Product gross margin % of 84%, representing a 6% increase compared to H1 FY22, and a 5% increase compared to H2 FY22, on a constant currency basis.

Total reported H1 FY23 revenue inclusive of project fees was NZ$29.3 million.

H1 FY23 Myriad product revenue grew 242% on H1 FY22 and 147% on H2 FY22 (on a constant currency basis) to NZ$5.6m million.

H1 FY23 normalised EBITDA (unaudited) was positive.

Upgraded FY23 guidance maintained at NZ$62-64 million.

Strong cash balance of NZ$50.1 million as at 30 September 2022 and the Company is debt free.

The Company continues to gather clinical evidence, including publication of a pre-clinical study demonstrating the potential of AROA?s new Enivo system, as well as ongoing recruitment of patients for the Myriad Augmented Soft Tissue Regeneration Registry.

On 4th November, the Company submitted an application for regulatory approval to the US Food & Drug Administration (?FDA?) for the first product in the Enivo range.

The Company is planning a full launch of Symphony in April 2023 and expects to be well-positioned for pending reimbursement changes.

Regulatory approval for Myriad Matrix in the Australian market was gained in September.

Seasoned Medtech Executive and long-time entrepreneur Dr. Catherine Mohr joined AROA?s Board on 1 November as a Non-Executive Director.

Due to headcount growth, additional office space has been secured in Auckland, New Zealand.

Following the announcement the company?s share price fell 1.421%.