TIDMTRX
RNS Number : 5048Y
Tissue Regenix Group PLC
07 September 2022
Tissue Regenix Group plc
('Tissue Regenix' or 'the Group')
Half-year Report
Interim results for the six months to 30 June 2022
Leeds, 7 September 2022 - Tissue Regenix Group (AIM:TRX), the
regenerative medical devices company, announces its unaudited
interim results for the six months to 30 June 2022.
With effect from 1 January 2021, the Group's presentation
currency changed from pounds sterling (GBP or GBP) to United States
dollars ($ or USD) as the directors considered the USD to be more
representative of the geography in which the Group primarily
operates.
Financial highlights:
-- Group revenues increased by 25% to $11.8m (H1 2021: $9.4m; 27% at constant currency).
-- BioRinse (R) division recorded a 32% increase in revenues to
$7.8m (H1 2021: $5.9m), driven by strong underlying performance in
the USA market.
-- dCELL (R) division recorded a 14% increase in revenues to
$2.4m (H1 2021: $2.1m).
-- GBM-V, the joint venture, recorded a 13% increase to $1.6m
(H1 2021: $1.4m; 24% at constant currency).
-- Gross profit was $5.4m (H1 2021: $4.3m), delivered at a 46%
gross margin (H1 2021: 46%; Full year 2021 43%).
-- Adjusted EBITDA loss* was reduced 67% to $0.5m (H1 2021 loss:
$1.5m) due to sales growth and tight expense management .
-- The cash position as at 30 June 2022 of $6.2m (H1 2021:
$9.1m; year-end 2021 $7.7m) supports the current business growth
plan.
*Adjusted EBITDA loss: loss before interest, taxes,
depreciation, amortisation, and share-based payments
Commercial and operational highlights:
-- US product unit shipments increased by 34% in H1 2022 compared to the same period in 2021.
-- Commercial reorganisation of dCELL (R) division has begun to
show benefits with renewed sales growth.
-- Increased efficiencies in donor processing provide for a c.
$10m or c. 33% additional sales revenue potential from the existing
footprint, allowing Phase 2 expansion and associated capital
expenditure to be pushed further out.
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 (R) business and especially the growth
in our reorganised dCELL(R) 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."
Investor Presentation
Daniel Lee, Chief Executive Officer, and David Cocke, Chief
Financial Officer, will host 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 investors.
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
This announcement contains inside information for the purposes
of Article 7 of Regulation ( EU) 596/2014. The person responsible
for the 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 / Nicholas Harland / Will Palmer-Brown
Walbrook PR Ltd Tel: +44 (0)20 7933 8780
Alice Woodings / Lianne Applegarth TissueRegenix@walbrookpr.com
About Tissue Regenix ( www.tissueregenix.com )
Tissue Regenix is a leading medical device 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,
urogynaecology and wound care.
In August 2017, Tissue Regenix acquired CellRight
Technologies(R), a biotech company that specialises 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'S STATEMENT
Jonathan Glenn, Chairman
Introduction
The period for the six months ended 30 June 2022 has been one of
growth centred around the Company's four key areas of focus
(Supply, Sales Revenue, Sustainability and Scale). The Group has
accomplished a strong performance from its two technology platforms
BioRinse (R) and dCELL (R) , growth in its German joint venture
business and has maintained good relationships with its commercial
partners, all whilst operating against a challenging macroeconomic
backdrop.
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 USA 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 applications in biosurgery, orthopaedics and
dentistry.
Continued momentum in H1 2022
Trading in the period has been strong, with total revenues up by
25% (27% at constant currency) to $11.8m (H1 2021: $9.4m), driven
by the strong performance of both BioRinse (R) and dCELL (R) .
Growth in the BioRinse (R) division was particularly pleasing,
driven primarily by our AmnioWorks(TM) product line. The gross
margin remained at 46% (H1 2021: 46%) for the period, with the cash
position for the Group as at 30 June 2022 at $6.2m (H1 2021: $9.1m;
year-end 2021: $7.7m), which supports our current business growth
plan.
