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Aroa Biosurgery Ltd ASX:ARX

0 opened or increased2 held0 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 0 reduced. 3 managers in total.

Position history by manager 3 managersSelect a point to see the comment

Opened or increasedHeldReduced or exited Start or end of the position not reported

20252026

30 Sep 2024 to today

Commentary Showing 2 of 11

DateManagerActionSummary

31 Mar 2026Jencay CapitalHeldJencay Capital continues to hold Aroa Biosurgery Ltd because the company is a fast-growing challenger in soft tissue wound care and surgical scaffolding products, with a proprietary tissue source and processing technology conferring cost and quality advantages over peers. Jencay Capital notes a solid Q3 was reported with FY26 guidance affirmed, with a three-year sales CAGR of 27% and projected three-year sales CAGR to 2028 of 17%, trading at an EV/Sales of 2.4x and EV/FY28e EBITA of 6.6x excluding R&D.

Biotechnology Medical DevicesQuarterly Report, price recorded $0.60

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22 Jan 2026Forager FundsHeldThe fund manager continues to hold this position, describing it as one of the most industrial-like companies on the ASX and within the biotech industry. The manager highlights it as a real business with high gross margin and strong incremental profitability as new product lines come online. The manager notes the company crossed over to free cash flow profitability just last quarter, with accounting profitability expected this year, and is positive about the next 12 to 24 months for the business.

Presentation, price recorded $0.71

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First mention by manager

Price recorded at each manager's first comment

Price at first mentionThe share price recorded when each of 3 managers first commented on ARX.

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Articles

31 Mar 2026Aroa Biosurgery ARX Fund Manager Commentary and Investment Thesis

About Aroa Biosurgery Ltd

Healthcare, Biotechnology

Aroa Biosurgery (ASX:ARX), a soft tissue repair company, is regarded by fund managers as a more industrial-like business than a typical biotech. In March 2026, Jencay Capital described Aroa as a fast-growing challenger in wound care and surgical scaffold products, with a superior sheep forestomach tissue source and proprietary processing technology giving it a competitive advantage. Forager Funds highlighted high gross margins and strong incremental profitability as revenue grows, noting Aroa's product is uniquely suited to necrotised wounds. Aroa Biosurgery operates in the Healthcare sector within the Biotechnology industry, and Thesis Tracker has captured 11 comments from 3 fund managers, including Jencay and Forager. Founded in 2008 and based in Auckland, New Zealand, Aroa develops, manufactures and markets regenerative tissue products derived from ovine forestomach, including Myriad and Endoform, used in complex wound care and soft tissue reconstruction, primarily sold in the United States through its direct sales force and partners.

Market cap: $187m
Price to earnings: Loss-making
Return on equity: 0.0%
Dividend yield: 0.0%
Price to book: 0.00x
Net margin: 0.0%
52-week range: $0.48 to $0.80

Company figures as of 15 Oct 2026. For information only.

Questions

Who is investing in Aroa Biosurgery Ltd (ASX:ARX)?

Fund managers including Forager Funds, Jencay Capital and Acorn Capital have invested in Aroa Biosurgery Ltd (ASX:ARX).

What opportunities or catalysts do fund managers highlight for Aroa Biosurgery Ltd?

Jencay and Forager highlight fast growth, a unique tissue source and processing technology, high gross margins and strong operating leverage as revenue scales, positioning Aroa as a leader in complex wound care.

What are the key risks to the Aroa Biosurgery Ltd investment thesis, according to fund managers?

The available commentary is positive and does not set out specific risks, though Aroa's growth depends on US hospital adoption and reimbursement for its products.

What does Aroa Biosurgery Ltd (ASX:ARX) do?

Aroa Biosurgery Ltd., founded in 2008 and based in Mangere, New Zealand, develops, manufactures, and markets soft tissue repair products. The company specializes in advanced healing solutions for complex wounds and soft tissue reconstruction. Its product applications include abdominal wall repair, breast reconstruction, and surgical procedures for trauma, tumor resections, and limb salvage. By focusing on regenerative medicine, Aroa Biosurgery provides clinical solutions for complex surgical and soft tissue repair needs.

General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.

11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.

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