TIDMTRX
RNS Number : 0238L
Tissue Regenix Group PLC
08 September 2021
Tissue Regenix Group plc
("Tissue Regenix" or "the Group")
Half-year Report
Interim results for the six months to 30 June 2021
Tissue Regenix Group (AIM:TRX) ("Tissue Regenix" or the
"Group"), the regenerative medical devices company, announces its
unaudited interim results for the six months to 30 June 2021.
Financial highlights
-- Group revenues increased by 12% to GBP6.8m (H1 2020: GBP6.1m, at 21% constant currency)
-- Orthopaedic and Dental division recorded a 26% increase in
revenues (37% constant currency) to GBP4.3m (H1 2020: GBP3.4m),
driven by strong underlying performance in the US market
-- Gross profit of GBP3.1m (H1 2020: GBP2.9m), delivered at a 46% gross margin (2020: 46%)
-- EBITDA loss reduced 48% to GBP1.1m (H1 2020: GBP2.1m) due to
sales growth and tight expense management
-- Cash position of GBP6.6m (H1 2020: GBP13.7m)
Commercial highlights
-- US product shipments increased by 44% in H1 2021 compared with the same period in 2020
Operational highlights
-- Restructuring of US commercial operations providing savings of US c.$350k in H1 2021
-- Phase one expansion of the San Antonio facility completed on time and on budget
-- Both government backed loans (part of the COVID-19 relief programme) have been forgiven
-- Appointment of David Cocke as Chief Financial Officer
-- Trevor Phillips and Brian Phillips appointed to the Board as
Independent Non-Executive Directors
Post balance sheet events
-- Two additional products added to the Biosurgery portfolio, DermaPure Mesh and VNEW(R)
Daniel Lee, Chief Executive Officer of Tissue Regenix Group plc,
said: "I am proud of how the Group operated during a challenging
2020 and am encouraged by our strong H1 results, with the Group
making good operational and commercial progress, as the world began
its recovery from the COVID-19 pandemic.
"The additions of Brian Phillips and Trevor Phillips to the
Board, as well as David Cocke as CFO, have brought together a
strong, commercially focussed team to drive Tissue Regenix forward
as the Group builds momentum following the pandemic. I am delighted
to welcome them to the Board and look forward to working with them
as we broaden the Group's portfolio and increase market
penetration.
"I am incredibly pleased with the progress the Group has made in
H1 2021 and look forward to this being further built on in H2. We
are committed to creating long-term, sustainable value for
shareholders and I am greatly encouraged by this promising set of
results."
Investor Presentation
Daniel Lee, Chief Executive Officer, and David Cocke, Chief
Financial Officer, will be hosting a live online presentation
relating to the interim results via the Investor Meet Company
platform at 4.30pm today. The presentation is open to all existing
and potential shareholders.
Investors can sign up to Investor Meet Company for free and
register for the presentation here:
https://www.investormeetcompany.com/tissue-regenix-group-plc/register-investor
For more information:
Tissue Regenix Group plc www.tissueregenix.com
David Cocke, Chief Financial Officer Via Walbrook PR
Stifel Nicolaus Europe Limited (Nominated Adviser Tel: +44(0)20 7710 7600
and Broker)
Ben Maddison / Alex Price
Walbrook PR Ltd Tel: +44 (0)20 7933 8780
Alice Woodings / Lianne Cawthorne TissueRegenix@walbrookpr.com
About Tissue Regenix ( www.tissueregenix.com )
Tissue Regenix is a leading medical devices company in the field
of regenerative medicine. The company's patented decellularisation
('dCELL(R)') technology removes DNA and other cellular material
from animal and human soft tissue leaving an acellular tissue
scaffold which is not rejected by the patient's body and can then
be used to repair diseased or worn-out body parts. Current
applications address many critical clinical needs such as sports
medicine, heart valve replacement and wound care.
In August 2017 Tissue Regenix acquired CellRight
Technologies(R), a biotech company that specializes in regenerative
medicine and is dedicated to the development of innovative
osteoinductive and soft tissue scaffolds that enhance healing
opportunities of defects created by trauma and disease. CellRight's
human osteobiologics may be used in spine, trauma, general
orthopaedic, foot & ankle, dental, and sports medicine surgical
procedures.
