REG - Tissue Regenix Group - Trading update for 2023

Tissue RegenixAnnouncement

25/01/2024 07:00

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RNS Number : 8100A  Tissue Regenix Group PLC  25 January 2024

Tissue Regenix Group plc

('Tissue Regenix', the 'Company', or the 'Group')

 

Trading update for 2023

( )

Adjusted EBITDA profit achieved, driven by revenue growth of over 20%

Cash balance increased from H1 2023

 

Tissue Regenix (AIM: TRX), the regenerative medical device company, provides a
trading update for the year ended 31 December 2023, reflecting another strong
year of trading. The Company delivered over 20% revenue growth, resulting in a
positive adjusted EBITDA* for the full year of 2023. This performance marks
the sixth consecutive period of half-on-half, double-digit revenue growth
(averaging over 20% for the last three years).

 

Highlights

·    Total revenue is expected to increase by 20.6% to $29.5m (2022:
$24.5m), ahead of expectations. Revenues are $29.6m at constant currency

·    An adjusted EBITDA profit is expected for the full year of 2023,
ahead of expectations

·    Cash position at 31 December 2023 increased since H1 2023 to $4.5m
(H1 2023: $4.1m; year-end 2022: $5.9m) supporting the current organic business
growth plan

 

Trading in 2023 was again very strong, with growth achieved across all three
segments of the business: BioRinse®, dCELL®, and GBM-V. The Group continued
to see robust demand for its portfolio of products.

 

Revenue growth in 2023 was driven by the BioRinse segment, across both its
allograft and released donor tissue portfolio. The dCELL segment also
increased due to the continuing benefits of the US commercial reorganisation
and sales of OrthoPure XT®. Over this period, GBM-V achieved modest growth.

 

Trading conditions remain positive as the Company starts a new financial year,
and the Board expects this to be maintained throughout 2024.

 

Daniel Lee, Chief Executive Officer of Tissue Regenix, commented: "2023
represents the third consecutive year of execution on our 4S strategy - a
four-pronged approach designed to drive supply, sales revenue, sustainability
and scale. The results we have achieved this year in terms of revenue growth
and profitability continue to demonstrate the benefits of this strategy. The
Group is now in a solid position from which we can continue to grow our base
business and expand into new markets. We look forward to further growth and
continued progress in 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)
 David Cocke, Chief Financial Officer                               via Walbrook PR

 Cavendish Capital Markets Limited (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
 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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