Last checked at 25 Jan 2024 07:00
Tissue Regenix Group plc
('Tissue Regenix', the 'Company', or the 'Group')
Trading update for 2023
Adjusted EBITDA profit achieved, driven by revenue growth of over 20%
Cash balance increased from H1 2023
Tissue Regenix (AIM: TRX), the regenerative medical device company, provides a trading update for the year ended 31 December 2023, reflecting another strong year of trading. The Company delivered over 20% revenue growth, resulting in a positive adjusted EBITDA* for the full year of 2023. This performance marks the sixth consecutive period of half-on-half, double-digit revenue growth (averaging over 20% for the last three years).
Highlights
· Total revenue is expected to increase by 20.6% to $29.5m (2022: $24.5m), ahead of expectations. Revenues are $29.6m at constant currency
· An adjusted EBITDA profit is expected for the full year of 2023, ahead of expectations
· Cash position at 31 December 2023 increased since H1 2023 to $4.5m (H1 2023: $4.1m; year-end 2022: $5.9m) supporting the current organic business growth plan
Trading in 2023 was again very strong, with growth achieved across all three segments of the business: BioRinse®, dCELL®, and GBM-V. The Group continued to see robust demand for its portfolio of products.
Revenue growth in 2023 was driven by the BioRinse segment, across both its allograft and released donor tissue portfolio. The dCELL segment also increased due to the continuing benefits of the US commercial reorganisation and sales of OrthoPure XT®. Over this period, GBM-V achieved modest growth.
Trading conditions remain positive as the Company starts a new financial year, and the Board expects this to be maintained throughout 2024.
Daniel Lee, Chief Executive Officer of Tissue Regenix, commented: "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."
* Adjusted EBITDA: profit before interest, taxes, depreciation, amortisation, and share-based payments
For more information:
Tissue Regenix Group plc | www.tissueregenix.com |
David Cocke, Chief Financial Officer | via Walbrook PR |
Cavendish Capital Markets Limited (Nominated Adviser and Broker) | |
Emily Watts/Geoff Nash/George Dollemore - Corporate Finance | |
Nigel Birks/Harriet Ward - ECM | |
| |
Walbrook PR (Financial PR and IR) | Tel: +44 (0)20 7933 8780 |
Charlotte Edgar / Alice Woodings | TissueRegenix@walbrookpr.com |
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation 'MAR' EU no.596/2014. Upon the publication of this announcement via the Regulatory Information Service 'RIS', this inside information is now considered to be in the public domain.
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.