REG - Tissue Regenix Group - Update re. FY24 & H125 restatement & Board Changes

Tissue RegenixAnnouncement

Thu 07:00

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RNS Number : 5724D  Tissue Regenix Group PLC  16 October 2025

 Tissue Regenix Group plc

('Tissue Regenix' or the 'Group')

 

Update re. FY24 and H125 restatement & Board Changes

 

Tissue Regenix plc (AIM: TRX), the regenerative medical devices company,
announces the following financial updates and organisational changes with
immediate effect. The Board remains focussed on restoring Group revenue growth
and profitability, and driving sustainable, long-term earnings growth for
shareholders.

 

·    Upon review of the financial inaccuracies in relation to year-end
inventory and cost of sales for the financial year ended 31 December 2024
("FY24"), there will be a restatement of FY24 adjusted EBITDA from $1.9m to an
EBITDA loss of $1.0m. The restatement does not affect the Company's revenue
numbers for FY24. This restatement has had a cascading effect on H125 adjusted
EBITDA of $0.2m to an EBITDA loss of $2.3m.

 

·    Tissue Regenix also announces the following changes to the Board.
Daniel Lee, Chief Executive Officer, will leave the Board and the Company with
immediate effect. Jay LeCoque, newly appointed Executive Chairman of Tissue
Regenix, will become the Acting CEO and Executive Chairman, also with
immediate effect.

 

·    Kirsten Lund, former Tissue Regenix Group plc Finance Director from
2019 until 2022, and currently EMEA Business Director and Company Secretary,
has been re-appointed Chief Financial Officer with immediate effect and will
join the Board shortly, with a mandate to implement strict financial controls
across the business and a comprehensive review of the Group's cost structure.
Kirsten joined Tissue Regenix in May 2010 as Finance Administrator becoming
Group Finance Director and Company Secretary in November 2019. Kirsten is an
FCCA (Fellow of the Association of Chartered Certified Accountants) qualified
accountant.

 

·    The Company's new senior management team are initiating a $2m+ cost
reduction initiative, which when executed will deliver improved Gross Margins
and EBITDA performance. At the same time, a new commercial plan is being
implemented to expand the direct sales and distribution footprint, and to
secure further clinical data to strengthen claim support for the superiority
of the Group's products.

 

·    Cash position as at 30 June 2025 was $1.1 million, with debt
facilities of $16.0 million of which $10.4 million is drawn down.

 

Jay LeCoque, Executive Chairman and CEO of Tissue Regenix, commented: "Since
joining the Group just 40 days ago on 7 September, we have undertaken
significant changes to improve our financial, operational and commercial
performance. I am aware that this restatement has caused immediate concerns
for our shareholders and our priorities remain focused on delivering a
sustained recovery for the business. The Board remains confident that by
executing on these plans, we can deliver on the Group's potential to develop a
great business that creates meaningful value for both patients and
shareholders.

 

"I am pleased to welcome Kirsten back into her role as CFO and look forward to
working with her to rebuild the financial and operational strength of this
business. We remain committed to updating the shareholders on our progress as
our new senior management team work together to refocus the Group on
delivering sustainable, long-term earnings growth for our shareholders."

 

For more information:

 

 Tissue Regenix Group plc                                              www.tissueregenix.com (http://www.tissueregenix.com)
 Jay LeCoque, Executive Chairman                                       via Walbrook PR

 Cavendish Capital Markets Limited (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 or TissueRegenix@walbrookpr.com
 Alice Woodings / Paul McManus      Mob: +44 (0)7407 804 654 / +44 (0)7980 541 893

 

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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