Healthcare disruption fails to stifle growth at MedTech business
Regenerative medical devices company, Tissue Regenix, returned to double digit growth in the year ended 31 December 2021.
In a full year trading update, the Leeds-based business recorded total Group sales revenue of £14.4m, a 13% increase on 2020’s results of £12.8m.
Although the Delta variant of Covid-19 adversely affected Tissue Regenix’s sales revenue in quarter three 2021 and early quarter four, trading in November and December rebounded positively from these temporarily reduced levels.
The firm says the Omicron variant of the virus has subsequently caused disruptions to the US healthcare system and supply chains worldwide.
It notes the potential impact of this on the Group remains unknown, but management is “hopeful” any potential effects will be short-term.
Daniel Lee
Daniel Lee, chief executive officer, said: “2021 was another challenging year for healthcare due to the Covid variants.
“Despite these obstacles, Tissue Regenix performed admirably as it manoeuvred around the delay of elective surgeries, fluid healthcare guidance and directives, supply chain disruptions and personnel shortages.
“While we recognise the ongoing challenges of Covid-19, we continue to see strong demand for our products and are optimistic this demand will continue to deliver sales revenue growth as we drive towards profitability.”
Tissue Regenix says its BioRinse® (CellRight) division performed particularly strongly in 2021, aided by the completion of the first phase of the expansion of the Group’s manufacturing capacity in San Antonio, Texas.
Overall growth in that division was 24%, thanks primarily to a strong underlying performance in the US market.
