Upward trajectory for MedTech business as revenues climb

Regenerative medical devices company, Tissue Regenix Group, has reported a strong period of trading for the first half of 2024 in an update today.

The Leeds-headquartered business says its revenues are expected to be about $16.4m/£12.7m (H1 2023: $14.1m/£10.9m), representing a 16% increase from the prior year and setting a record first half for the group.

It marks the seventh consecutive reporting period of growth for the group.

Having confirmed its first year of adjusted EBITDA profitability in 2023, Tissue Regenix expects to achieve growth in adjusted EBITDA for the first half of 2024 as compared with the prior year period.

And the business notes its cash position remains sufficient to support its current expansion plans.

Daniel Lee, chief executive officer, said: “After delivering maiden profitability with our FY 2023 numbers, it is particularly pleasing to announce another period of progress, not only financially but also operationally.

“Our 4S strategy continues to deliver benefits, and our tactical growth pillars should drive further growth and deliver the results that are expected by our stakeholders.

“We are firmly committed and confident in keeping Tissue Regenix on its positive trajectory, which began in 2021.”

The Group will publish its interim results on Tuesday 10 September 2024.

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