Full year trading update
30/01/2025 07:00
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RNS Number : 1965V Tissue Regenix Group PLC 30 January 2025
Tissue Regenix Group plc
('Tissue Regenix', the 'Group' or the 'Company')
Full year trading update
Continued growth
Adjusted EBITDA* profitability to be above expectations
Tissue Regenix (AIM: TRX), the regenerative medical devices company, provides
a trading update for the year ended 31 December 2024.
Total Group revenue** increased by 8% to $28.4m (2023: $26.3m), and the
Company expects to once again report an adjusted EBITDA profit above
expectations. This will mark the second full year of profitability for Tissue
Regenix and the fourth year of above-market growth.
The strong trading result in 2024 was led by the dCELL® segment due to the
continued market penetration by the Company's distribution partners. The
BioRinse® segment saw strong growth in its core demineralised bone matrix
('DBM') products but faced headwinds in other segments, as detailed in our
interim results.
Cash position at 31 December 2024 was $1.9m (2023: $4.3m), supporting the
current organic business growth plan. The Company's growth is further
supported by a $10m revolving line of credit, of which $4m is undrawn.
The Board has taken the decision that the operations of the Company's
not-for-profit German joint venture, GBM-V, are not strategic to the
operations of the business and, as a result, will be reported as an asset held
for sale. The market dynamics of this joint venture have historically reduced
the growth rate of the Company and reduced its profit margins. The figures in
this trading update do not include the revenues, profits or assets of GBM-V.
The Company's review of strategic options is continuing. A further update will
be provided in due course.
Daniel Lee, CEO of Tissue Regenix, commented: "The 4S strategy and our growth
pillars continued to deliver growth, especially in our dCELL and core DBM
products. The industry in which we are so crucial is always competitive and
never easy, but the careful management of our business has once again resulted
in record adjusted EBITDA profitability for the Group. We continually assess
our business and have established opportunities for flexibility. Our plans
include adding new products which will further diversify our product offering
and will be implemented to drive further growth in 2025."
* Adjusted EBITDA: profit before interest, taxes, depreciation, amortisation
and share-based payments
**Consensus market expectation for FY24 revenue excluding GBM-V is $31.0m
For more information, please contact:
Tissue Regenix Group plc
Daniel Lee, Chief Executive Officer via Walbrook PR
David Cocke, Chief Financial Officer
Cavendish Capital Markets (Nominated Adviser and Broker)
Geoff Nash/Giles Balleny/Edward Whiley Tel: +44 (0) 20 7466 5000
Nigel Birks - Life Science Specialist Sales
Harriet Ward - ECM
Walbrook PR (Financial PR and IR) Tel: +44 (0)20 7933 8780
Alice Woodings / Lianne Applegarth Tissue Regenix@walbrookpr.com (mailto:TissueRegenix@walbrookpr.com)
Prior to publication, the information contained within this announcement was
deemed by the Company to constitute inside information, as stipulated under
the UK Market Abuse Regulation. With the publication of this announcement,
this information is now considered to be in the public domain.
About Tissue Regenix (www.tissueregenix.com (http://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 that is not rejected by the patient's body and 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.
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