Edison research outlook on Tissue Regenix (TRX)

London, UK, 28 July 2016

Edison issues research outlook on Tissue Regenix (TRX)

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. Orthopaedics holds significant promise as the family of dCELL OrthoPure grafts is targeted at high-growth global markets where there are few effective alternatives. We have updated our sum-of-the-parts valuation model to £338m, a slight reduction due to revised product timeline launches, costs and revenue forecasts.

We have revisited a number of our key valuation assumptions to reflect the clarity on launch timeframes, associated costs and updated revenue guidance. Our DCF valuation has reduced to £338m (vs £380m) or 44.4p (vs 50p) per share. According to our model, the current price gives a free option on wound care, the most commercially advanced division, and does not reflect the full pipeline potential, which could ultimately be an acquisition target as a whole or by division. 

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