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

Cash receipts of NZ$11.0 million received from customers during the quarter.

Net cash flow outflow from operations of NZ$4.3 million for the quarter.

Net cash outflow from investing activities was NZ$1.2 million for the quarter, reflecting AROA?s investment into additional manufacturing plant and equipment capacity.

AROA ended the quarter with a strong cash balance of NZ$50.1 million as at 30 September 2022.

H1 FY23 product revenue (unaudited) grew 44% on H1 FY22 and 20% on H2 FY22 (on a constant currency basis) to NZ$28.8 million. H1 FY23 total revenue (unaudited), inclusive of project fees was NZ$29.3 million.

H1 FY23 product gross margin (unaudited) was 84%.

H1 FY23 Myriad product revenue (unaudited) 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.

Guidance upgraded to reflect AROA?s improved FY23 performance expectations including significant movement in the actual US$/NZ$ exchange rate.

Total revenue guidance for FY23 of NZ$62-64 million (including NZ$2 million of project and license fees) on the revised constant currency basis (up 39-43% on FY22 on a constant currency basis). Previous product revenue guidance (on prior exchange rate) was NZ$51-55 million.

FY23 guidance for product gross margin upgraded to 84% on the revised constant currency basis.

FY23 normalised EBITDA expected to be approximately breakeven.

Following the announcement the company?s share price rose 12.111%.