Half-Year Trading Update
16/07/2024 07:00
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RNS Number : 4681W Tissue Regenix Group PLC 16 July 2024
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 2024
(the 'Period').
The Board is delighted to announce that trading in the first half of 2024 has
been strong, and remains in line with the Board's expectations. Group revenues
for the Period are expected to be approximately $16.4 million (H1 2023:
$14.1m), representing a 16% increase from the prior year and setting a record
first half for the Group. Furthermore, this performance marks the seventh
consecutive reporting period of growth for the Group, which gives the Board
confidence in the future performance of the Group.
In the first six months of 2024, the BioRinse® segment continued to deliver
solid growth driven by increased efficiencies, while the commercial
reorganisation of the dCELL® segment continued to show benefits,
demonstrating robust growth within the Period.
Having announced our first year of adjusted EBITDA* profitability in 2023, the
Group expects to achieve growth in adjusted EBITDA for the first half of 2024
as compared with the prior year period.
The Group's cash position remains sufficient to support the current business
expansion plans.
Daniel Lee, Chief Executive Officer, Tissue Regenix, commented: "After
delivering maiden profitability with our FY 2023 numbers, it is particularly
pleasing to announce another period of progress, not only financially but also
operationally. Our 4S strategy continues to deliver benefits, and our tactical
growth pillars should drive further growth and deliver the results that are
expected by our stakeholders. We are firmly committed and confident in keeping
Tissue Regenix on its positive trajectory, which began in 2021."
Notice of Results
The Group will publish its interim results on Tuesday, 10 September 2024.
* Adjusted EBITDA: profit before interest, taxes, depreciation, amortisation
and share-based payments
For more information:
Tissue Regenix Group plc www.tissueregenix.com (http://www.tissueregenix.com)
Daniel Lee, Chief Executive Officer via Walbrook PR
David Cocke, Chief Financial Officer
Cavendish Capital Markets Limited (Nominated Adviser and Broker)
Emily Watts/Geoff Nash/George Dollemore - Corporate Finance
Nigel Birks/Harriet Ward - ECM
Tel: +44 (0)20 7933 8780
Walbrook PR (Financial PR and IR)
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 (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 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.
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