RUA Life Sciences’ interim results include in-depth updates on the development of its vascular graft and aortic heart valve products. They also provide more detail on its cash-generative businesses which together are now segmented into Vascular, Structural Heart, Biomaterials and Contract Manufacture. For the latter two, a 56% increase in revenue compared to the same six-month period in 2021 left our previous FY 2023 forecasts of total revenue and cash looking a bit anaemic with the Board’s expectations of a second-half weighting for biomaterials revenues, contract manufacturing revenues, and the R&D Tax Credits still to be received. The culmination of higher revenues and working capital control highlighted changes that needed to be made to our revenue and YE 2023 cash estimates. These are incorporated into our financials but since the bulk of our valuation remains in RUA products in development, our valuation remains unchanged at £121.0m or 545p per share. We await updates in 2023 on the timings of the vascular graft clinical study and at RUA Structural Heart.