Corporate broker Cavendish repeated its 120p price target for shares in Tissue Regenix Group PLC (AIM:TRX) after the regenerative medicines group made its first shipment from its new hub in Ireland.
This milestone came alongside the announcement of new distributor agreements for Turkey and Ireland, signalling a broadening of the company's market reach.
"At present, approximately 85% of Tissue Regenix’ revenues are generated in the US, such that the US contributed $20.7m of revenues [in 2022] compared to $3.8m from the rest of the world," Cavendish said in its note to clients.
"We believe there is a significant opportunity for the company to receive additional approvals and expand its non-US operations alongside its US growth plans."
In early trade, Tissue Regenix stock was changing hands for 61.2p.