Robust performance for MedTech business despite headwinds
Regenerative medical devices company, Tissue Regenix Group, says it has achieved its eighth consecutive reporting period of growth as it publishes its interim results for the six months ended 30 June 2024.
The Leeds-headquartered group records a revenue increase of 16% to $16.4m/£12.5m (H1 2023: $14.1m/£10.8m), driven by strong performance in its key technology platforms BioRinse® and dCELL®.
It also reports profit before taxation of $100,000/£76,351 (H1 2023: $900,000/£687,163 pre-tax loss).
Jonathan Glenn, chair of Tissue Regenix Group, said: “It has been another impressive half for the group and I am pleased to report continued success through the execution of the group’s 4S strategy (Supply, Sales Revenue, Sustainability and Scale).
“The management team has done a stellar job of driving the business forward through headwinds in certain segments and continues to identify expansion opportunities geographically as well as through new surgical indications.
“During H1 2024, there has been continued growth across all business segments and an improvement in profitability from H1 2023.
“We retain a strong cash position to see us through our current business plans, including the phase two capacity expansion of the group’s facility in San Antonio, which is expected to complete in 2025.”
Tissue Regenix adds that business momentum remains strong, but notes supply chain issues, regulatory review delays, reimbursement challenges and personnel shortages have continued to impact all participants in the healthcare market.
The group says it is continually looking for new areas to expand market distribution and will be well positioned for additional global growth opportunities with both its allograft and xenograft products.
It states that it has entered additional markets but has encountered delays due to the need for local regulatory approvals.
Tissue Regeneix’s patented decellularisation technology (dCELL®) removes DNA and other cellular material from animal and human soft tissue, leaving an acellular tissue scaffold not rejected by the patient’s body that can be used to repair diseased or damaged body structures.
Current applications for its products address many clinical needs in sports medicine, foot and ankle injuries and wound care.
