Tissue Regenix Group PLC (AIM:TRX) said it will consider acquisitions to accelerate its growth plans after hitting record revenues and returning to profitability last year.
The regenerative medical devices group reported turnover of $29.5 million for 2023, up around $5 million year-over-year, while underlying earnings (EBITDA) were $925,000 from a deficit of $626,000 in 2022.
Tissue Regenix's BioRinse range drove performance, where revenues have grown by 25% over the year to $20.1 million.
Tissue Regenix exited the period with $4.7 million on the balance sheet, which represented a rise from the first half, revealing it is now also cash flow positive.
The results represent a vindication of CEO Daniel Lee's '4S' strategy, which has seen the company focus on supply, sales revenue, sustainability and scale.
Chair Jonathan Glenn called 2023 another year of "solid progress", adding: "We have seen record revenues, Tissue Regenix's first full year positive adjusted EBITDA, improved cash conversion and many operational highlights including further regulatory approvals, and new and improved relationships with our many partners.
"The diligent focus of our highly motivated team is allowing us to broaden the group's capacity, continue to grow the business at an impressive rate and, importantly, build shareholder value."
CEO Lee said management would begin 'preliminary planning activities' this year to increase capacity. "In addition to our organic growth plans, we will continue to examine acquisition opportunities that would allow us to scale the business for additional longer-term growth," he added.