Had a quick look at Aroa. Like most things not quite comparing...

Had a quick look at Aroa. Like most things not quite comparing apples with apples but there are strong similarities in the areas they are targeting. The big difference is as previously discussed, Aroa is sheep based biologic. However more than 50% of Aroa's revenue is from reinforced scaffolds used to repair hernias, an area Polynovo hasn't yet started to sell into. Interesting that their hernia product is reinforced with polypropylene and synthetic polymers - so relative to Polynovo product could be criticised for being a biologic with possible mesh adhesion complications?

Aroa also sells into the wound and foot ulcer markets and cites an August 2021 study of 1590 US patient foot ulcer wounds where the Aroa product Endoform improved wound closure probability (relative to traditional collagen dressings) from 18 to 38%. Be interesting if the current Polynovo US study on 138 patients with diabetic foot ulcers blows Aroa out of the water when results are due in March 2023.

So Polynovo is a later starter than Aroa but already has matched it for gross revenue and is looking better for bottom line profitability (Aroa targeting break-even this financial year - Polynovo a small profit). Appropriate market cap's are debatable at this stage of their developments, but based on potential, Polynovo has the better hand IMO.