Tissue Regenix eyes profits after revenues more than double in 2018

(Sharecast News) - Medical devices company Tissue Regenix expects to breakeven in 2020 after seeing revenues more than double in its last trading year.The Leeds University-based outfit saw revenues soar 123% to £11.6m in the year ended 31 December - partly due to an exclusive distribution agreement the group reached with ARMS Medical that boosted revenues in its biosurgery division by 79% to £3.4mOrthopaedics and dental sales climbed by a third to £6.4m on the back of a distribution deal with Arthrex in the US and Europe.Tissue Regenix held £7.8m in cash at the end of 2018, ahead of what it had anticipated, leading the AIM-listed firm to expect further top-line growth in 2019 as part of its journey towards profitability.Chairman John Samuel said: "The preliminary results for 2018 demonstrate growing commercial momentum across all of the group's operating divisions and the successful integration of the platform technologies, manufacturing capabilities and distribution opportunities.""The board is confident that during 2019 we will continue to deliver top-line revenue growth, moving closer to our goal of sustainable profitability."As of 1420 GMT, Tissue Regenix shares had climbed 7.83% to 6.20p.