We are pleased to report that the Phase 1 expansion of our San
Antonio facility has provided the team with more capacity than
originally anticipated and revenue potential for the Group of over
c. $40m, c. $10m or c. 33% more than originally stated and allowing
Tissue Regenix to execute a commercial contract twice as quickly as
it has done in the past.
Outlook H1 2022
While the direct impact of COVID-19 has waned, we are mindful of
the continuing follow-on effects: supply chain issues, labour
market disruptions and continued elective-surgery procedure
volatility, in addition to a potential economic recession in the
USA. The Board remains optimistic about the future growth of the
business and is encouraged by the increase in sales in H1 2022 in
the face of this adversity, as well as the planned additions to the
Group's product portfolio that are expected to deliver growth and
revenue opportunities in future periods. The additional capacity,
realised by the new processing efficiencies post-completion of the
Phase 1 expansion, provides further flexibility in the timing of
the Phase 2 expansion, and the current cash balance supports the
current growth plan.
BUSINESS REVIEW
Daniel Lee, Chief Executive Officer
I am pleased to report that the progress and growth trajectory
that we began in 2021 has continued into H1 2022, and the Group is
positioned to continue this trajectory into H2 2022. The Group
continues to develop and incorporate operational efficiencies and
drive commercial growth specifically through our technology
platforms: BioRinse(R) and dCELL(R).
The direct effects of COVID-19 have waned; however, we are still
seeing lingering impacts of the pandemic with respect to supply
chain issues, labour strikes and personnel shortages within
healthcare institutions, which have been experienced across the
healthcare market. As a result, attempts at ramping up elective
surgeries have been mixed. In the face of these challenges, our
BioRinse(R) business nevertheless continues to expand, driven
mainly by our AmnioWorks(TM) product line in this period. We have
also seen a return to growth from our dCELL(R) business, having
implemented our commercial reorganisation plans at the beginning of
2022.
Revenue
We ended the first half with year-on-year sales up 25% (27% at
constant currency) at $11.8m (H1 2021: $9.4m), driven by strong
performances in both our technology platforms: BioRinse (R) and
dCELL (R).
The BioRinse(R) portfolio returned sales of $7.8m (H1 2021:
$5.9m), a 32% increase versus the comparative period; this growth
was the result of continued and increased demand for our
diversified product portfolio and new customers expanding their
distribution base in the United States.
Sales for the dCELL(R) portfolio with our DermaPure(R) products
were up 14% to $2.4m (H1 2021: $2.1m), returning sales revenue to a
positive trajectory in H1 2022. This was due to the increased
commercial activity resulting from the commercial reorganisation
efforts.
In Germany, the joint venture business GBM-V also realised
improvements in H1 2022 despite headwinds experienced in parts of
the German market due to hospital labour strikes. The joint venture
grew in revenue to $1.6m (H1 2021: $1.4m), a 13% increase (24% at
constant currency).
During the first half of 2022, all our businesses demonstrated
growth, and we continue to meet customer demands as they experience
different levels of normalisation. Post COVID-19, our 2021 Phase 1
expansion has provided additional capacity and options for us to
meet customer demands and accommodate any new opportunities.
Operations
Throughout the first six months of 2022, we were able to fully
maintain operations at our facilities in the USA, United Kingdom
and Germany. As stated previously in our 4S strategy, the process
for additional capacity required a focus on Supply, especially on
tissue and processing. The Phase 1 capacity expansion in our San
Antonio facility has yielded benefits beyond expectations. We are
now able to access and store many more donors in anticipation of
meeting processing or other demands. The additional clean rooms and
resources addressed the immediate needs of processing and
production, but the combination of implementing processing
efficiencies, scheduling flexibility, and management additions
provide longer-term benefits. As anticipated, we noted a 55%
year-on-year increase in donor throughput in our processing
operations during H1 2022. We are now also able to respond more
quickly to shifts or spikes in market demand and provide a higher
level of service to our customers, which in turn grows the sales
objective of our 4S strategy.
