Tissue Regenix Group PLC Half Year Trading Update and Notice of Results (8796S)

TIDMTRX

RNS Number : 8796S

Tissue Regenix Group PLC

19 July 2022

Tissue Regenix Group plc

("Tissue Regenix" or "the Group")

Half Year Trading Update and Notice of Results

Tissue Regenix Group (AIM:TRX), the regenerative medical devices company, provides an unaudited trading update for the six months ended 30 June 2022 (the "Period").

The Group reports that trading in the first half of 2022 continues to be strong and in line with the Board's expectations, as healthcare markets in the United States begin the return to pre-pandemic levels. Group revenues for the Period are expected to be approximately $11.8 million, a 25% increase (27% in constant currency) on the prior year. The Board remains confident that the Group is on track to meet its expectations for the full year.

During the first six months of 2022, the BioRinse(R) segment continued its robust growth and the commercial reorganization of the dCELL(R) segment began to show benefits as it returned to growth in the period.

The Group's cash position remains sufficient to support current business growth plans.

Daniel Lee, Chief Executive Officer, Tissue Regenix, commented : " The focus on executing our 4S strategy has resulted in a continued positive trajectory for the Group, despite the lingering impacts of COVID-19 during the first half of 2022. We are pleased with the continued growth of our BioRinse business and how our dCELL business has responded to the commercial reorganization. We continue to be optimistic in delivering the financial performance anticipated by our Board for the second half of 2022."

Notice of Results

The Group will publish its interim results on Wednesday 7 September 2022.

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014. The person responsible for release of this announcement on behalf of the Company is David Cocke (Chief Financial Officer).

For more information:

 
 Tissue Regenix Group plc                               www.tissueregenix.com 
 David Cocke, Chief Financial Officer                         Via Walbrook PR 
 
 Stifel Nicolaus Europe Limited (Nominated            Tel: +44(0)20 7710 7600 
  Adviser and Broker) 
 Ben Maddison / Nick Harland 
 
 Walbrook PR Ltd                                     Tel: +44 (0)20 7933 8780 
 Alice Woodings / Lianne Applegarth              TissueRegenix@walbrookpr.com

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 structures. Current applications address many critical clinical needs in sports medicine, foot and ankle, 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 wound care scaffolds that enhance healing opportunities of defects created by trauma and disease. CellRight's human osteobiologics may be used in spine, trauma, general orthopaedic, dental, and ophthalmological surgical procedures.

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