Tissue Regenix Group PLC (AIM:TRX), the medical devices company, has brought in a new chairman on the same day it updated on trading.
The business, which develops regenerative products such as skin grafts and bone implants, said Jay LeCoque had joined as executive chairman.
He has previously run and chaired several life sciences companies, including Source BioScience and Celsis International.
His arrival coincides with the departure of Jonathan Glenn, the outgoing chairman, and Trevor Phillips, a non-executive director, both of whom stepped down today.
Alongside the board changes, Tissue Regenix said sales fell 6% to $13.8 million in the six months to June, down from $14.7 million a year earlier.
The decline was blamed on weaker orders from strategic partners, reflecting tougher economic conditions.
Its BioRinse range, which processes donated human and animal tissue for surgical use, dropped to $9.8 million from $10.5 million.
The dCELL division, which includes DermaPure, a skin substitute for wound care, slipped 4% overall. The company said its direct sales arm was performing better, with a 10% increase in revenue after signing up 32 new distributors.
Despite the revenue decline, management said the business was on track to post another positive adjusted earnings figure for the half-year and the full year.
LeCoque said: “While today’s trading update shows that we have work to do, I am confident in the strength of our people, our technology, and the market opportunities ahead.”
The group added that its cash position remained sufficient to fund its growth plans into 2026.
In research following the update, broker Cavendish said: "While impacted by the current economic conditions, we believe Tissue Regenix portfolio targets large and growing healthcare markets, which we expect to support the business going forward."
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