finnCap repeated its ‘buy’ advice and 1.2p a share price target for shares in Tissue Regenix Group PLC (AIM:TRX) after the release of its prelims – which were in line with forecasts.
“The outlook remains positive – new products, new geographies and additional distributors/strategic partners fuelling growth; the differentiated nature of its products driving increased market share gains,” the broker said in a note to clients.
Earlier, the regenerative medicines group said it 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.
In the wake of the numbers, finnCap said it was leaving its forecasts unchanged.
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.
In early afternoon trade, the shares were changing hands for 0.61p, up 0.5%.