LONDON, June 30, 2026, 14:01 BST
- RUA Life Sciences Plc (LON:RUA) last traded at 19.50p, gaining 9.86%. The quote was delayed as of 10:06 BST.
- First-half revenue was up 6.1% to £2.75 million and adjusted EBITDA turned positive, coming in at £76,000.
- Biomaterials and Medical Devices posted £838,000 in segment contribution, just about offsetting central costs, which came in at £836,000.
- AIM was open for regular trade at the stated time. AIM trades from 0800 to 1630 BST Monday to Friday.
RUA Life Sciences Plc (LON:RUA) shares gained almost 10% Tuesday after the company posted a smaller first-half loss. But for investors, the main takeaway in the results was that its two operating cash engines nearly offset head-office costs before losses tied to Structural Heart and Vascular.
The stock last traded at 19.50p, up 1.75p, or 9.86%, on delayed prints from 10:06 BST. Shares remain 27.2% under the 52-week peak of 26.80p hit on May 12, when the RUA Structural Heart spinout and funding were announced. Still, the shares are up 59.2% over 12 months, according to Investors Chronicle data.
| Market gauge | Latest cited level | Move / gap |
|---|---|---|
| RUA Life Sciences | 19.50p | up 9.86% |
| Health Care Equipment & Services | 9,686.95 | up 1.08% |
| FTSE AIM All-Share | 774.58 | level at 12:39 BST |
| RUA vs 52-week high | 19.50p against 26.80p | 27.2% under the high |
Source: delayed market data, Sharecast sector snapshot.
RUA posted revenue of £2.747 million for the six months to March 31, up from £2.589 million the prior year. Gross margin was 74.9%, higher than 73.5% a year ago. Adjusted EBITDA turned to a £76,000 profit from a £227,000 loss. The post-tax loss narrowed to £203,000 from £635,000.
| First-half metric | H1 2026 | H1 2025 | Change |
|---|---|---|---|
| Revenue | £2.747 mln | £2.589 mln | up 6.1% |
| Gross margin | 74.9% | 73.5% | rise of 1.4 pts |
| Operating loss | £234,000 | £685,000 | loss shrinks 66% |
| Adjusted EBITDA | £76,000 profit | £227,000 loss | improved by £303,000 |
| Post-tax loss | £203,000 | £635,000 | loss narrows 68% |
| Cash | £2.365 mln | £3.567 mln | down £1.202 mln |
Source: RUA released its interim results.
The segment table is clearer. Biomaterials brought in £472,000, Medical Devices & Components added £366,000, totaling £838,000—almost matching the £836,000 for central and unallocated costs. Vascular booked a £70,000 loss; Structural Heart dropped £166,000. The group posted a £234,000 operating loss.
| Segment, H1 2026 | Revenue | Contribution to operating result |
|---|---|---|
| Biomaterials | £490,000 | £472,000 |
| Medical Devices & Components | £2.253 mln | £366,000 |
| Vascular | £4,000 | £70,000 loss |
| Structural Heart | Nil | £166,000 loss |
| Central and unallocated | Nil | £836,000 loss |
| Group total | £2.747 mln | £234,000 loss |
Source: RUA segment note.
The split is important now that RUA’s share price moves on cost base as much as sales. If core units hold their numbers, reported profit comes down to how cleanly Structural Heart exits the loss line and if Vascular spend stays down.
Chairman Geoff Berg said management shifted RUA from a loss-making R&D business to a “customer-focused, profitable Contract Manufacturer.” He said the Biomaterials and Medical Devices units should push the group into profit in the second half of this year. TradingView
Cash is moving the other way. RUA finished March with £2.365 million, down from £3.250 million at the end of September. Net cash used in operations was £758,000. That compares to a £13,000 inflow a year ago, as receivables went up and payables dropped. The company said the working-capital shift should unwind by year-end.
The May 12 Structural Heart deal remains the key background for the stock. RUA Structural Heart got £3 million from the Leducq organisation via convertible loan stock. Another £4.8 million of intercompany debt to RUA was turned into convertible notes. RUA said it still owns all the equity, but with the new board setup, RSH will now be treated as an investment and not consolidated.
Chief Executive William Brown said the new governance structure will leave RUA with a “strengthened balance sheet and improved ongoing profitability profile.” The company added that the financing puts a £10 million valuation floor in place for the next RSH funding round. Investegate
Execution risk is still an issue in the operating business. RUA said Medical Devices & Components revenue was flat at £2.253 million, as growth from UK development was matched by weaker demand in Abiss France, where a key customer had extra inventory and went through rationalisation. Biomaterials revenue went up to £490,000 from £349,000 after audits found some royalty underpayments by licensees.
