RUA Life Sciences’ AGM statement led with an update on its two revenue-generating businesses for the first four months of FY 2023. This leaves us room to upgrade our FY revenue forecasts, but for the moment we have kept them unchanged, and our valuation remains at £121.0m or 545p per share. Progress on RUA’s vascular and heart valve products continues and a clinical trial update on the former is expected in late September. All resolutions were passed at the RUA Life Sciences AGM. Revenues from RUA’s two cash-generative businesses – biomaterials and contract manufacturing – were 73% and 44% ahead, respectively, on the same four-month period last year. Together, this puts RUA on a full-year total revenue run-rate that is just over 16% above our forecasts. RUA appears to be working well with the FDA on aligning and agreeing the size, endpoints and statistical analysis plan for the small clinical trial needed for 510(k) approval of their large-bore vascular graft product.