Tissue Regenix Group says it is well positioned for the second half of 2022, having increased revenue and narrowed losses.
The regenerative medical specialists, whose patented decellularisation technology removes DNA and other cellular material from soft tissue so that it is not rejected by a patient's body, told shareholders it had built revenue by 25% to £10.2m ($11.8) and reduced adjusted EBITDA losses to £435,291 ($500,000) from £1.3m ($1.5m) in the six months to the end of June. The Garforth-based firm reported lingering impacts of Covid on supply chains, the labour market and disruption to elective surgeries, for which its products are used.
Despite the headwinds, Tissue Regenix said there had been expansion of its BioRinse business and a return to growth for its dCELL business following a reorganisation implemented at the beginning of the year. Shipments of its products to the US increased by 34% during the six month period.
Read more: University of Bath spin-out raises £1.1m for diabetes treatment tech
Daniel Lee, chief executive officer of Tissue Regenix Group plc, said: "We are extremely pleased with the group's H1 2022 commercial performance and how we are positioned for the second half of 2022. Our increased capacity and efficiency improvements have given us much more operational flexibility. The commercial growth seen in our BioRinse business and especially the growth in our reorganised dCELL business are fundamental in delivering the financial performance expected by our board for 2022.
"The markets are still rebounding to pre-Covid-19 levels, but our business is well positioned to meet these challenges. The 4S strategy continues to drive the group in accomplishing each pillar: supply, sales revenue, sustainability and scale."
The firm also reported that an expansion of its factory in San Antonio, Texas, had provided it with more capacity than originally anticipated. Plans for a second phase of expansion have been postponed as bosses estimate the revenue potential of the existing expansion is now more than $40m, about 33% more than previously thought.
READ NEXT:
