Tissue Regenix Group PLC (AIM:TRX) has revealed that trading in the first half of the year was in line with the board's expectations.
In an update for the six months ending 30 June 2023, the regenerative medical devices company reported unaudited results showing group revenues are expected to reach approximately US$14.1mln, a 19% increase compared to the previous year and a new record high for the group.
The company noted that it has experienced six consecutive reporting periods of growth, reinforcing the board's confidence in meeting its full-year expectations.
During the first six months of 2023, it said the BioRinse segment continued to demonstrate robust growth, while the commercial reorganization of the dCELL segment showed positive results, contributing to the overall strong performance of the company.
Tissue Regenix also said it expects to achieve a positive adjusted EBITDA for the first half of 2023, following the announcement of its first quarter of adjusted EBITDA profitability in the previous year.
The company added that its cash position remains sufficient to support its current business growth plans.
In the statement, Daniel Lee, chief executive officer of Tissue Regenix, expressed his satisfaction with the company's performance and emphasized their commitment to executing the 4S strategy across the group and, despite challenges such as economic factors, hospital staffing shortages, and geopolitical issues, he remains optimistic about the future.
Lee commented: "Our H1 2023 results are indicative of the continued above-market growth in our key businesses and our ability to deliver on the board's expectations for our financial performance. Our growth objectives support this positive trajectory for the balance of the year and beyond, and we look forward to the future with confidence."
Tissue Regenix will publish its interim results on Tuesday, 5 September 2023.