In January 2022, we completed the initial reorganisation of our
USA commercial operation for the dCELL(R) business. Our goal was to
reduce the commercial management layers and create a more efficient
sales team who were closer to our sales channel partners and
customers. The return to double-digit growth now places this
division on the same trajectory as our other USA business, and we
expect continued growth for the balance of 2022. To augment our
dCELL(R) team's
efforts, our Uro-Gyn sales partner, ARMS Medical, also continues
to experience parallel growth in their urological/gynaecological
tissue business.
The Phase 1 expansion of our San Antonio facility has provided
our team with more capacity than originally anticipated. During the
first half of 2022, we reassessed our capacity and resources and
now estimate that with the facility, scheduling optimisation,
additional shifts and cross-training, our San Antonio facility has
the revenue potential for over c. $40m which is c. $10m or c. 33%
more than previously stated. As a result, the need to begin
construction in 2023 of the Phase 2 expansion has been moved to a
later date as we continue to monitor our growth and our customer
demand. Our need for the Phase 2 expansion, which will include an
additional ten clean rooms, has now been pushed out to 2025.
Commercial development
Our commercial diversity continued to play a beneficial role in
achieving our growth during the period. Our participation in
multiple disciplines has minimised our reliance on any single
sector. The recovery of work with our strategic partners has
proceeded at different rates, so we remain flexible and proactive
in responding to and addressing their needs. During H1 2022, one of
our birth tissue strategic partners demonstrated growth above
expectations due to the addition of several large distribution
groups. We met these spikes within 30 days. Before we successfully
completed Phase 1 of the expansion of our facility, this would have
required nearly double the time. Several partners faced challenges
such as labour shortages that constrained the return of elective
surgeries at healthcare institutions, supply chain challenges that
affected the availability of components complementary to our tissue
products and patient availability, which delayed surgeries. This
has tempered growth in some areas of our BioRinse(R) business and
may continue into H2 2022. In addition to our existing partners, we
continued our negotiations with new strategic partners in the USA
and outside the USA markets. Overall, our unit product shipments in
the USA increased by 34% in H1 2022 versus the same period in
2021.
During the latter half of 2021 and H1 2022, we also participated
in the growth of demand for wholesale donor tissue. During the
pandemic, we transferred wholesale donor tissue to or from other
tissue processors to manage our inventories. This now has evolved
into the transfer of medically reviewed whole donor tissue where
the value provided by our Donor Services team provides benefits to
other tissue processors. We expect this opportunity to continue
throughout 2022.
A segment of our growth initiative is to begin efforts to
distribute allograft tissue products more broadly outside the USA.
We identified and are in the process of establishing a third-party
logistics provider to provide distribution services to the European
Union and the UK. In parallel, we have engaged a third party to aid
in the identification of our initial target markets and
distribution agents in each of those select markets.
In early 2022, we signed an exclusive distribution agreement
with Geistlich Biomaterials Italia for the OrthoPure(R) XT, the
only non-human biologic option for certain anterior cruciate
ligament reconstruction procedures. The initial clinical commercial
experience has been positive. We look forward to continued growth
in this market and additional European markets as we sign up more
distributors. We also have interest in this product line from
outside the EU, but this is a longer-term opportunity as additional
regulatory approvals will be required. To support the adoption of
this novel product, the four-year clinical results from the
OrthoPure(R) XT trial were presented at the 2022 European Society
of Sports Traumatology, Knee Surgery & Arthroscopy Congress in
Paris.
The Group is well positioned for additional global growth
opportunities with our allograft and xenograft products in H2 2022
and beyond.
Product development
In the near term, we expect to launch at least three new
products which have been in development for existing strategic
partners and that reflect market expectations. VNEW continues to
garner attention for ARMS Medical in the urogynaecological
market.
Outlook
We are pleased with the Group's H1 2022 commercial performance
and how we are positioned for the second half of 2022. Our
increased capacity and improvements in efficiency have given us
much more operational flexibility. The commercial growth seen in
our BioRinse(R) business and especially the growth in our
reorganised dCELL(R) 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 of the pillars: Supply,
Sales Revenue, Sustainability and Scale.
