RUA Life Sciences’ AGM statement provided tangible progress on its heart valve and vascular graft products, detail on revenue expectations and reassuring cost control since its FY 2023 results announcement. Our valuation remains at £120.3m (542p per share). RUA Contract Manufacture has announced progress with a customer funded project that assuming success, is anticipated will convert into a supply contract. This would appear to be a new customer and is in addition to building on this relationship with other customers help add to the confidence held by management that the Contract Manufacture business can double in scale. The AGM statement also points to the group’s revenues meeting the Board’s expectations, the tight control over cash – which is ahead of management’s budget – and the positive indication of expansion in scope of a license that may double over time after this extension of an existing license. Developments in RUA Vascular have continued with the regulatory progress and preparation for the clinical trials of its vascular graft product noted in the AGM statement, however a new shorter term revenue opportunity has been reported of the first commercial OEM sales for testing. The upbeat narrative on RUA Structural Heart continues. RUA’s AGM statement refers to the now-completed 400 million cycle milestone, equivalent to 10 years in man and double the regulatory requirement for its composite (Elast-Eon and textile) heart valve. Its significant performance attributes could make RUA’s leaflet material an attractive slot-in for the heart valve scaffolds of other manufactures. This is the second company reference to the use of RUA’s composite Elast-Eon-coated leaflets in heart valves currently on the market. As a potential OEM supplier to other heart valve manufacturers, the AGM statement notes an approach by such a manufacturer who will conduct an evaluation.