Tissue Regenix Group PLC Full Year Trading update (6001Z)
January 27 2022 - 1:59AM
UK Regulatory
TIDMTRX
RNS Number : 6001Z
Tissue Regenix Group PLC
27 January 2022
Tissue Regenix Group plc
("Tissue Regenix" or "the Group")
Full Year Trading update
Return to double digit growth in 2021
Tissue Regenix Group (AIM:TRX), the regenerative medical devices
company, provides a trading update for the year ended 31 December
2021.
Highlights
-- Total revenue of GBP14.4m (GBP15.3m at constant currency),
13% increase on prior year (20% at constant currency)
-- Cash position of GBP5.7m at year end, supports current business growth plan
-- Particularly strong growth in BioRinse (R) , 24% increase on
prior year (34% at constant currency) aided by the completion of
Phase 1 of expansion project in the year
-- Presentational currency in annual accounts to change to USD, from GBP
Trading in the year was robust with a return to double digit
growth and in line with management expectations despite the
challenges of the COVID-19 pandemic and FX headwinds, with total
Group sales revenue of GBP14.4m, a 13% increase (20% at constant
currency) on 2020 results of GBP12.8m.
The BioRinse (R) (CellRight) division performed strongly in
2021, aided by the completion of the first phase of the expansion
of the Group's manufacturing capacity in San Antonio, Texas.
Overall growth in that division was 24% (34% constant currency)
thanks primarily to a strong underlying performance in the US
market.
Although the Delta variant adversely affected sales revenue in
Q3 2021 and early Q4, trading in November and December rebounded
positively from these temporarily reduced levels. The Omicron
variant has subsequently caused disruptions to the US healthcare
system and supply chains worldwide. The potential impact of this on
the Group remains unknown, but management is hopeful that any
potential effects will be short-term.
Cash and cash equivalents at year end were GBP5.7m (2020:
GBP9.5m; H1 2021: GBP6.6m). Cash burn in H1 2021 included GBP0.9m
relating to the Phase 1 capacity expansion. Post period end the
Group exercised its option to increase the current US Dollar (USD)
denominated revolving credit facility from $3.0m to $5.0m. Although
this financing is not dictated by the current business plan, which
is fully funded by the Group's year end cash position, the
additional liquidity is a prudent measure to provide additional
cash resources in the face of future risks posed by COVID-19. Due
to processing efficiencies and the additional capacity of the Phase
1 expansion completed in 2021, the current business plan does not
require the capacity of the Phase 2 expansion through 2023.
As the majority of the Group's sales revenue, expenses, assets,
and liabilities are now denominated in USD, the Group will change
the presentation currency in its financial statements to USD
effective with the issuance of the 2022 Annual Accounts. This
presentation will provide a clearer picture of the Group's
performance to investors.
Daniel Lee, Chief Executive Officer, Tissue Regenix, commented:
"2021 was another challenging year for healthcare due to the COVID
variants. Despite these obstacles, Tissue Regenix performed
admirably as it manoeuvred around the delay of elective surgeries,
fluid healthcare guidance and directives, supply chain disruptions
and personnel shortages. By continuing to expand its product
portfolio and increasing its processing efficiency and donor
storage capacity, the Company has delivered robust financial and
operational performance in 2021. While we recognise the ongoing
challenges of COVID-19, we continue to see strong demand for our
products and are optimistic that this demand will continue to
deliver sales revenue growth as we drive towards
profitability."
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 / Stephanie Cuthbert /Megan TissueRegenix@walbrookpr.com
Boxall
About Tissue Regenix (www.tissuergenix.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 damaged body parts. Current
applications address many critical clinical needs such as sports
medicine, urological-gynaecological repair 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 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, ophthalmic and sports
medicine surgical procedures.
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