Tissue Regenix Group PLC (AIM:TRX) has said it is entering the new financial year in a strong position after delivering record earnings and expanding its commercial reach across key segments in 2024.
The regenerative medical devices group, which focuses on human tissue products for surgical use, reported adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of $1.9mn, up from $700,000 in the previous year.
The company said this was driven by a combination of revenue growth and cost discipline that improved operating leverage.
Group revenue rose 9% to $28.6 million, led by a 23% increase in dCELL revenues, its range of decellularised tissue grafts, following a commercial reorganisation begun in 2022.
Sales of BioRinse, a line of allografts and bone matrix products, also grew, supported by new distributor agreements across spine and dental specialities.
Tissue Regenix added 41 new dCELL distributors in 2024 and processed 34% more tissue donors year-on-year, enabling a 13% rise in units shipped.
The company also completed the acquisition of its San Antonio facility as part of its expansion strategy and is revising plans for its next growth phase to allow greater flexibility in tissue processing. Construction is expected to begin in 2025.
Cash at year-end stood at $1.9 million, with access to an undrawn debt facility.