Losses have narrowed at regeneration medtech firm Tissue Regenix on the back of strong trading.
The Leeds-based firm, which specialises in products for tissue and cellular repair, reported first half operating losses of about £185,980 ($234,000), down from unaudited operating losses of £991,745 ($1.24m) in the same period last year. Bosses said the firm had been profitable on an adjusted Ebitda basis for the past 12 months.
Chair Jonathan Glenn said the strong start had transferred into the second half as the first half had seen year-on-year sales up 19% at £11.1m ($14.1m), compared with £9.37m ($11.8m) in 2022. The boost was said to have been driven by strong performances in the firm’s BioRinse and dCell products.
Investors were told a reorganisation of the firm’s US operation for its dCell business had prompted growth with 25 new distributors signed up for the product line and 29% revenue growth. A UK distributor was also agreed for the firm’s OrthoPure XT line, as well as distribution agreements for China and Australia.
Daniel Lee, chief executive officer of Tissue Regenix Group plc, said: “We are extremely pleased with the growth seen by the company in H1 2023, which is our sixth consecutive reporting period of growth. We retain a strong cash position to support our current business growth plans and we continue to reap the benefits and efficiencies of the Phase 1 capacity expansion at our San Antonio facility.
“We continue to see increased sales for our dCELL and BioRinse product families which have contributed to our first 12 months of profitability on an adjusted EBITDA basis. It has been a strong period for Tissue Regenix, having outperformed the market in respect of growth in our key businesses and in H2 2023 we look forward to continuing our successes through additional partnerships and product lines. We continue to build on our momentum and expect 2023 to be another year of above market growth.”
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