Tissue Regenix Group PLC Half-Year Trading Update (1353G)
July 17 2023 - 1:00AM
UK Regulatory
TIDMTRX
RNS Number : 1353G
Tissue Regenix Group PLC
17 July 2023
Tissue Regenix Group plc
('Tissue Regenix', the 'Group' or the 'Company')
Half-Year Trading Update
and Notice of Results
Tissue Regenix Group (AIM:TRX), the regenerative medical devices
company, provides an unaudited trading update for the six months
ended 30 June 2023 (the 'Period').
Trading in the first half of 2023 was strong and in line with
the Board's expectations. Group revenues for the Period are
expected to be approximately $14.1 million, representing a 19%
increase from the prior year and setting a record high for the
Group. Furthermore, this performance marks the sixth consecutive
reporting period of growth for the Group. As a result, the Board
remains confident that the Group is on track to meet its
expectations for the full year.
In the first six months of 2023, the BioRinse(R) segment
continued its robust growth, while the ongoing commercial
reorganisation of the dCELL(R) segment continued to show benefits,
demonstrating strong growth within the Period.
Having announced our first quarter of adjusted EBITDA
profitability in the fourth quarter of 2022, the Group expects to
achieve a positive adjusted EBITDA for the first half of 2023.
The Group ' s cash position remains sufficient to support the
current business growth plans.
Daniel Lee, Chief Executive Officer, Tissue Regenix, commented :
" Our H1 2023 results are indicative of the continued above-market
growth in our key businesses and our ability to deliver on the
Board's expectations for our financial performance. We remain
steadfast in the execution of our 4S strategy across the Group ,
despite the continued distractions presented by economic factors,
hospital staffing shortages and geopolitical issues. Our growth
objectives support this positive trajectory for the balance of the
year and beyond , and we look forward to the future with confidence
."
Notice of Results
The Group will publish its interim results on Tuesday, 5
September 2023.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014. The person responsible
for release of this announcement on behalf of the Company is David
Cocke (Chief Financial Officer).
For more information:
Tissue Regenix Group plc www.tissueregenix.com
David Cocke, Chief Financial Officer via Walbrook PR
finnCap Ltd (Nominated Adviser and Broker)
Emily Watts/Geoff Nash/George Dollemore -
Corporate Finance
Nigel Birks/Harriet Ward - ECM
Walbrook PR (Financial PR and IR) Tel: +44 (0)20 7933 8780
Alice Woodings/Lianne Applegarth TissueRegenix@walbrookpr.com
About Tissue Regenix ( www.tissueregenix.com )
Tissue Regenix is a leading medical device company in
regenerative medicine. The Company's patented decellularisation
technology (dCELL(R)) 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 address
many crucial clinical needs in sports medicine, foot and ankle
injuries, and wound care.
In August 2017, Tissue Regenix acquired CellRight
Technologies(R). This biotech company specialises in regenerative
medicine and is dedicated to developing high-quality, innovative
tissue scaffolds to enhance healing opportunities in defects
created by trauma and disease. CellRight's human tissue products
may be used in spine, trauma, general orthopaedic, dental and
ophthalmological surgical procedures.
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END
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