RUA Life Sciences’ FY 2022 results included total revenues that increased by 6% on the previous year highlighting the movement beyond the pandemic of the medical device sector. After the dust has settled on the revised requirements for the 510(k) vascular graft re-submission, the way forward is now clear which we explore in the body of this note. Our forecasts have only needed modest and non-material updates for RUA’s YE 2022 financials and our valuation remains unchanged. Our financial estimates and forecasts have barely changed since RUA’s FY 2022 trading update so our group valuation remains at £121.0m or 545p per share.