Edison initiates coverage of Tissue Regenix

London, UK, 14 October 2015

Edison initiates coverage of Tissue Regenix

Tissue Regenix's (TRX) investment story is built on dCELL, a versatile regenerative medical technology, and its potential across the subsectors: wound care, orthopaedics and cardiac implants. We forecast that the US Wound Care subsidiary will be a driver of rapid group sales growth from the FY15 starting point of £0.1m, rising to £74m in FY21 boosted by product launches from all three divisions.

Our sum-of-the-parts DCF valuation is £325m, or 43p/share, using a 12.5% WACC. We value the wound care franchise at £175m, orthopaedics at £95m and the cardiac division at £35m. The current market capitalisation, which is subject to an estimated funding requirement of £15m needed to develop OrthoPure XT and XM in the US, does not reflect the full pipeline potential, which could ultimately be attractive to larger medtech companies.

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