CHAIRMAN STATEMENT
Jonathan Glenn, Chairman
Introduction
The first half of 2021 has been a period of strong recovery for
the Group and one that has seen revenue growth and reduced losses,
resulting in a business well-positioned for further growth as
elective procedures recommence globally.
We have created a commercially focussed regenerative global
medtech company in a high growth sector focused on soft tissues and
bone, with a multi-billion dollar addressable market opportunity in
the US alone. Our core product portfolio has two technology
platforms:
-- BioRinse(R) - natural bone filler solutions verified to be
osteoinductive to stimulate and regenerate native bone growth
-- dCELL(R) - used to produce allograft (DermaPure(R) ) and
xenograft (OrthoPure(R) XT) soft tissue products to promote healing
and regeneration
These technologies have been used to create regenerative
products with biosurgery, orthopaedics and dental applications.
Strong recovery in H1 2021
Following a challenging year in 2020 due to the COVID-19
pandemic, the Group has seen a strong recovery during H1 2021.
Whilst the later release of lockdown restrictions in the UK and
Europe led to a slower than anticipated return to normality, the
Group has continued to work closely with its commercial partners to
increase momentum and position the Group well for an expected
increase in demand during H2 2021.
Revenues increased 12% (21% constant currency) to GBP6.8m (H1
2020 GBP6.2m) driven by the BioRinse portfolio which saw 26% (37%
constant currency) year on year growth.
Operating loss for H1 2021 reduced to GBP1.6m (H1 2020: GBP2.5m)
and the group also has a strong cash position of GBP6.6m (H1 2020:
GBP13.7m).
Board
With confirmation of my appointment as Non-Executive Chairman
and a number of new Board appointments already announced in the
first quarter of 2021, we now have a strong, commercially focussed
Board and executive leadership in Danny and David, collectively
committed to creating long-term sustainable value and growth of the
Group through an increased portfolio offering and market
penetration. I look forward to continuing to work alongside the
Board as the Group continues to build momentum and as the economy
continues to reopen.
Outlook
Whilst some uncertainty remains about the pace of the economic
recovery and specifically with the rise of the Delta variant
leading to potential volatility in elective procedural activity in
certain key markets, the Board believes the impact of this will be
less than that experienced the previous year. The Board remains
optimistic about the future growth of the business and is
encouraged by the increase in sales in H1 as well as the progress
made on the expansion of the Group's product portfolio that is
expected to deliver further growth and revenue opportunities in
future periods. Completion of the Phase 1 facility expansion
provides us with increased capacity to serve existing commercial
partners and increase our market penetration, while providing
flexibility in the timing of the Phase 2 expansion. The Board
expects that the Phase 1 expansion will meet the Group's BioRinse
and dCELL production requirements over the short and medium
term.
I look forward to updating shareholders on further progress in
due course.
BUSINESS REVIEW
Daniel Lee, Chief Executive Officer
I am proud of how the Group operated during a challenging 2020
and our strong H1 2021 results are encouraging, with the Group
making good operational and commercial progress as we have seen
increasing vaccine distribution and global economic reopening and
recovery from the COVID-19 pandemic.
Revenue
We ended the first half with year-on-year sales up 12% (21%
constant currency) at GBP6.8m (H1 2020: GBP6.1m).
The BioRinse portfolio returned sales of GBP4.3m (H1 2020:
GBP3.4m), a 26% increase on the comparative period (37% constant
currency); indicating the return of demand for our diversified
product portfolio as market conditions improved in the United
States.
Sales of the dCell portfolio continued to be impacted during H1
2021 by the delayed return of applicable procedures in these
surgical specialties due to the pandemic. Overall sales for the
first six months of the year were down 12% (4% constant currency)
to GBP1.5m (H1 2020: GBP1.7m).
In Germany, the business was impacted by the continued lockdown
restrictions and the slower rollout of vaccines. The impact of this
lockdown was demonstrated by flat sales (7% increase at constant
currency) of GBP1.0m (H1 2020: GBP1.0m).
