Tissue Regenix Group (TRX) , a regenerative medical devices company, reported its half-year results for H1 2023, noting continued growth in Tissue Regenix's BioRinse® and dCELL® businesses that sets it up well for the remainder of the year
Group revenues rose 19%, led by BioRinse and dCELL. Sales in the dCELL portfolio were up 29% to US$3.1 million, and the BioRinse portfolio returned sales of US$9.4 million, a 20% rise. Efficiencies from the Phase 1 expansion pushed gross profit for the period up 49%.
Notably, Tissue Regenix reported a USD0.4 million adjusted EBITDA profit in contrast to a US$0.5 million adjusted EBITDA loss H1 2022, marking a big step forward as the group has maintained profitability on an adjusted EBITDA basis over the past twelve months. Its cash position remained strong at US$4.1 million as of 30 June.
The first half of 2023 also saw Tissue Regenix’s processing throughput increase by 15% due to Phase 1 capacity expansion, while OrthoPure XT product availability grew by 37%.
Strategic reorganisation of the US dCELL business operation resulted in 25 new distributors, contributing to a 24% overall unit distribution increase. Tissue Regenix also expanded its market presence with a new UK distributor for OrthoPure XT and distribution agreements in China and Australia.
Daniel Lee, Chief Executive Officer of Tissue Regenix Group plc, said: "We are extremely pleased with the growth seen by the Company in H1 2023, which is our sixth consecutive reporting period of growth. We retain a strong cash position to support our current business growth plans and we continue to reap the benefits and efficiencies of the Phase 1 capacity expansion at our San Antonio facility.
In a separate statement, Tissue Regenix said it had launched its BioRinse® product line, featuring sterilisation technology for sports medicine allografts. This process minimises tissue damage, improving the quality of sterile soft tissue products primarily used in sports medicine, including tendon and ligament reconstruction procedures across various joints. The company aims to capture a larger share of the US$300 million market for allograft soft tissue tendons used in knee ligament reconstruction procedures.
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Tissue Regenix is a medical device company specialising in regenerative medicine. Its patented technology, dCELL®, removes cellular material from animal and human soft tissue, leaving behind a scaffold that the patient's body won't reject and which can be used to repair damaged body parts. Tissue Regenix’s technology addresses various medical needs in sports injuries, foot and ankle issues, and wound care.
Regenerative medicine is an expanding field within healthcare that has the potential to alleviate strain on healthcare systems, which, in light of an aging population, are currently having to perform operations multiple times on patients in order to give them the mobility they seek.
Regenerative medicine can give patients the opportunity to return to the desired standard of life with a reduction in physical pain and the need for repeated follow up appointments, cutting costs for healthcare systems.
The global regenerative medicine market size was valued at US$ 42.87 billion in 2022 and is expected to grow at a compound annual growth rate of 15.7% from 2023 to 2030. Tissue Regenix has a strategic focus on the US, which represented 51% of the global market in 2022 and which presents a multi-billion-dollar addressable market opportunity for the company. Moving into H2 2023, Tissue Regenix said it will continue to build on its momentum and expects 2023 to be another year of above-market growth.
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