REG - Tissue Regenix Group - Half-Year Trading Update

Tissue RegenixAnnouncement

17/07/2023 07:00

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RNS Number : 1353G  Tissue Regenix Group PLC  17 July 2023

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 2023
(the 'Period').

 

Trading in the first half of 2023 was strong and in line with the Board's
expectations. Group revenues for the Period are expected to be approximately
$14.1 million, representing a 19% increase from the prior year and setting a
record high for the Group. Furthermore, this performance marks the sixth
consecutive reporting period of growth for the Group. As a result, the Board
remains confident that the Group is on track to meet its expectations for the
full year.

 

In the first six months of 2023, the BioRinse® segment continued its robust
growth, while the ongoing commercial reorganisation of the dCELL® segment
continued to show benefits, demonstrating strong growth within the Period.

 

Having announced our first quarter of adjusted EBITDA profitability in the
fourth quarter of 2022, the Group expects to achieve a positive adjusted
EBITDA for the first half of 2023.

 

The Group's cash position remains sufficient to support the current business
growth plans.

 

Daniel Lee, Chief Executive Officer, Tissue Regenix, commented: "Our H1 2023
results are indicative of the continued above-market growth in our key
businesses and our ability to deliver on the Board's expectations for our
financial performance. We remain steadfast in the execution of our 4S strategy
across the Group, despite the continued distractions presented by economic
factors, hospital staffing shortages and geopolitical issues. Our growth
objectives support this positive trajectory for the balance of the year and
beyond, and we look forward to the future with confidence."

 

Notice of Results

The Group will publish its interim results on Tuesday, 5 September 2023.

 

This announcement contains inside information for the purposes of Article 7 of
Regulation (EU) 596/2014. The person responsible for release of this
announcement on behalf of the Company is David Cocke (Chief Financial
Officer).

 

For more information:

 

 Tissue Regenix Group plc                                           www.tissueregenix.com (http://www.tissueregenix.com)
 David Cocke, Chief Financial Officer                               via Walbrook PR

 finnCap Ltd (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
 Alice Woodings/Lianne Applegarth   TissueRegenix@walbrookpr.com

 

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.

 

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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