Optimism at medtech group following a year of progress
Leeds-headquartered Tissue Regenix has released its final results for the year ended 31 December 2022, in which it enjoyed growth across all three of its key business segments.
Group revenues for the regenerative medical device group increased by 24% to $24.4m/£19.9m (2021: $19.7m/£16m), while the loss for the year was $2.6m/£2.1m (2021 loss: $5m/£4m).
The group recorded a cash position at 31 December 2022 of $5.9m/£4.8m (2021: $7.7m/£6.3m) to support its current business growth plan.
Jonathan Glenn, chairman of the business, said: “During what has been a year of immense progress with some notable milestones achieved, we have continued to demonstrate and realise operational and commercial growth.
“This has been the result of our continued focus on our 4S strategy – Supply, Sales Revenue, Sustainability and Scale.
“We have experienced over 20% revenue growth across the Group, resulting in a positive adjusted EBITDA for the fourth quarter of 2022.
“Execution of this strategy will continue to provide us with the opportunity to build shareholder value as we broaden our opportunities in regenerative medicine, addressing many critical unmet clinical needs around the globe.”
Tissue Regenix notes the prolonged effects of the pandemic remain evident and it is still seeing issues with staff shortages at healthcare institutions impacting elective procedures.
It is also continuing to see component and material supply chain issues affecting its operations or those of its material providers due to global supply issues.
The group notes these supply chain problems have indirect effects, as they have also lengthened the timelines of its third party vendors and services.
However, the group says thanks to its current products, the pipeline of new products under development and the distribution base Tissue Regenix has established, its Board is optimistic about the short and long-term future.