3rd Feb 2025 14:26
(Alliance News) - RUA Life Sciences PLC on Monday celebrates its newly acquired manufacturer of a number of long-term implantable devices swinging to a profit in 2024.
RUA Life Sciences is the holding company of multiple medical device businesses.
RUA said its newly bought Saint Etienne, France-based company Analytic Biosurgical Solutions, known as ABISS, has turned a profit in 2024.
ABISS's revenue rose about 7% in 2024 to EUR2.3 million. Notably, it turned to a pretax profit of EUR46,000 in 2024, from a loss of EUR352,000 in 2023.
RUA said ABISS has overcome supply chain challenges it faced in the first nine months of 2024.
RUA Chief Executive Officer Bill Brown said: "Abiss is demonstrating itself to be a very high-quality business, and the combination with RUA allows a number of strategic opportunities to be pursued in further developing the group."
Back in September, RUA bought ABISS for EUR80,000 from the French liquidator of IPSA SAS, its former parent company.
Further, last week Wednesday RUA announced a new multi-year supply contract with a global customer with an initial annual value of over GBP500,000. The contract is within RUA's medical device & components business unit.
"The revenue expected during the current calendar year is anticipated to grow over time with a potential value over a five-year period of GBP3.3 million. This new contract represents a six-fold increase on the level of business undertaken for the customer prior to commencing work on the project," RUA said.
RUA Life shares rose 8.0% to 13.50 pence each on Monday afternoon in London.
By Tom Budszus, Alliance News slot editor
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