Tissue Regenix Group
plc
('Tissue Regenix',
the 'Company', or the 'Group')
Trading update for
2023
Adjusted EBITDA profit achieved, driven
by revenue growth of over 20%
Cash balance increased from H1
2023
Tissue Regenix (AIM: TRX), the
regenerative medical device company, provides a trading update for
the year ended 31 December 2023, reflecting another strong year of
trading. The Company delivered over 20% revenue growth, resulting
in a positive adjusted EBITDA* for the full year of 2023.
This performance marks the sixth consecutive
period of half-on-half, double-digit revenue growth (averaging over
20% for the last three years).
Highlights
·
Total revenue is expected to increase by 20.6% to
$29.5m (2022: $24.5m), ahead of expectations. Revenues are $29.6m
at constant currency
· An
adjusted EBITDA profit is expected for the full year of 2023, ahead
of expectations
·
Cash position at 31 December 2023 increased since H1 2023 to
$4.5m (H1 2023: $4.1m; year-end 2022: $5.9m) supporting the current
organic business growth plan
Trading in 2023 was again very strong, with
growth achieved across all three segments of the business:
BioRinse®, dCELL®, and GBM-V. The Group continued to see robust demand
for its portfolio of products.
Revenue growth in 2023 was driven by the
BioRinse segment, across both its allograft
and released donor tissue portfolio. The
dCELL segment also increased due to the
continuing benefits of the US commercial reorganisation
and sales of OrthoPure XT®. Over this period,
GBM-V achieved modest growth.
Trading conditions remain positive
as the Company starts a new financial year, and the
Board expects this to be maintained throughout
2024.
Daniel Lee, Chief Executive Officer of Tissue Regenix,
commented: "2023 represents the third consecutive year
of execution on our 4S strategy - a four-pronged approach designed
to drive supply, sales revenue, sustainability and scale. The
results we have achieved this year in terms of revenue growth and
profitability continue to demonstrate the benefits of this
strategy. The Group is now in a solid position from which we can
continue to grow our base
business and expand into new markets. We look forward to further
growth and continued progress in 2024."
* Adjusted EBITDA: profit before
interest, taxes, depreciation, amortisation, and share-based
payments
For more
information:
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Tissue Regenix
Group plc
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www.tissueregenix.com
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David Cocke, Chief Financial Officer
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via Walbrook
PR
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Cavendish Capital Markets Limited (Nominated Adviser and
Broker)
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Emily Watts/Geoff Nash/George Dollemore -
Corporate Finance
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Nigel Birks/Harriet Ward - ECM
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Walbrook PR (Financial PR and IR)
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Tel: +44
(0)20 7933 8780
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Charlotte Edgar / Alice Woodings
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TissueRegenix@walbrookpr.com
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The
information contained within this announcement is deemed by the
Company to constitute inside information as stipulated under the
Market Abuse Regulation 'MAR' EU no.596/2014. Upon the publication
of this announcement via the Regulatory Information Service 'RIS',
this inside information is now considered to be in the public
domain.
About Tissue Regenix
(www.tissueregenix.com)
Tissue Regenix is a leading medical device
company in regenerative medicine. The Company'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 address many crucial clinical needs in sports
medicine, foot and ankle injuries and wound care.