Revenues maintained at MedTech company during challenging year
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Listed regenerative MedTech business, Tissue Regenix, has reported revenues of £12.8m (2019: £13m) in its final Results for the year ended 31 December 2020.
The Leeds-based business made a pre-tax loss of £10.2m (2019: £7.7m) and an operating loss of £9.8m (2019: £7.2m).
Gross Profit was steady at £5.9m (2019: £6.0m), with a 46% gross profit margin (2019: 46%).
Tissue Regenix also recorded a cash balance at 31 December 2020 of £9.6m (2019: £2.4m) following an equity fundraise which generated net proceeds of £13.8m in June 2020.
Highlights for the company over the same period included a new strategic collaboration with a top 10 global healthcare company for white label product, and additional commercial opportunities secured for growth product lines such as AmnioWorks™, diversifying the firm’s sales portfolio.
Phase one of the company’s capacity expansion programme began at its base in San Antonio, Texas, in July 2020, providing additional capacity from the first half of this year.
And the relocation of its UK facility to Garforth, Leeds, in October 2020 is expected to deliver annualised savings of £400,000 from 2021.
Daniel Lee, CEO of Tissue Regenix, said: “2020 was a challenging year, but under the circumstances, a successful period for the Group and we are pleased to have maintained consistent revenues and gross profit despite the many challenges of COVID-19.
“The year was primarily highlighted by our financial performance relative to other industry participants, and securing the necessary funding to support the organisation and invest in the required capacity expansion programme.
“Alongside this, we secured a number of additional distribution and white label agreements for organic growth in the US and extending our geographical outreach through the receipt of the CE Mark for OrthoPure®XT which allowed us to begin our commercialisation efforts within the EU.
“As COVID restrictions subside and with the backdrop of a material global backlog of elective surgeries, we expect strong growth in product demand in the second half of 2021 and are well positioned to capture and service this need with our extensive product lines.