RUA have released a trading update ahead of its December interim results announcement. In contrast to the previous year, revenues have been weighted to the second half and while this has suppressed first half revenue growth, October’s and November’s revenues have largely caught up to align with management’s budget expectations. RUA’s recent strategy update and its trading update have several common themes. The reliance on partnerships to fund the development of RUA’s products in RUA Structural Heart and RUA Vascular should reduce R&D and Admin expenditure and conserve cash to provide a pathway for the Group to reach profitability. The continued emphasis on tight resource control is expected to help with this objective. Our valuation is unchanged at £120.3m or 542p per share.