RUA Life Sciences’ trading update illustrated both a recovery from the challenges of the pandemic faced by medical device companies which translated into increased revenues at RUA Medical Devices and increased investment in its vascular and heart valve products. RUA’s cash balance has decreased from £6,294k at the end of FY 2021 to £2,963k a year later but this was much higher than our previous FY 2022 estimate and we have aligned with the higher YE 2022 cash position in RUA’s trading update. While the delay to the launch of RUA Vascular’s products in the US and EU to 2025 may disappoint some, the generation of data that establishes the safety and efficacy of Elast-Eon as a graft sealant has a number of competitive advantages. Our valuation has been updated for RUA’s trading statement with the only change reflecting the cash consumption. This modestly decreased our valuation to £121.0m or 545p per share from £122.9m or 554p per share.