Last checked at 17 Jul 2023 07:00
Tissue Regenix Group plc
('Tissue Regenix', the 'Group' or the 'Company')
Half-Year Trading Update
and Notice of Results
Tissue Regenix Group (AIM:TRX), the regenerative medical devices company, provides an unaudited trading update for the six months ended 30 June 2023 (the 'Period').
Trading in the first half of 2023 was strong and in line with the Board's expectations. Group revenues for the Period are expected to be approximately $14.1 million, representing a 19% increase from the prior year and setting a record high for the Group. Furthermore, this performance marks the sixth consecutive reporting period of growth for the Group. As a result, the Board remains confident that the Group is on track to meet its expectations for the full year.
In the first six months of 2023, the BioRinse® segment continued its robust growth, while the ongoing commercial reorganisation of the dCELL® segment continued to show benefits, demonstrating strong growth within the Period.
Having announced our first quarter of adjusted EBITDA profitability in the fourth quarter of 2022, the Group expects to achieve a positive adjusted EBITDA for the first half of 2023.
The Group's cash position remains sufficient to support the current business growth plans.
Daniel Lee, Chief Executive Officer, Tissue Regenix, commented: "Our H1 2023 results are indicative of the continued above-market growth in our key businesses and our ability to deliver on the Board's expectations for our financial performance. We remain steadfast in the execution of our 4S strategy across the Group, despite the continued distractions presented by economic factors, hospital staffing shortages and geopolitical issues. Our growth objectives support this positive trajectory for the balance of the year and beyond, and we look forward to the future with confidence."
Notice of Results
The Group will publish its interim results on Tuesday, 5 September 2023.
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014. The person responsible for release of this announcement on behalf of the Company is David Cocke (Chief Financial Officer).
For more information:
Tissue Regenix Group plc | www.tissueregenix.com | |
David Cocke, Chief Financial Officer | via Walbrook PR | |
finnCap Ltd (Nominated Adviser and Broker) | ||
Emily Watts/Geoff Nash/George Dollemore - Corporate Finance | ||
Nigel Birks/Harriet Ward - ECM | ||
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Walbrook PR (Financial PR and IR) | Tel: +44 (0)20 7933 8780 | |
Alice Woodings/Lianne Applegarth | TissueRegenix@walbrookpr.com | |
About Tissue Regenix (www.tissueregenix.com)
Tissue Regenix is a leading medical device company in regenerative medicine. The Company's patented decellularisation technology (dCELL®) removes DNA and other cellular material from animal and human soft tissue, leaving an acellular tissue scaffold not rejected by the patient's body that can be used to repair diseased or damaged body structures. Current applications address many crucial clinical needs in sports medicine, foot and ankle injuries, and wound care.
In August 2017, Tissue Regenix acquired CellRight Technologies®. This biotech company specialises in regenerative medicine and is dedicated to developing high-quality, innovative tissue scaffolds to enhance healing opportunities in defects created by trauma and disease. CellRight's human tissue products may be used in spine, trauma, general orthopaedic, dental and ophthalmological surgical procedures.