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Highlights:
- Revenue Growth: ABISS achieved €2.3 million in revenue for the year to December 2024, marking a 7% increase over 2023.
- Profit Turnaround: The subsidiary recorded a profit before tax of €46k, a significant recovery from the previous year’s loss of €352k.
- Strong Q4 Performance: Following supply chain challenges earlier in the year, ABISS generated a profit of approximately €500k in the final quarter, driving overall positive results.
RUA Life Sciences (LSE:RUA), the holding company of a group of medical device businesses specializing in the use of Elast-Eon™, a long-term implantable biostable polymer, has provided an update on the financial performance of its French subsidiary, ABISS, which was acquired in September 2024.
Financial Performance and Operational Recovery
ABISS, which operates with a December year-end, faced supply chain disruptions during the first nine months of 2024, as highlighted in RUA Life Sciences’ interim statements. However, following its acquisition by RUA, these challenges were swiftly addressed, leading to a strong finish to the year. The final quarter of 2024 saw a significant turnaround, with ABISS achieving €2.3 million in total revenue, a 7% increase compared to the previous year.
Notably, ABISS recorded a profit before tax of €46k for the year, in stark contrast to a loss of €352k in 2023. After adjusting for depreciation, EBITDA surged by 147%, increasing from €185k in 2023 to €457k in 2024. The improvement in performance was largely driven by a successful recovery in the final quarter, which contributed approximately €500k to the overall profit, reversing the earlier losses caused by the supply chain issues.
Looking Ahead: Strong Growth Prospects
RUA Life Sciences is optimistic about the future growth prospects for ABISS, with business planning and budgeting currently underway for the upcoming year. The company expects further revenue growth driven by increasing demand for ABISS’s Cyrene product range in Europe. The successful resolution of the supply chain issues in 2024, coupled with the strong performance in the final quarter, positions ABISS for continued growth and profitability in 2025 and beyond.
