Tissue Regenix Group PLC (AIM:TRX) chairman Jonathan Glenn called 2022 a year of “immense progress” as the regenerative medicines group grew the top line by 24% and was profitable at the EBITDA level in the fourth quarter.
Revenues for the 12 months ended 31 December 2022 were US$24.5mln, with sales of its BioRinse and dCELL products performing above the trend with growth of 26% and 25% respectively.
While the loss for the year was just under US$2.6mln, the company increased its gross profit by a third while the gross margin advanced three percentage points to 46%.
Tissue Regenix ended the period in a strong cash position with US$5.9mln in the bank and now has access to an increased credit facility of US$10mln.
The company is focused on its ‘4S strategy’ which involves enhancing supply, sales revenue, sustainability and scale.
“Execution of this strategy will continue to provide us with the opportunity to build shareholder value as we broaden our opportunities in regenerative medicine, addressing many critical unmet clinical needs around the globe," said chairman Glenn.
Tissue Regenix is part of a vibrant segment of the healthcare industry expected to generate annual revenues of US$6.8bn by 2027 as it grows at a compound annual 14%.
The company’s products - spanning orthopaedics, dentistry, wound care and artificial ligaments - are based on two core technologies: BioRinse and dCELL.
In turn, they rely on two of the three basic pillars of tissue engineering: growth factors and scaffolds.
A key differentiator from the competition is that the group works with human and animal tissue.