Tissue Regenix Group PLC (AIM:TRX) enjoyed a buoyant first half with sales up strongly and earnings more than doubling.
Its interims marked the eighth consecutive reporting period of growth and the seventh consecutive period of double-digit, half-on-half growth - and underlined the success of the company's 4S strategy and 'growth pillars'.
Essentially, the regenerative medicines business has built its success by focusing on supply, sales revenue, sustainability and scale.
In the six months ended June 30, Tissue Regenix's revenues grew by 16% to $16.4 million, while adjusted EBITDA grew to $1.1 million from $400,000 the year earlier. It exited the period with cash of $3.5 million on the balance sheet.
"It has been another impressive half for the Group and I am pleased to report continued success through the execution of the Group's 4S strategy," said chair Jonathan Glenn.
"The management team has done a stellar job of driving the business forward through headwinds in certain segments and continues to identify expansion opportunities geographically as well as through new surgical indications.
"During [the first half], there has been continued growth across all business segments and an improvement in profitability from H1 2023.
"We retain a strong cash position to see us through our current business plans, including the Phase 2 capacity expansion of the group's facility in San Antonio, which is expected to complete in 2025."