Strong first half for regenerative MedTech business

Daniel Lee, chief executive of Tissue Regenix

Leeds-based regenerative medical devices company, Tissue Regenix, has recorded a 12% rise in its revenues in its interim results for the six months to 30 June 2021.

These have increased to £6.8m (H1 2020: £6.1m, at 21% constant currency), while the company also reported a pre-tax loss of £1.8m (H1 2020: £2.7m loss) and EBITDA loss reduced 48% to £1.1m (H1 2020: £2.1m) due to sales growth and tight expense management.

The listed group’s Orthopaedic and Dental division recorded a 26% increase in revenues (37% constant currency) to £4.3m (H1 2020: £3.4m), driven by strong underlying performance in the US market.

Tissue Regenix says US product shipments increased by 44% in H1 2021, compared with the same period in 2020.

Daniel Lee, chief executive officer, said: “I am proud of how the Group operated during a challenging 2020 and am encouraged by our strong H1 results, with the Group making good operational and commercial progress, as the world began its recovery from the COVID-19 pandemic.

“I am incredibly pleased with the progress the Group has made in H1 2021 and look forward to this being further built on in H2.

“We are committed to creating long-term, sustainable value for shareholders and I am greatly encouraged by this promising set of results.”

Throughout the first six months of 2021 the business says it was able to fully maintain operations at its facilities in the US, UK and Germany.

In February, an unprecedented winter storm impacted its San Antonio, Texas operation for almost two weeks due to the loss of power, water and supply chain delays. But the company says it implemented recovery measures which minimised any impact to its operations.

In its outlook, Tissue Regenix adds it remains optimistic about the future growth of the business.

It says it is encouraged by the the progress made on the expansion of the Group’s product portfolio, which is expected to deliver further growth and revenue opportunities in future periods.

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