Biotech company’s turnover reaches £6.1m despite ‘supply constraints’
Regenerative medical devices company Tissue Regenix, which is based in Leeds, has seen its revenues rise to £6.1m.
The listed company reported its unaudited Interim Results for the six months ending 30 June 2019, which saw its overall revenue rise from last year’s first half figure of £5.6m.
In the same period sales of the group’s DermaPure product increased by 33% to £2m, compared with £1.5m last year.
Orthopaedics and dental sales were affected by a realigning of manufacturing to address capacity in the second half, but still delivered sales of £3m.
Tissue Regenix also recorded a group EBITDA loss of £3.6m (£3.5m for the first half of 2018).
Executive Chairman, John Samuel, said: “We have strong global demand for our products, which allowed us to deliver continued revenue growth, demonstrated by DermaPure, which increased sales by 33% in the first half.
“We remain focused on short and medium term initiatives to increase capacity and alleviate supply constraints.
“During the first half of the year, we streamlined our supply chain activities and enhanced our operational procedures. These initiatives have enabled us to increase production capabilities within the San Antonio facility, the benefits of which will come to fruition in the second half of the year.
“Longer term, having secured a credit facility of up to $20m with MidCap Financial, this will support our ambitious growth plans, by adding further processing capacity to the San Antonio facility and expanding our commercial footprint.
“We anticipated that the year would be significantly weighted towards the second half, as announced on the 4 June 2019, at the time of the company’s results for the year ended 31 December 2018.
“We continue to expect this will be the case, and, against a background where we see the ever growing demand for our products as the business looks to increase its manufacturing capabilities, the ability to bring this on stream during the second half of the year will be key in determining the year end outcome.”
