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:
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Tissue Regenix
Group plc
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www.tissueregenix.com
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Daniel Lee, Chief Executive
Officer
David Cocke, Chief Financial Officer
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via Walbrook
PR
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Cavendish Capital Markets Limited (Nominated Adviser and
Broker)
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Emily Watts/Geoff Nash/George Dollemore -
Corporate Finance
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Nigel Birks/Harriet Ward - ECM
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Walbrook PR (Financial PR and IR)
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Tel: +44
(0)20 7933 8780
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Charlotte Edgar / Alice Woodings
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TissueRegenix@walbrookpr.com
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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)
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.