Tissue Regenix Group PLC (AIM:TRX) says its 2024 underlying earnings (EBITDA) will be higher than expected, marking the success of its four-pillar, or 4S growth strategy.
Revenue rose 8% to $28.4 million, driven by strong sales in its dCELL segment. The BioRinse division performed well in core bone graft products but faced challenges in other areas.
The company ended the year with $1.9 million in cash, down from $4.3 million in 2023. It also has a $10 million credit facility, with $4 million still available, supporting its growth plans.
Tissue Regenix has decided to sell its not-for-profit German joint venture, GBM-V, as it is no longer considered strategic.
The business had been slowing overall growth and reducing profit margins. The figures in this update exclude GBM-V’s revenue and profits.
Despite some challenges, Tissue Regenix continues to grow above market rates and remains focused on expanding its core regenerative medicine products.
"The 4S strategy and our growth pillars continued to deliver growth, especially in our dCELL and core DBM products," said CEO David Lee.
"The industry in which we are so crucial is always competitive and never easy, but the careful management of our business has once again resulted in record adjusted EBITDA profitability for the group.
"We continually assess our business and have established opportunities for flexibility.
"Our plans include adding new products which will further diversify our product offering and will be implemented to drive further growth in 2025."