During this period, the business was able to grow in line with
expectations as well as continuing to meet customer requirements.
In 2020 our plans and activities for the Group positioned us well
for the recommencement of elective procedures in 2021. The Group
continues to develop new product and partnership opportunities,
expand capacity through operational improvements and is well
positioned to capitalise on additional opportunities in H2
2021.
Operations
Throughout the first six months of 2021 we were able to fully
maintain operations at our facilities in the US, UK and Germany. In
February, an unprecedented Texas winter storm impacted the San
Antonio, Texas operation for almost two weeks due to the loss of
power, water and supply chain delays; we implemented recovery
measures which minimised any impact to our operations. Otherwise,
our operations continued through the rest of the first half; we
were able to respond to the resumption of demand and address any
supply chain issues with minimal impact.
In January, we restructured our U.S. commercial operation to be
more efficient and in-line with demand. In the initial six months
of 2021, the overhead reduction as part of the restructuring,
provided an additional US c.$350,000 in savings.
In 2020, we were the recipient of US Government backed loans
which were provided as part of COVID-19 relief programmes and in
2021, we received official notification that both loans had been
forgiven, as had been expected.
The Phase 1 expansion of our San Antonio facility, which was
initiated in July 2020, was completed in H1 2021, on time and on
budget. The expansion provides increased donor storage, final goods
and distribution capacity and administrative space. Phase 1 also
adds sterile packaging cleanroom space to our existing facility and
provides 50 per cent. additional processing capacity for our growth
plans. By staging our expansion, Phase 1 has given us the
flexibility to initiate our Phase 2 plans through the addition of
10 more clean rooms at a later date, when the Board determines the
Group is appropriately positioned to do so.
Commercial development
During the first half of the year, the Group worked closely with
its commercial partners as businesses began to emerge from the
pandemic. Our partners encountered numerous challenges during their
"restart" periods and we remained flexible and proactive in
responding to and addressing their needs. The pace of recovery has
varied between the US, UK and Europe. The slower vaccine rollout in
parts of the Europe compared to the US, has impacted the return of
elective surgeries and with the late relaxation of restrictions in
the UK, the market in these territories has remained suppressed.
Comparatively, in the US product shipments increased by 44% in H1
2021 versus the same period in 2020.
Product development
We completed development on two additional products and added
them to our Biosurgery portfolio in H1 2021. The DermaPure Mesh,
meshed dermal graft, was commercially introduced in June and
VNEW(R), a pre-shaped dermis graft, distributed through our
urogynaecological partner, ARMS Medical, completed development with
the first delivery to take place in Q3 2021.
Outlook
Market indications for a post pandemic recovery are encouraging.
Whilst there are uncertainties around further waves of COVID-19 and
specifically the spread of the Delta variant, assuming trends
around the Delta variant remain contained, management believe that
future restrictions will be less impactful to the Group than at the
height of the pandemic and as such we expect a significant increase
in elective surgeries globally during H2 2021 and beyond. Having
completed Phase 1 of the expansion which provided increased
capacity to deal with this demand, the Group is now well positioned
to capitalise on opportunities in H2 2021. As mentioned previously,
the Phase 1 expansion is expected to meet our production needs over
the short and medium term.
In addition, we will continue to strengthen our portfolio of
products and identify opportunities for strategic partnerships
drawing on the experience and expertise of our new and more
commercially aligned Board. I am encouraged by the positive
momentum we have seen in the first half of 2021 and look forward to
delivering on our strategic aims.
FINANCE REVIEW
David Cocke, Chief Financial Officer
Revenue
During the first six months of 2021 revenue increased 12% (21%
constant currency) to GBP6.8m (H1 2020: GBP6.1m). The BioRinse
portfolio recorded a 26% (37% constant currency) increase in
revenues to GBP4.3m (H1 2020: GBP3.4m), as the delays in elective
surgeries caused by the effect of the pandemic during Q1 2021 were
offset by increased penetration of our products. The dCELL
portfolio recorded a 12% (4% constant currency) decrease in
revenues to GBP1.5m (H1 2020: GBP1.7m) as the continued impact of
the pandemic on elective surgeries affected this division more
significantly, and particularly in the West and Northeast regions
of the US. The impact of hospital lockdowns also affected output at
our German joint venture, GBM-V, albeit to a lesser extent, where
revenues were flat (7% increase constant currency) at GBP1.0m (H1
2020: GBP1.0m).
