RUA Life Sciences plc
RUA Life Sciences plc (formerly AorTech International, registered in Scotland, company number SC170071) is a medical device group specialising in implantable textiles and biostable polymers. It develops and licenses device-related IP (notably the Elast-Eon polyurethane and AurTex composite), develops and manufactures components and finished devices under contract for customers (Medical Devices and Components, including its Abiss France/Poland subsidiaries), and is developing its own vascular graft and polymeric heart valve products. Revenue is generated through Biomaterials licensing/royalties and Contract Manufacture/Medical Devices & Components; Vascular and Structural Heart are earlier-stage development areas.
10 annual reports read, FY2016 to FY2025
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Companies House (10)
FY2026Next report expected 29 Jan 2027
- Open the reportJSONComing soonSixty seconds on the FY2025 report
RUA Life Sciences makes and licenses materials and parts for implanted medical devices. Revenue rose to £6.7m from £2.2m, and the loss before tax narrowed to £236k from £2.0m. This report covers 18 months, against 12 months the year before, so the figures are not directly comparable. Most growth came from making devices and parts for other companies, helped by buying the French firm Abiss in September 2024. The result was flattered by a one-off £0.9m non-cash gain from buying Abiss for less than its assets were worth; without it, the loss before tax was £1.1m. Lower research spending and fewer senior roles cut costs. Cash at the period end was £3.2m, down from £3.9m, and borrowings were £73k. No money was raised from shareholders and no dividend was proposed. Management says its goals of doubling revenue and using less cash were met early, and it plans further growth. The auditor raised no concerns and the directors found no doubt about the company continuing to trade, though the report warns of growing reliance on a few large customers.
From the reportevery line sits on the page it namesWhat drove revenueContract Design & Manufacture of medical devices/components (Medical Devices & Components segment, incl. Abiss)
Segment revenue £5,759k of £6,689k total (86% of Group revenue); UK operations £3.6m (53%, 41% like-for-like growth), EU/Abiss £2.2m (33%, new contribution)
page 10AndBiomaterials licensing/royalty income from Elast-Eon
£0.91m in 18-month period vs £0.49m prior year (24% like-for-like growth)
page 8What moved the margintailwindGross margin from contract manufacturing and licensing
Gross profit £5,251k on revenue £6,689k (c.78.5% gross margin)
page 56AndtailwindSenior role eliminations / payroll savings
Total annualised payroll savings of over £0.6 million from elimination of senior roles
page 7What management saidThe two year objectives set at the time of the 2023 Strategy Review, of doubling revenues, reducing cash burn and focussing on profitability have been achieved ahead of time through strong trading and the purchase of the Abiss subsidiary in France. We look forward to building upon this success through broadening both services for current customers and expanding the customer base further.
page 5The dividendNo dividends have been proposed for the period ended 30 September 2025 (2024: £nil); Group is primarily funded by equity finance and is not yet in a position to pay a dividend.
page 12Going concern and the auditFinancial statements prepared on a going concern basis; cash and cash equivalents of £3.2m at 30 September 2025 and approximately £2.8m at approval date; directors prepared financial forecasts beyond 12 months and concluded no material uncertainty. Auditor (RSM UK Audit LLP, signed by Alan Aitchison) issued an unqualified opinion that the financial statements give a true and fair view; no key audit matters identified; no material uncertainties relating to going concern identified; group materiality £148,000 (2.9% of revenue); no non-audit services provided.
page 50The risks it names first- Customer concentration (increasing trend) — income shortfall, reduced profitability, failure to maintain competitive advantagep.25
- Failure to deliver effective business strategy & transformationp.25
- Innovation & IP — risk of inadequate IP protection, loss of competitive advantage, impact on market capitalisationp.25
- Executive & personnel — over-dependence on key staff/executives and recruitment riskp.25
Read from C001122-AR-2025-ch.
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