Confident outlook at MedTech group as revenues climb
Leeds-based regenerative medical devices company, Tissue Regenix Group, has seen its revenues rise 19% to $14.1m/£11.2m (H1 2022: $11.8m/£9.4m) in its interim results for the six months ended 30 June 2023.
Pre-tax losses were reduced to $922,000/£732,694 (H1 2022: $1.6m/£1.3m loss), while the group reported an adjusted EBITDA profit of $400,000/£317,756 against an adjusted EBITDA loss of $500,000/£397,195 in H1 2022.
The group notes the EBITDA figures are a significant achievement, as they mean it has now been profitable on an adjusted EBITDA basis for the last 12 months.
The group’s core product portfolio has two technology platforms: BioRinse®: natural bone filler solutions to stimulate and regenerate native bone growth and dCELL®: used to produce allograft and xenograft soft tissue products to promote healing and regeneration.
These technologies have applications in biosurgery, orthopaedics and dentistry.
Daniel Lee, chief executive officer, said: “We are extremely pleased with the growth seen by the company in H1 2023, which is our sixth consecutive reporting period of growth.
“We retain a strong cash position to support our current business growth plans and we continue to reap the benefits and efficiencies of the phase one capacity expansion at our San Antonio facility.
“We continue to see increased sales for our dCELL and BioRinse product families which have contributed to our first 12 months of profitability on an adjusted EBITDA basis.
“It has been a strong period for Tissue Regenix, having outperformed the market in respect of growth in our key businesses and in H2 2023 we look forward to continuing our successes through additional partnerships and product lines.”
In its outlook statement Tissue Regenix notes there are still “lingering issues” in the supply chain due to labour disruptions and wider economic uncertainties, but the group adds that it is managing these headwinds well.