Steady Margins
Gross margin has maintained at 46% for the period from 2020
levels (2020: 46%).
Reduced losses for the year
Operating loss for the six months ended 30 June 2021 reduced to
GBP1.6m (H1 2020: GBP2.5m). The cost restructuring programme
implemented at the end of 2019 continued to provide savings
benefits and losses were further reduced by the restructuring in
January 2021, which is expected to reduce costs on an annual basis
by c.$700,000. Exceptional costs of GBP0.2m for H1 2021 represent
the costs incurred in relation to the restructuring announced in
January 2021 and the winter freeze event which occurred in Texas in
February 2021.
Cash position
Cash position for the Group at 30 June 2021 was GBP6.6m (H1
2020: GBP13.7m). Included in the cash burn over the last 12 months
is GBP2.1m spent on the completion of the Phase 1 capacity
expansion in the Universal City facility, which is expected to meet
production demands over the short and medium term.
Non-current liabilities
The borrowings listed represent the MidCap loan facilities,
comprised of a Term Loan and Revolving Credit Facility. Terms of
these facilities were renegotiated in 2020, with principal
repayment set to begin in H2 2023. As of June 30(th) , the Term
Loan has a balance of $2.0m and the Revolving Credit Facility has a
balance of $2.3m. Covenants associated with this financing are in
compliance as of the date of this report.
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(UNAUDITED)
FOR THE SIX MONTHS TO 30 JUNE 2021
6 months 6 months Year
30 Jun 2021 30 Jun 2020 31 Dec
2020
Notes (Unaudited) (Unaudited) Audited
GBP'000 GBP'000 GBP'000
---------------------------------------- ------- ------------- ------------- ----------
Revenue 2 6,797 6,085 12,829
Cost of sales (3,690) (3,150) (6,933)
---------------------------------------- ------- ------------- ------------- ----------
Gross Profit 3,107 2,935 5,896
Administrative expenses before
exceptional items (4,442) (5,355) (10,066)
Exceptional items (219) (106) (6,483)
Total administrative expenses (4,661) (5,461) (16,549)
Grant income - - 855
Operating loss (1,554) (2,526) (9,798)
Finance income 2 3 2
Finance Charges (229) (173) (445)
---------------------------------------- ------- ------------- ------------- ----------
Loss before tax (1,781) (2,696) (10,241)
Taxation 3 43 297 533
---------------------------------------- ------- ------------- ------------- ----------
Loss after tax (1,738) (2,399) (9,708)
---------------------------------------- ------- ------------- ------------- ----------
Attributable to:
Equity holders of the parent (1,670) (2,345) (9,709)
Non-controlling (68) (54) 1
---------------------------------------- ------- ------------- ------------- ----------
(1,738) (2,399) (9,708)
---------------------------------------- ------- ------------- ------------- ----------
Other comprehensive income/(expense):
Foreign currency translation
differences - foreign operations (42) 444 (764)
---------------------------------------- ------- ------------- ------------- ----------
TOTAL COMPREHENSIVE EXPENSE
FOR THE YEAR (1,780) (1,955) (10,472)
---------------------------------------- ------- ------------- ------------- ----------
Attributable to:
Equity holders of the parent (1,712) (1,901) (10,773)
Non-controlling interests (68) (54) 1
(1,780) (1,955) (10,472)
Loss per share
Basic and diluted on loss attributable
to equity holders of the parent 4 (0.02p) (0.16p) (0.22)p
---------------------------------------- ------- ------------- ------------- ----------
The loss for the period arises from the Group's continuing
operations.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(UNAUDITED)
FOR THE SIX MONTHS TO 30 JUNE 2021
Attributable to equity holders of
parent
---------------------------------------------------------
Share Share Merger Reverse Reserve Share Retained Total Non-controlling Total
Capital Premium Reserve Acquisition For Own Based Earnings GBP000 Interests Equity
GBP000 GBP000 GBP000 Reserve Shares Payment Deficit GBP000 GBP000
GBP000 GBP000 Reserve GBP000
GBP000
