MedTech business says it is well placed to capitalise on rebounding markets
Leeds-based regenerative medical devices company, Tissue Regenix Group, has hailed positive progress amidst a tough macroeconomic backdrop as it publishes its interim results for the six months to 30 June 2022.
Group revenues for the period increased by 25% to $11.8m/£10.3m (H1 2021: $9.4m/£8.2m), while pre-tax loss reduced to $1.6m/£1.4m (H1 2021: $2.5m/£2.2m loss).
Adjusted EBITDA loss was reduced 67% to $0.5m/£435,000 (H1 2021 loss: $1.5m/£1.3m) due to sales growth and tight expense management.
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 Group’s H1 2022 commercial performance and how we are positioned for the second half of 2022.
“Our increased capacity and efficiency improvements have given us much more operational flexibility.
“The commercial growth seen in our BioRinse® business and especially the growth in our reorganised dCELL® business are fundamental in delivering the financial performance expected by our Board for 2022.
“The markets are still rebounding to pre-COVID-19 levels, but our business is well positioned to meet these challenges.”
Tissue Regenix adds that while the direct impact of COVID-19 has waned, the business remains alert to continuing follow-on effects: supply chain issues, labour market disruptions and continued elective-surgery procedure volatility, in addition to a potential economic recession in the USA.
However, it says its Board remains optimistic about the future growth of the business and is encouraged by the increase in sales in H1 2022, as well as planned additions to the Group’s product portfolio that are expected to deliver growth and revenue opportunities.
