IP : Tissue Regenix Group plc Half Year Trading Update and Notice of Results

16 Jul 2024

Tissue Regenix Group (AIM:TRX), the regenerative medical devices company, provides an unaudited trading update for the six months ended 30 June 2024 (the 'Period').

The Board is delighted to announce that trading in the first half of 2024 has been strong, and remains in line with the Board's expectations. Group revenues for the Period are expected to be approximately $16.4 million (H1 2023: $14.1m), representing a 16% increase from the prior year and setting a record first half for the Group. Furthermore, this performance marks the seventh consecutive reporting period of growth for the Group, which gives the Board confidence in the future performance of the Group.

In the first six months of 2024, the BioRinse® segment continued to deliver solid growth driven by increased efficiencies, while the commercial reorganisation of the dCELL® segment continued to show benefits, demonstrating robust growth within the Period.

Having announced our first year of adjusted EBITDA* profitability in 2023, the Group expects to achieve growth in adjusted EBITDA for the first half of 2024 as compared with the prior year period.

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

Daniel Lee, Chief Executive Officer, Tissue Regenix, commented: "After delivering maiden profitability with our FY 2023 numbers, it is particularly pleasing to announce another period of progress, not only financially but also operationally. Our 4S strategy continues to deliver benefits, and our tactical growth pillars should drive further growth and deliver the results that are expected by our stakeholders. We are firmly committed and confident in keeping Tissue Regenix on its positive trajectory, which began in 2021."

Notice of Results

The Group will publish its interim results on Tuesday, 10 September 2024.

* Adjusted EBITDA: profit before interest, taxes, depreciation, amortisation and share-based payments