--------------- --------- --------- --------- ------------- --------- -------- ---------- --------- ----------------- ---------
At 31 December
2019 5,859 86,399 10,884 (7,148) (831) 983 (70,936) 25,210 (615) 24,595
--------------- --------- --------- --------- ------------- --------- -------- ---------- --------- ----------------- ---------
Loss for the
period - - - - - - (2,345) (2,345) (54) (2,399)
Other
comprehensive
expense - - - - - - 444 444 - 444
--------------- --------- --------- --------- ------------- --------- -------- ---------- --------- ----------------- ---------
Loss and total
comprehensive
expense
for the
period - - - - - - (1,901) (1,901) (54) (1,955)
Issue of
shares 5,860 8,790 - - - - - 14,650 - 14,650
Expenses on
issue of
shares (899) - (899) - (899)
Exercise of
share options 1 - - - - - - 1 - 1
Share based
payment
expense - - - - - 18 - 18 - 18
At 30 June
2020 11,720 94,290 10,884 (7,148) (831) 1,001 (72,837) 37,079 (669) 36.410
--------------- --------- --------- --------- ------------- --------- -------- ---------- --------- ----------------- ---------
Loss for the
period - - - - - - (7,364) (7,364) 55 (7,309)
Other
comprehensive
expense - - - - - - (1,208) (1,208) - (1,208)
--------------- --------- --------- --------- ------------- --------- -------- ---------- --------- ----------------- ---------
Loss and total
comprehensive
expense
for the
period - - - - - - (8,572) (8,572) 55 (8,517)
Share based
payment
expense - - - - - (46) - (46) - (46)
--------------- --------- --------- --------- ------------- --------- -------- ---------- --------- ----------------- ---------
At 31 December
2020 11,720 94,290 10,884 (7,148) (831) 955 (81,409) 28,461 (614) 27,847
--------------- --------- --------- --------- ------------- --------- -------- ---------- --------- ----------------- ---------
Loss for the
period - - - - - - (1,670) (1,670) (68) (1,738)
Other
comprehensive
expense - - - - - - (42) (42) - (42)
--------------- --------- --------- --------- ------------- --------- -------- ---------- --------- ----------------- ---------
Loss and total
comprehensive
expense
for the
period - - - - - - (1,712) (1,712) (68) (1,780)
Share based
payment
expense - - - - - 18 - 18 - 18
At 30 June
2021 11,720 94,290 10,884 (7,148) (831) 973 (83,121) 26,767 (682) 26,085
--------------- --------- --------- --------- ------------- --------- -------- ---------- --------- ----------------- ---------
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(UNAUDITED)
AS AT 30 JUNE 2021
30 June 30 June 31 Dec
Notes 2021 2020 2020
GBP'000 GBP'000 GBP'000
------------------------------- -------- --------- --------- ---------
Non-current assets
Property, plant and equipment 4,036 2,456 3,252
Right of use assets 2,412 - 2,458
Intangible assets 10,942 17,865 10,931
------------------------------- -------- --------- --------- ---------
Total non-current assets 17,390 20,321 16,641
------------------------------- -------- --------- --------- ---------
Current assets
Inventory 7,437 6,288 7,072
Trade and other receivables 2,555 2,628 2,643
Corporation tax receivable 369 684 825
Cash and cash equivalent 6,557 13,667 9,550
------------------------------- -------- --------- --------- ---------
Total current assets 16,918 23,267 20,090
------------------------------- -------- --------- --------- ---------
Total assets 34,308 43,588 36,731
------------------------------- -------- --------- --------- ---------
Non-current liabilities
Borrowings (2,910) (2,222) (2,790)
Deferred tax (505) (714) (560)
Lease liability (2,211) - (2,271)
------------------------------- -------- --------- --------- ---------
Total non-current liabilities (5,626) (2,936) (5,621)
------------------------------- -------- --------- --------- ---------
Current liabilities
Borrowings - (850) -
Trade and other payables (2,348) (3,392) (3,007)
Lease liability (249) - (256)
------------------------------- -------- --------- --------- ---------
Total current liabilities (2,597) (4,242) (3,263)
------------------------------- -------- --------- --------- ---------
Total liabilities (8,223) (7,178) (8,884)