FINANCE REVIEW
David Cocke, Chief Financial Officer
Revenue
During the first six months of 2022, revenue increased 25% (27%
at constant currency) to $11.8m (H1 2021: $9.4m) due to a strong
performance seen across both technology platforms. The BioRinse (R)
division recorded a 32% increase in revenues at $7.8m (H1 2021:
$5.9m), driven primarily by new markets for our AmnioWorks(TM)
product line . The dCELL (R) division recorded a 14% increase in
revenues to $2.4m (H1 2021: $2.1m) as the effects of the commercial
reorganisation in 2021 began to come into effect. Our German joint
venture, GBM-V, also experienced growth with revenues up 13% (24%
increase at constant currency) at $1.6m (H1 2021: $1.4m), driven by
increased donor tissue availability.
Gross Margin
The gross margin remained at 46% (H1 2021: 46%) for the period
but is up from the full-year levels ending 31 December 2021 (2021:
43%), as the price increase in the BioRinse (R) division went into
full effect in March 2022.
Loss for the year
The operating loss for the six months ending 30 June 2022
reduced to $1.3m (H1 2021: $2.2m). The adjusted EBITDA loss for the
period reduced to $0.5m (H1 2021: $1.5m). R&D tax credits of
$0.2m (H1 2021: $0.6m) represent the estimated tax credit
receivable, together with a premium of 40% on development costs.
This decrease from historic levels was expected as more resources
are directed away from the development phase, and the business
looks to commercialise more products. There were no exceptional
costs for H1 2022 (H1 2021 $0.3m).
Cash position
The cash position for the Group as at 30 June 2022 was $6.2m (H1
2021: $9.1m; year-end 2021: $7.7m). The cash position as at 30 June
2022 is net of an unrealised foreign currency translation loss of
$0.4m. As the Group now reports its accounts in USD but holds the
majority of its deposits in GBP, when the GBP depreciates relative
to the USD, an accounting loss is booked. The Group attempts to
match the domicile of its deposits to its cash needs to minimise
the need for the realisation of these losses.
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(UNAUDITED)
FOR THE SIX MONTHS TO 30 JUNE 2022
6 months 6 months Year
30 Jun 30 Jun 31 Dec
2022 2021 2021
Notes (Unaudited) (Unaudited) Audited
$'000 $'000 $'000
---------------------------------------- -------- -------------- -------------- ----------
Revenue 2 11,836 9,434 19,746
Cost of sales (6,415) (5,122) (11,270)
---------------------------------------- -------- -------------- -------------- ----------
Gross profit 5,421 4,312 8,476
Administrative expenses before
exceptional items (6,706) (6,165) (12,574)
Exceptional items - (304) (355)
Total administrative expenses (6,706) (6,469) (12,929)
Operating loss (1,285) (2,157) (4,453)
Finance income 2 3 3
Finance charges (364) (318) (692)
---------------------------------------- -------- -------------- -------------- ----------
Loss before tax (1,647) (2,472) (5,142)
Taxation 60 60 157
---------------------------------------- -------- -------------- -------------- ----------
Loss after tax (1,587) (2,412) (4,985)
---------------------------------------- -------- -------------- -------------- ----------
Attributable to:
Equity holders of the parent (1,604) (2,318) (4,792)
Non-controlling interest 17 (94) (193)
---------------------------------------- -------- -------------- -------------- ----------
(1,587) (2,412) (4,985)
---------------------------------------- -------- -------------- -------------- ----------
Other comprehensive income/(expense):
Foreign currency translation
differences -foreign operations (897) 244 (4)
---------------------------------------- -------- -------------- -------------- ----------
TOTAL COMPREHENSIVE EXPENSE
FOR THE PERIOD (2,484) (2,168) (4,989)
---------------------------------------- -------- -------------- -------------- ----------
Attributable to:
Equity holders of the parent (2,501) (2,074) (4,796)
Non-controlling interests 17 (94) (193)
(2,484) (2,168) (4,989)
Loss per share
Basic and diluted on loss attributable
