Tissue Regenix Group PLC (AIM:TRX), the Leeds-based maker of regenerative medical devices, has restated its 2024 earnings, revealing a $1 million loss after previously reporting a $1.9 million profit.
The revision follows what the company called “financial inaccuracies” in its inventory and cost of sales. The adjustment also pushed its half-year 2025 result into the red, with an EBITDA loss of $2.3 million.
As part of a boardroom reshuffle, chief executive Daniel Lee has stepped down with immediate effect. Executive chairman Jay LeCoque, who joined the group just over a month ago, will take over as acting CEO.
LeCoque said the company had “undertaken significant changes” since his arrival and is launching a turnaround strategy to restore credibility and improve performance.
That includes more than $2 million in cost cuts and a push to widen the group’s direct sales and distribution network.
The company has also reappointed Kirsten Lund as chief financial officer. A chartered accountant and former finance director at Tissue Regenix, she is expected to lead tighter financial controls and a deep review of costs.
Cash on hand at the end of June stood at just $1.1 million, with $10.4 million drawn from a $16 million debt facility.
The company said revenue for 2024 remained unchanged, and it will now focus on strengthening clinical support for its products as it looks to rebuild investor trust.