Tissue Regenix highlights revenue growth after strong year

Medtech innovator Tissue Regenix has hailed an above expected rise in revenues after a strong year.

The Leeds-based provider of cellular repair products to the medical sector told investors on the London Stock Exchange that revenues were boosted 20.6% to about £23.1m ($29.5m) last year after strong trading. It now expects to convert losses into an Ebitda profit for the full year with hopes that momentum will continue throughout this year.

Growth came from all of the Leeds-based firm’s key regenerative products including BioRinse, dCELL, and GBM-V. The firm said demand for its BioRinse technology – which provides soft tissue products for surgery – was a key driver of the gains across the year.

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Daniel Lee, chief executive officer of Tissue Regenix, said: “2023 represents the third consecutive year of execution on our 4S strategy – a four-pronged approach designed to drive supply, sales revenue, sustainability and scale. The results we have achieved this year in terms of revenue growth and profitability continue to demonstrate the benefits of this strategy. The group is now in a solid position from which we can continue to grow our base business and expand into new markets. We look forward to further growth and continued progress in 2024.”

Late last year Tissue Regenix announced it had secured regulatory approval from the Irish Health Products Regulatory Authority – a move which allows it to set up a logistics hub in Ireland for the EU distribution of its allograft products.

At the same time the firm also signed an exclusive distributor contract with the Spanish arm of Swiss medical firm Spineart. That deal means Spineart España will distribute allograft products in Spain, and Mr Lee said that, given time, Spineart’s large global footprint brought the potential for more Tissue Regenix products to be brought to customers internationally.

Original artice – https://business-live.co.uk/all-about/yorkshire-humber

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