------------------------------- -------- --------- --------- ---------
Net assets 26,085 36,410 27,847
------------------------------- -------- --------- --------- ---------
Equity
Share capital 5 11,720 11,720 11,720
Share premium 5 94,290 94,290 94,290
Merger Reserve 5 10,884 10,884 10,884
Reverse acquisition reserve 5 (7,148) (7,148) (7,148)
Reserve for own shares (831) (831) (831)
Share based payment reserve 973 1,001 955
Retained earnings deficit (83,121) (72,837) (81,409)
------------------------------- -------- --------- --------- ---------
Equity attributable to equity
holders of parent 26,767 37,079 28,461
Non-controlling interests (682) (669) (614)
------------------------------- -------- --------- --------- ---------
Total equity 26,085 36,410 27,847
------------------------------- -------- --------- --------- ---------
Approved by the Board and authorised for issue on 8 September
2021
Daniel Lee (Chief Executive Officer)
CONDENSED CONSOLIDATED CASH FLOW STATEMENT (UNAUDITED)
FOR THE SIX MONTHSED 30 JUNE 2021
6 months 6 months 12 months
to to to
30 June 30 June 31 Dec 2020
2021 2020 GBP'000
GBP'000 GBP'000
-------------------------------------------- ---------- ---------- -------------
Operating Activities
Loss before Tax (1,781) (2,696) (10,241)
Adjustment for:
Depreciation of property, plant &
equipment 127 101 192
Amortisation of intangible assets 290 319 570
Impairment of intangible and property,
plant and equipment - - 6,130
Share based payment 18 18 (28)
Interest receivable (2) (3) (2)
Interest payable 229 173 455
-------------------------------------------- ---------- ---------- -------------
Operating cash outflow (1,119) (2,088) (2,934)
-------------------------------------------- ---------- ---------- -------------
(Increase) in inventory (365) (2,103) (2,887)
Decrease/(increase)in trade & other
receivables 122 (90) 11
(Decrease)/increase in trade & other
payables (759) 665 (46)
-------------------------------------------- ---------- ---------- -------------
Cash outflows from operations (2,121) (3,616) (5,878)
-------------------------------------------- ---------- ---------- -------------
Research and Development Tax Credits
received 465 649 649
-------------------------------------------- ---------- ---------- -------------
Net cash outflow from operations (1,656) (2,967) (5,229)
-------------------------------------------- ---------- ---------- -------------
Investing activities
Interest received 2 3 2
Purchase of property, plant & equipment (911) (53) (1,158)
Capitalised development expenditure (156) - (215)
Net cash outflow from investing activities (1,065) (50) (1,371)
-------------------------------------------- ---------- ---------- -------------
Financing activities
Interest paid (125) (173) (245)
Proceeds from issue of share capital - 13,752 14,650
Cost of issue of equity - - (899)
Proceeds from exercised share options - - 2
Proceeds from new loans 110 850 504
Repayment of loans - (237) -
Lease liability payments (22) - (41)
Lease interest payment (104) - (200)
Net cash inflow from financing activities (141) 14,192 13,771
-------------------------------------------- ---------- ---------- -------------
Increase/(decrease) in cash and cash
equivalents (2,862) 11,175 (7,171)
Foreign exchange translation movement (131) 112 (1)
Cash and cash equivalents at start
of period 9,550 2,380 2,380
-------------------------------------------- ---------- ---------- -------------
Cash and cash equivalents at end of
period 6,557 13,667 9,550
-------------------------------------------- ---------- ---------- -------------
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (UNAUDITED)
FOR THE SIX MONTHSED 30 JUNE 2021
1. Basis of preparation
The unaudited condensed consolidated interim financial
information does not constitute statutory accounts within the
meaning of Section 434 of the Companies Act 2006. The interim
financial statements, which are unaudited and have not been
reviewed by the Company's auditors, have been prepared in
accordance with the policies set out in the 2020 Annual Report and
Accounts.