to equity holders of the parent,
cents per share 3 (0.02) (0.03) (0.07)
---------------------------------------- -------- -------------- -------------- ----------
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 2022
Attributable to equity holders
of parent
----------------------------------------------------
Reserve Total
Reverse For Share-Based Cumulative Retained Equity
Share Share Merger Acquisition Own Payment translation Earnings Non-controlling $000
Capital Premium Reserve Reserve Shares Reserve reserve Deficit Total Interests
$000 $000 $000 $000 $000 $000 $000 $000 $000 $000
--------------- -------- -------- -------- ------------ -------- ------------ ------------ ---------- -------- ---------------- --------
At 31 December
2020 15,947 134,173 16,441 (10,798) (1,257) 1,463 (1,301) (115,640) 39,028 (757) 38,271
--------------- -------- -------- -------- ------------ -------- ------------ ------------ ---------- -------- ---------------- --------
Transactions
with owners in
their
capacity as
owners:
Share-based
payments - - - - - 26 - - 26 - 26
Total
transactions
with owners
in their
capacity as
owners - - - - - 26 - - 26 - 26
--------------- -------- -------- -------- ------------ -------- ------------ ------------ ---------- -------- ---------------- --------
Loss for the
period - - - - - - - (2,318) (2,318) (94) (2,412)
--------------- -------- -------- -------- ------------ -------- ------------ ------------ ---------- -------- ---------------- --------
Other
comprehensive
expense:
Currency
translation
differences - - - - - - 244 - 244 - 244
--------------- -------- -------- -------- ------------ -------- ------------ ------------ ---------- -------- ---------------- --------
Total other
comprehensive
expense
for the
period - - - - - - 244 - 244 - 244
--------------- -------- -------- -------- ------------ -------- ------------ ------------ ---------- -------- ---------------- --------
Total
comprehensive
expense for
the period - - - - - - 244 (2,318) (2,074) (94) (2,168)
--------------- -------- -------- -------- ------------ -------- ------------ ------------ ---------- -------- ---------------- --------
At 30 June
2021 15,947 134,173 16,441 (10,798) (1,257) 1,489 (1,057) (117,958) 36,980 (851) 36,129
--------------- -------- -------- -------- ------------ -------- ------------ ------------ ---------- -------- ---------------- --------
Transactions
with owners in
their
capacity as
owners:
Share-based
payments - - - - - 85 - - 85 - 85
--------------- -------- -------- -------- ------------ -------- ------------ ------------ ---------- -------- ---------------- --------
Total
transactions
with owners
in their
capacity as
owners - - - - - 85 - - 85 - 85
Loss for the
period - - - - - - - (2,474) (2,474) (99) (2,573)
--------------- -------- -------- -------- ------------ -------- ------------ ------------ ---------- -------- ---------------- --------
Other
comprehensive
expense:
Currency
translation
differences - - - - - - (248) - (248) - (248)
--------------- -------- -------- -------- ------------ -------- ------------ ------------ ---------- -------- ---------------- --------
Total other
comprehensive
expense
for the
period - - - - - - (248) - (248) - (248)
--------------- -------- -------- -------- ------------ -------- ------------ ------------ ---------- -------- ---------------- --------
Total
comprehensive
expense for
the period - - - - - - (248) (2,474) (2,722) (99) (2,821)
--------------- -------- -------- -------- ------------ -------- ------------ ------------ ---------- -------- ---------------- --------
At 31 December
2021 15,947 134,173 16,441 (10,798) (1,257) 1,573 (1,305) (120,432) 34,342 (950) 33,392
--------------- -------- -------- -------- ------------ -------- ------------ ------------ ---------- -------- ---------------- --------
Transactions
with owners in
their
capacity as
owners:
Share-based
payments - - - - - 109 - - 109 - 109
Exercise of
share options 4 6 - - - - - - 10 - 10
--------------- -------- -------- -------- ------------ -------- ------------ ------------ ---------- -------- ---------------- --------
