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(Alliance News) - Shares in Tissue Regenix Group PLC fell on Monday after it said it expects lower annual revenue due to the negative impact of the Covid-19 pandemic.
Shares in the medical devices company were trading 10% lower at 0.67 pence each on Monday morning in London.
Tissue Regenix said that it expects revenue for 2020 of GBP12.8 million, down 1.5% from GBP13.0 million recorded for 2019.
"The financial performance for the year was impacted by the ongoing coronavirus pandemic which became evident from the second quarter onwards, together with material cash constraints that the business experienced in the first half of the period," the Leeds-based company noted.
By division, Orthopaedics & Dental revenue rose 10% to GBP7.4 million from GBP6.7 million, BioSurgery revenue fell 21% to GBP3.3 million from GBP4.2 million and joint venture GBM-V's revenue was flat at GBP2.1 million.
Revenue from DermaPure - under the BioSurgery division - was hurt by the pandemic and associated restrictions as US hospitals postponed elective surgical procedures. GBM-V, based in Rostock was negatively affected lockdown restrictions in Germany.
Looking ahead, Chief Executive Daniel Lee said: "With two new products launched during the year and the commencement of our capacity expansion programme following the fundraise completed in June 2020, the Group is well positioned to address market demand and new opportunities as market conditions normalise."
By Ife Taiwo; ifetaiwo@alliancenews.com
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