The comparative figures for the year ended 31 December 2020 do
not constitute full financial statements and have been abridged
from the full accounts for the year ended on that date, on which
the auditors gave an unqualified report. They did not contain any
statement under Section 498 of the Companies Act 2006. The 2020
accounts have been delivered to the Registrar of Companies. The
Company has chosen not to adopt IAS 34 'Interim Financial
Statements'.
2. Segmental reporting
The following table provides disclosure of the Group's revenue
by geographical market based on location of the customer:
6 months 6 months 12 months
to to to
Notes 30 June 30 June 31 Dec
2021 2020 2020
GBP'000 GBP'000 GBP'000
--------------- --------- --------- --------- ----------
USA 5,692 5,050 10,695
Rest of world 1,105 1,035 2,134
-------------------------- --------- --------- ----------
6,797 6,085 12,829
6 months to 30 BioSurgery Orthopaedics GBM-V Central Total
June 2021 & Dental & Cardiac
-------------------------
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------- ----------- ------------- ----------- -------- --------
Revenue 1,514 4,263 1,020 - 6,797
Cost of sales (735) (2,289) (666) - (3,690)
------------------------- ----------- ------------- ----------- -------- --------
Gross Profit 779 1,974 354 - 3,107
Administrative
costs (929) (2,127) (347) (1,039) (4,442)
Exceptional costs (132) (87) - - (219)
------------------------- ----------- ------------- ----------- -------- --------
Operating profit/(loss) (282) (240) 7 (1,039) (1,554)
Finance income - - - 2 2
Finance charges - (225) - (4) (229)
------------------------- ----------- ------------- ----------- -------- --------
Profit/(loss)
before taxation (282) (465) 7 (1,041) (1,781)
Taxation - - - 43 43
------------------------- ----------- ------------- ----------- -------- --------
Profit/(loss)
for the period (282) (465) 7 (998) (1,738)
------------------------- ----------- ------------- ----------- -------- --------
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (UNAUDITED)
continued
FOR THE SIX MONTHSED 30 JUNE 2021
6 months to 30 BioSurgery Orthopaedics GBM-V Central Total
June 2020 & Dental & Cardiac
-------------------
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------- ----------- ------------- ----------- -------- --------
Revenue 1,710 3,418 957 - 6,085
Cost of sales (1,021) (1,569) (560) - (3,150)
------------------- ----------- ------------- ----------- -------- --------
Gross Profit 689 1,849 397 - 2,935
Administrative
costs (1,417) (2,112) (484) (1,342) (5,355)
Exceptional costs (22) (84) - - (106)
------------------- ----------- ------------- ----------- -------- --------
Operating (Loss) (750) (347) (87) (1,342) (2,526)
Finance income - - - 3 3
Finance charges - - - (173) (173)
------------------- ----------- ------------- ----------- -------- --------
(Loss) before
taxation (750) (347) (87) (1,512) (2,696)
Taxation 27 163 59 48 297
------------------- ----------- ------------- ----------- -------- --------
(Loss) for the
period (723) (184) (28) (1,464) (2,399)
------------------- ----------- ------------- ----------- -------- --------
12 months to BioSurgery Orthopaedics GBM-V Central Total
31 December 2020 & Dental & Cardiac
-------------------
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------- ----------- ------------- ----------- -------- ---------
Revenue 3,308 7,446 2,075 - 12,829
Cost of sales (1,849) (3,848) (1,236) - (6,933)
------------------- ----------- ------------- ----------- -------- ---------
Gross Profit 1,459 3,598 839 - 5,896
Administrative
costs (2,660) (4,977) (1,104) (1,325) (10,066)
Exceptional costs - (6,144) (101) (238) (6483)
Grant Income 325 490 40 855
------------------- ----------- ------------- ----------- -------- ---------
Operating (Loss) (876) (7,033) (366) (1,523) (9,798)
Finance income - 2 - - 2
Finance charges - (445) - - (445)
------------------- ----------- ------------- ----------- -------- ---------
(Loss) before
taxation (876) (7,476) (366) (1,523) (10,241)
Taxation (22) 426 129 - 533
------------------- ----------- ------------- ----------- -------- ---------
(Loss) for the
period (898) (7,050) (237) (1,523) (9,708)
------------------- ----------- ------------- ----------- -------- ---------
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (UNAUDITED)
continued
FOR THE SIX MONTHS ENDED 30 JUNE 2021
3. Taxation
6 months 6 months 12 months
to to to
30 June 30 June 31 Dec 2020
2021 2020 GBP'000
GBP'000 GBP'000
---------------------------------- --------- --------- -------------
Current Tax:
UK corporation tax credit
on research and development
costs in the period - (249) (440)
US corporation tax - - -
(249) (440)
Deferred tax:
Origination and reversal
of temporary timing differences (43) (48) (93)
----------------------------------- --------- --------- -------------
Tax credit on loss on ordinary
activities (43) (297) (533)
----------------------------------- --------- --------- -------------
The Group has accumulated losses available to carry forward
against future trading profits.