Total
transactions
with owners
in their
capacity as
owners 4 6 - - - 109 - - 10 - 10
--------------- -------- -------- -------- ------------ -------- ------------ ------------ ---------- -------- ---------------- --------
Loss for the
period - - - - - - - (1,604) (1,604) 17 (1,587)
--------------- -------- -------- -------- ------------ -------- ------------ ------------ ---------- -------- ---------------- --------
Other
comprehensive
expense:
Currency
translation
differences - - - - - - (897) - (897) - (897)
--------------- -------- -------- -------- ------------ -------- ------------ ------------ ---------- -------- ---------------- --------
Total other
comprehensive
expense
for the
period - - - - - - (897) - (897) - (897)
--------------- -------- -------- -------- ------------ -------- ------------ ------------ ---------- -------- ---------------- --------
Total
comprehensive
expense for
the period - - - - - - (897) (1,604) (2,501) 17 2,484
--------------- -------- -------- -------- ------------ -------- ------------ ------------ ---------- -------- ---------------- --------
At 30 June
2022 15,951 134,179 16,441 (10,798) (1,257) 1,682 (2,202) (122,036) 31,960 (933) 31,027
--------------- -------- -------- -------- ------------ -------- ------------ ------------ ---------- -------- ---------------- --------
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(UNAUDITED)
AS AT 30 JUNE 2022
30 June 30 June 31 Dec
2022 2021 2021
Notes $'000 $'000 $'000
-------------------------------- -------- ---------- ---------- ----------
Non-current assets
Property, plant and equipment 5,701 5,590 5,708
Right of use assets 3,232 3,341 3,388
Intangible assets 15,001 15,155 15,064
-------------------------------- -------- ---------- ---------- ----------
Total non-current assets 23,934 24,086 24,160
-------------------------------- -------- ---------- ---------- ----------
Current assets
Inventory 10,066 10,300 9,719
Trade and other receivables 4,020 3,539 4,101
Corporation tax receivable 294 511 534
Cash and cash equivalent 6,172 9,081 7,709
-------------------------------- -------- ---------- ---------- ----------
Total current assets 20,552 23,431 22,063
-------------------------------- -------- ---------- ---------- ----------
Total assets 44,486 47,517 46,223
-------------------------------- -------- ---------- ---------- ----------
Non-current liabilities
Borrowings (5,154) (4,030) (4,465)
Deferred tax (580) (699) (640)
Lease liability (3,287) (3,062) (3,364)
-------------------------------- -------- ---------- ---------- ----------
Total non-current liabilities (9,021) (7,791) (8,469)
-------------------------------- -------- ---------- ---------- ----------
Current liabilities
Trade and other payables (4,315) (3,252) (4,244)
Lease liability (123) (345) (118)
-------------------------------- -------- ---------- ---------- ----------
Total current liabilities (4,438) (3,597) (4,362)
-------------------------------- -------- ---------- ---------- ----------
Total liabilities (13,459) (11,388) (12,831)
-------------------------------- -------- ---------- ---------- ----------
Net assets 31,027 36,129 33,392
-------------------------------- -------- ---------- ---------- ----------
Equity
Share capital 4 15,951 15,947 15,947
Share premium 4 134,179 134,173 134,173
Merger reserve 4 16,441 16,441 16,441
Reverse acquisition reserve 4 (10,798) (10,798) (10,798)
Reserve for own shares (1,257) (1,257) (1,257)
Share-based payment reserve 1,682 1,489 1,573
Cumulative translation reserve (2,202) (1,057) (1,305)
Retained earnings deficit (122,036) (117,958) (120,432)
-------------------------------- -------- ---------- ---------- ----------
Equity attributable to equity
holders of parent 31,960 36,980 34,342
Non-controlling interests (933) (851) (950)
-------------------------------- -------- ---------- ---------- ----------
Total equity 31,027 36,129 33,392
-------------------------------- -------- ---------- ---------- ----------
Approved by the Board and authorised for issue on 7 September
