Tissue Regenix Group PLC (AIM:TRX, OTC:TSSNF) has reflected on a strong year of trading in 2022 during which it experienced 20%-plus revenue growth (on a constant currency basis) across all three of its key business segments, resulting in a positive adjusted EBITDA for the fourth quarter of 2022.
In a trading update for the year ended 31 December 2022, 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."
The regenerative medical device company said its total revenue for 2022 is expected to increase by 24.0% to $24.5mln (2021: $19.7mln) (up 25.6% to $24.8mln at constant currency), in line with expectations. with growth across all three segments of its business - dCELL, BioRinse and GBM-v.
The company said the revenue growth in 2022 was driven by the continued benefits of the commercial reorganisation of the dCELL segment, while the BioRinse 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, Tissue Regenix said it 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, it expects this trend to continue, the company said.
Tissue Regenix's cash and cash equivalents at year-end were $5.9mln (H1 2022: $6.2mln; year-end 2021: $7.7mln). After the period's end, the group revised and expanded its credit facility. The revolving credit facility has been expanded to $10.0mln (from the current $5.0mln), 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 company said the additional liquidity is purely a prudent measure.