Solid progress at MedTech business as it achieves record revenues
Regenerative medical devices company, Tissue Regenix Group, is celebrating record revenues in its final results for the year ended 31 December 2023.
The Leeds-headquartered business saw its revenues rise by 20% to $29.5m/£23.2m (2022: $24.5m/£19.3m), while pre-tax losses narrowed to $1.7m/£1.3m (2022: $2.8m/£2.2m loss).
The business reported positive adjusted EBITDA of $925,000/£728,000 (2022 $626,000/£492,687 loss), which is the first time it has achieved full year positive adjusted EBITDA, driven by increased sales revenue and improved gross margin.
Jonathan Glenn, chairman, said: “2023 was another year of solid progress for the group. We have seen record revenues, Tissue Regenix’s first full year positive adjusted EBITDA, improved cash conversion and many operational highlights including further regulatory approvals, and new and improved relationships with our many partners.
“The diligent focus of our highly motivated team is allowing us to broaden the Group’s capacity, continue to grow the business at an impressive rate and, importantly, build shareholder value.
“We’re confident and excited about the future and looks forward to further significant progress in 2024.”
Tissue Regenix notes it has managed to move beyond the impact of the pandemic, with improvements to previous supply chain problems.
The company adds that costs have increased since the pandemic, but explains it can absorb most of these increases through efficiencies in its operation.
The firm says it began the year with issues related to labour shortages, but by year end it saw some normalisation with respect to candidates applying for open positions at its US business.