2022
Daniel Lee (Chief Executive Officer)
CONDENSED CONSOLIDATED CASH FLOW STATEMENT (UNAUDITED)
FOR THE SIX MONTHSED 30 JUNE 2022
6 months 6 months 12 months
to to to
30 June 30 June 31 Dec 2021
2022 2021
$'000 $'000 $'000
--------------------------------------------- ---------- ---------- --------------
Operating Activities
Loss before tax (1,647) (2,472) (5,142)
Adjustments for:
Finance income (2) (3) (3)
Finance charges 364 318 692
Depreciation of property, plant & equipment 179 127 258
Depreciation of right of use assets 51 49 103
Amortisation of intangible assets 402 403 730
Share-based payments 109 25 110
Amortisation of debt cost 37 37 75
Unrealised foreign exchange loss (315) 141 55
--------------------------------------------- ---------- ---------- --------------
Operating cash outflow before working
capital movements (822) (1,375) (3,122)
--------------------------------------------- ---------- ---------- --------------
(Increase) in inventory (347) (696) (115)
Decrease/(increase) in trade & other
receivables 81 50 (512)
Increase/(decrease) in trade & other
payables 71 (832) 159
--------------------------------------------- ---------- ---------- --------------
Cash used in operations (1,017) (2,853) (3,590)
--------------------------------------------- ---------- ---------- --------------
Research and development tax credits
received 188 615 615
--------------------------------------------- ---------- ---------- --------------
Net cash used in operating activities (829) (2,238) (2,975)
--------------------------------------------- ---------- ---------- --------------
Investing activities
Interest received 2 3 3
Purchase of property, plant & equipment (172) (1,349) (1,550)
Capitalised development expenditure (339) (259) (497)
Net cash used in investing activities (509) (1,605) (2,044)
--------------------------------------------- ---------- ---------- --------------
Financing activities
Proceeds from exercised share options 9 - -
Proceeds from new borrowings 661 153 602
Interest paid on loans and borrowings (231) (178) (391)
Lease liability payments (53) (31) (102)
Lease interest payment (152) (145) (301)
Net cash inflow from financing activities 234 (201) (192)
--------------------------------------------- ---------- ---------- --------------
Net (decrease) in cash and cash equivalents (1,104) (4,044) (5,211)
Cash and cash equivalents at start of
period 7,709 12,968 12,968
Effects of movement in exchange rates
on cash held (433) 157 (48)
--------------------------------------------- ---------- ---------- --------------
Cash and cash equivalents at end of
period 6,172 9,081 7,709
--------------------------------------------- ---------- ---------- --------------
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (UNAUDITED)
FOR THE SIX MONTHSED 30 JUNE 2022
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 2021 Annual Report and
Accounts.
The comparative figures for the year ended 31 December 2021 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 2021
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 the location of the customer:
6 months 6 months 12 months
to to to
30 June 30 June 31 Dec
2022 2021 2021
Notes $'000 $'000 $'000
--------------- --------- ---------- ---------- -----------
USA 10,228 8,007 16,883
Rest of world 1,608 1,427 2,863
-------------------------- ---------- ---------- -----------
11,836 9,434 19,746
6 months to dCELL BioRinse GBM-v Central Total
30 June 2022
-----------------
$'000 $'000 $'000 $'000 $'000
----------------- ------ --------- ------ -------- --------
Revenue 2,413 7,825 1,598 - 11,836
----------------- ------ --------- ------ -------- --------
Gross profit 1,074 3,738 609 - 5,421
Depreciation (5) (194) (2) (29) (230)
Amortisation - (402) - - (402)
----------------- ------ --------- ------ -------- --------
Operating loss (243) 50 85 (1,177) (1,285)
Net finance
charges - (358) - (4) (362)
----------------- ------ --------- ------ -------- --------
Loss before
taxation (243) (308) 85 (1,181) (1,647)
Taxation - - - 60 60
