Tissue Regenix Group PLC Trading update for 2022 (3821O)
January 31 2023 - 2:01AM
UK Regulatory
TIDMTRX
RNS Number : 3821O
Tissue Regenix Group PLC
31 January 2023
Tissue Regenix Group plc
('Tissue Regenix', the 'Company' or the 'Group')
Trading update for 2022
Strong 24% revenue growth
Adjusted EBITDA profit achieved for Q4 2022
Credit facility increased to $10m and well-funded to support its
growth strategy
Tissue Regenix (AIM: TRX), the regenerative medical device
company, provides a trading update for the year ended 31 December
2022, reflecting a strong year of trading. The Company experienced
20%+ revenue growth (on a constant currency basis) across all three
key business segments resulting in a positive adjusted EBITDA for
the fourth quarter of 2022.
Highlights
-- Total revenue is expected to increase by 24.0% to $24.5m
(2021: $19.7m) (up 25.6% to $24.8m at constant currency), in line
with expectations, with each of the divisions showing revenue
growth of over 20%.
-- We are delighted to have achieved an adjusted EBITDA profit
for the fourth quarter of 2022. This aligns with the Board's
expectations and gives us great confidence about the future.
-- Healthy cash position at 31 December 2022 of $5.9m (H1 2022:
$6.2m; year-end 2021: $7.7m) supports the current business growth
plan.
Trading in 2022 has been robust, continuing the strong
performance of 2021. Total sales revenue is expected to increase by
24.0% to $24.5m (2021: $19.7m) (up 25.6% to $24.8m at constant
currency). Of particular significance to shareholders, this growth
has been achieved across all three segments of the business:
dCELL(R), BioRinse (R) and GBM-v.
The revenue growth in 2022 was driven by the continued benefits
of the commercial reorganisation of the dCELL(R) segment, while the
BioRinse(R) segment saw growth across the allograft portfolio, and
GBM-v further penetrated its German cornea market as a result of
strong tissue supply.
Despite the well-publicised and very real problems experienced
within the healthcare markets served by the Group, with ongoing
supply chain issues and staffing shortages affecting elective
surgeries, the Group continued to see strong demand for its
portfolio of products, and the robust revenue growth has
illustrated this. Whilst it is still early in the current year, we
expect this trend to continue.
Cash and cash equivalents at year-end were $5.9m (H1 2022:
$6.2m; year-end 2021: $7.7m).
After the period's end, the Group revised and expanded its
credit facility. The revolving credit facility has been expanded to
$10.0m (from the current $5.0m), and the credit facility term has
been extended to 2028. Although this financing is not required by
the current business plan, which is fully funded by the Group's
year-end cash position, the additional liquidity is purely a
prudent measure.
Daniel Lee, Chief Executive Officer of Tissue Regenix,
commented: "Demand for our portfolio of products continued its
trajectory of strong growth, resulting in the Company's achievement
of adjusted EBITDA profit for the fourth quarter of 2022.
Furthermore, our additional capacity allows for new product
launches, permitting us to provide a more comprehensive,
diversified portfolio to our customers. Whilst our customers
continue to work through supply chain issues and staffing
shortages, the Board remain confident for the year ahead. We look
forward to continuing our sales growth momentum and building on our
adjusted EBITDA profitable fourth quarter."
For more information:
Tissue Regenix Group plc www.tissueregenix.com
David Cocke, Chief Financial Officer Via Walbrook PR
finnCap Ltd (Nominated Adviser and Broker)
Emily Watts/Geoff Nash/George Dollemore -
Corporate Finance
Nigel Birks/Harriet Ward - ECM
Walbrook PR (Financial PR & IR) 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
technology ('dCELL(R)') 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 specialises in regenerative
medicine and is dedicated to the development of high quality,
innovative tissue scaffolds, which can enhance healing
opportunities in defects created by trauma and disease.
CellRight(R)'s human tissue products may be used in spine, trauma,
general orthopaedic, dental and ophthalmological surgical
procedures.
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