Corporate broker finnCap has initiated coverage of Tissue Regenix Group PLC (AIM:TRX, OTC:TSSNF) with a 1.2p price target, a 71% premium to the current share price.
The company is a commercial-stage regenerative medicine business with a range of products for orthopaedics, biosurgery, and dental markets.
Its proprietary BioRinse and dCELL technologies repair or replace bone and soft tissue.
Tissue Regenix reported 24% revenue growth in 2022 and a move into EBITDA profitability in the fourth quarter, with a year-end cash balance of $5.9mln.
FinnCap values the company at US$105mln. At the target price, Tissue Regenix stock would trade on 2023 enterprise multiple (EV/Sales of 3.7x(, dropping to 3.2x in FY 2024.