----------------- ------ --------- ------ -------- --------
Profit/(Loss)
for the period (243) (308) 85 (1,121) (1,587)
----------------- ------ --------- ------ -------- --------
6 months to dCELL BioRinse GBM-v Central Total
30 June 2021
----------------
$'000 $'000 $'000 $'000 $'000
---------------- ------ --------- ------ -------- --------
Revenue 2,112 5,906 1,416 - 9,434
---------------- ------ --------- ------ -------- --------
Gross profit 1,138 2,730 445 - 4,313
Exceptional
Items (183) (121) - - (304)
Depreciation (10) (149) (6) (11) (176)
Amortisation - (403) - - (403)
---------------- ------ --------- ------ -------- --------
Operating loss (372) (555) (223) (1,007) (2,157)
Net finance
charges - (309) - (6) (315)
---------------- ------ --------- ------ -------- --------
Loss before
taxation (372) (864) (223) (1,013) (2,472)
Taxation - - - 60 60
---------------- ------ --------- ------ -------- --------
Loss for the
period (372) (864) (223) (953) (2,412)
---------------- ------ --------- ------ -------- --------
12 months to dCELL BioRinse GBM-v Central Total
31 December
2021
----------------
$'000 $'000 $'000 $'000 $'000
---------------- -------- --------- ------ -------- --------
Revenue 4,246 12,711 2,789 - 19,746
---------------- -------- --------- ------ -------- --------
Gross profit 1,720 5,852 904 - 8,476
Exceptional
Items (183) (120) - (52) (355)
Depreciation (18) (305) (3) (35) (361)
Amortisation - (730) - - (730)
---------------- -------- --------- ------ -------- --------
Operating loss (1,236) (1,118) (154) (1,945) (4,453)
Net finance
charges 1 (682) - (8) (689)
---------------- -------- --------- ------ -------- --------
Loss before
taxation (1,235) (1,800) (154) (1,953) (5,142)
Taxation 37 120 - - 157
---------------- -------- --------- ------ -------- --------
Loss for the
period (1,198) (1,680) (154) (1,953) (4,985)
---------------- -------- --------- ------ -------- --------
3. 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
2022 2021 2021
$'000 $'000 $'000
---------------------------------- ---- ---------------- ---------------- ----------------
Total loss attributable to
the equity holders of the
parent (1,604) (2,318) (4,792)
---------------------------------------- ---------------- ---------------- ----------------
No. No. No.
---------------------------------- ---- ---------------- ---------------- ----------------
Weighted average number of
ordinary shares in issue during
the period 7,033,530,398 7,033,077,499 7,033,077,499
---------------------------------------- ---------------- ---------------- ----------------
Loss per ordinary share
Basic and diluted, cents per
share 0.02 0.03 0.07
---------------------------------------- ---------------- ---------------- ----------------
The company has issued employees options over 218,171,648
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.
4. Share capital
30 June 30 June 31 Dec
2022 2021 2021
$'000 $'000 $'000
------------------------------ ---- --------- --------- --------
Ordinary shares of 0.1 pence 9,168 9,164 9,164
Deferred shares of 0.4 pence 6,783 6,783 6,783
15,951 15,947 15,947
----------------------------------- --------- --------- --------
Movements on share capital during the period were as
follows:
Ordinary shares Deferred shares
Number $'000 Number $'000
----------------- -------------- ------ -------------- ------
At 31 December
2020 7,033,077,499 9,164 1,171,971,322 6,783
At 30 June 2021 7,033,077,499 9,164 1,171,971,322 6,783
At 31 December
2021 7,033,077,499 9,164 1,171,971,322 6,783
At 30 June 2022 7,035,794,890 9,168 1,171,971,322 6,783
----------------- -------------- ------ -------------- ------
5. Interim financial report
A copy of this interim report is available on the company's
website at www.tissueregenix.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
IR BLGDCRXGDGDL
(END) Dow Jones Newswires
September 07, 2022 02:00 ET (06:00 GMT)
Tissue Regenix (LSE:TRX)
Historical Stock Chart
From May 2024 to Jun 2024
Tissue Regenix (LSE:TRX)
Historical Stock Chart
From Jun 2023 to Jun 2024
