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RUA Life Sciences sales hurt by Covid-19 crisis
StockMarketWire.com
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Medical devices company RUA Life Sciences said its biomaterials division performed slightly below expectations in the first half.
The division's licence income for the six months through September amounted to around £214,000 and was hurt by a reduction in deliveries due to the Covid-19 pandemic.
'However, an element of catch up is anticipated in the second half due to minimum annual order quantities being set out in supply agreements,' RUA Life Sciences said.
The medical devices business, meanwhile, which was acquired at the start of the period, was impacted by a reduction in customer orders due to Covid-19.
Revenues at that division amounted to around £415,000 which, as previously announced, was a shortfall of some £300,000 on the pre-Covid-19 run rate.
RUA Life Sciences said its vascular business had made good progress, products performing well in regulatory testing as part of a data collection for the FDA 510k application.
'Over the past six months, RUA Life Sciences has transformed into a fully formed medical device manufacturer and the new product development projects, particularly grafts and patches, have moved well beyond R&D activities and are now firmly into later commercialisation phase,' chief executive Bill Brown said.
'I look forward to RUA continuing to make further substantive progress over the next half year.'
At 9:21am: (LON:RUA) share price was -2.5p at 137.5p
Story provided by StockMarketWire.com
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