I thought it was a good report. I see a growing company with a...

I thought it was a good report. I see a growing company with a huge runway for further growth. I don't see any obvious red flags.

There's been some concern about staff costs and sales headcount. My estimates suggest the Aroa direct sales team are providing good ROI to the business.

Around 50% of revenue, NZ$15m, came from direct sales, at higher margins, the other 15mil came via TELA Bio at lower margins.

TELA Bio's Nov 2023 report claims their margins are around 68% for Q3 23 (high margins for TELA imply lower margins for Aroa). Also, that they have a sales headcount of 75-80. All TELA Bio do is sell Aroa product, that's their entire range.

Meanwhile Aroa seems to have a nascent sales team of around 40 which earns Aroa similar revenue as TELA's 75-80 team, presumably because of higher margins.

So the glass-half-full interpretation is that, by investing in a direct sales team, Aroa are setting up future profits to accrue to Aroa shareholders, not TELA Bio's. And this report suggests that plan is working so far.