Tissue Regenix has revealed its CEO Daniel Lee has stepped down with immediate effect as the company said\u00a0 it has restated its 2024 results following the discovery of ‘financial inaccuracies’.<\/p>\n
The York-based regenerative medical devices firm said that a review of year-end inventory and cost of sales for the financial year ended 31 December 2024 has resulted in adjusted EBITDA being revised from a previously reported $1.9m profit to a $1.0m loss.<\/p>\n
The restatement has also had a knock-on impact on the first half of 2025, with adjusted EBITDA for H1 revised from a $0.2m profit to a $2.3m loss.<\/p>\n
The company stressed that the adjustments do not affect FY24 revenue figures.<\/p>\n
In the wake of the revisions, executive chairman Jay LeCoque \u2013 who joined the board just 40 days ago \u2013 has taken on the role of acting CEO and executive chairman.<\/p>\n
LeCoque said:\u201cSince joining the group just 40 days ago, we have undertaken significant changes to improve our financial, operational and commercial performance. I am aware that this restatement has caused immediate concerns for our shareholders, and our priorities remain focused on delivering a sustained recovery for the business.\u201d<\/p>\n
Alongside the leadership shake-up, Tissue Regenix has reappointed former finance director Kirsten Lund as chief financial officer, with a remit to strengthen financial controls and review the group\u2019s cost structure.<\/p>\n
Lund, who joined the business in 2010, previously served as group finance director and company secretary from 2019 to 2022.<\/p>\n
The new management team has also launched a \u00a31.6m cost-cutting initiative aimed at improving gross margins and EBITDA performance. The plan will also focus on expanding Tissue Regenix\u2019s direct sales and distribution network, while building further clinical evidence to support the company\u2019s product claims.<\/p>\n
As of 30 June 2025, the group held $1.1m in cash and had debt facilities of $16m, of which $10.4m had been drawn down.<\/p>\n
LeCoque added that he was confident the measures being taken would \u201crebuild the financial and operational strength\u201d of the business and deliver \u201csustainable, long-term earnings growth for shareholders.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
Acting CEO reveals at \u00a31.6m cost-cutting exercise and vows to return the group to profit<\/p>\n","protected":false},"author":271992,"featured_media":2131318,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53262],"coauthors":[137100],"class_list":["post-2145152","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","tag-featured-story","tag-yorkshire"],"yoast_head":"\n