4. Loss per share (basic and diluted)
Basic loss per share is calculated by dividing the loss
attributable to equity holders of the parent by the weighted
average number of ordinary shares in issue during the period
excluding own shares held jointly by the Tissue Regenix Employee
Share Trust and certain employees. Diluted loss per share is
calculated by adjusting the weighted average number of ordinary
shares in issue during the period to assume conversion of all
dilutive potential ordinary shares.
6 months 6 months 12 months
to to to
30 June 30 June 31 Dec
2021 2020 2020
GBP'000 GBP'000 GBP'000
---------------------------------- ---------------- ---------------- ----------------
Total loss attributable to
the equity holders of the
parent (1,670) (2,345) (9,709)
----------------------------------- ---------------- ---------------- ----------------
No. No. No.
---------------------------------- ---------------- ---------------- ----------------
Weighted average number of
ordinary shares in issue during
the period 7,033,077,499 1,493,073,354 4,447,666,932
----------------------------------- ---------------- ---------------- ----------------
Loss per share
Basic and diluted on loss
for the period (0.02)p (0.16)p (0.22)p
----------------------------------- ---------------- ---------------- ----------------
The Company has issued employees options over 126,489,254
ordinary shares and there are 16,112,800 jointly owned shares which
are potentially dilutive. There is, however, no dilutive effect of
these issued options as there is a loss for each of the periods
concerned.
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (UNAUDITED)
continued
FOR THE SIX MONTHS ENDED 30 JUNE 2021
5. Share capital
30 June 30 June 31 Dec 2020
2021 2020 GBP'000
GBP'000 GBP'000
------------------------------ --------- --------- ------------
Ordinary shares of 0.1 pence 7,033 7,033 7,033
Deferred shares of 0.4 pence 4,687 4,687 4,687
11,720 11,720 11,720
------------------------------ --------- --------- ------------
Movements on share capital during the period were as
follows:
Ordinary shares Deferred shares
Number GBP'000 Number GBP'000
------------------------ -------------- -------- -------------- --------
At 31 December 2019 1,171,971,322 5,859 - -
Sub-division of shares 1,171,971,322 (4,687) 1,171,971,322 4,687
Issued on exercise of
share options 1,388,222 1 - -
Issue of shares 5,859,626,212 5,860 - -
------------------------ -------------- -------- -------------- --------
At 30 June 2020 7,032,985,756 7,033 1,171,971,322 4,687
Issued on exercise of 91,743 - - -
share options
At 31 December 2020 7,033,077,499 7,033 - -
At 30 June 2021 7,033,077,499 7,033 1,171,971,322 4,687
------------------------ -------------- -------- -------------- --------
6. Interim financial report
A copy of this interim report is available on the Company's
website at www.tissueregenix.com
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END
IR BUGDCBBGDGBR
(END) Dow Jones Newswires
September 08, 2021 02:00 ET (06:00 GMT)
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