Tissue Regenix Group PLC (AIM:TRX) said revenue and profitability had surpassed expectations, telling investors it expects to maintain the upward momentum throughout 2024.
In a trading update, the regenerative medical devices group revealed a 20.6% increase in total revenue, reaching US$29.5 million, and an improved cash balance of US$4.5 million as of 31 December 2023. Underlying earnings (EBITDA) are also expected to be ahead of forecast.
"2023 represents the third consecutive year of execution on our 4S strategy - a four-pronged approach designed to drive supply, sales revenue, sustainability and scale," said chief executive Daniel Lee.
"The results we have achieved this year in terms of revenue growth and profitability continue to demonstrate the benefits of this strategy.
"The group is now in a solid position from which we can continue to grow our base business and expand into new markets. We look forward to further growth and continued progress in 2024."
Tissue Regenix attributed its success to robust demand across its three business segments: BioRinse, dCELL and GBM-V, with the BioRinse segment leading revenue growth.
This marks the sixth consecutive period of half-on-half double-digit revenue growth, averaging over 20% in the last three years.
The dCELL segment also showed improved performance, benefiting from the US commercial reorganisation and sales of OrthoPure XT.