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Tissue Regenix ready to build on strong performance through pandemic

Snapshot

  • Products spanning wound care, orthopaedics and cardiac application
  • Focused on boosting sales after capacity boost
  • Operations split between the UK and US 
Tissue Regenix Group PLC -

Quick facts: Tissue Regenix Group PLC

Price: 0.72 GBX

AIM:TRX
Market: AIM
Market Cap: £50.64 m
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What it does

Regenerative medical devices maker Tissue Regenix PLC (LON:TRX) has products spanning wound care, orthopaedics and cardiac applications, which are based on two proven technologies.

The first, dCELL, removes cellular and DNA material from biological tissues, leaving intact a scaffold upon which the patient's cells can regenerate and re-populate.

The AIM-listed company, which was spun out from the University of Leeds in 2006, uses dCELL Technology in its DermaPure product for the healing of chronic wounds.

The other technology, BioRinse, does a similar job, killing micro-organisms, bacteria and spores as well as removing debris, blood, bone marrow and lipids.

It is key to the process used to create regenerative scaffolds used by surgeons developed by CellRight – the Texas-based biotech Tissue Regenix bought in August 2017.

CellRight provides osteobiologics for use in orthopaedic, spine and foot, and ankle procedures to enhance healing of defects caused by trauma or disease.

 

How it is doing

In a trading update for the year to December 31, the regenerative medical devices specialist said revenues for the year will be £12.8mln, in line with the prior-year figure of £13mln despite the impact of the pandemic, adding that it also ended the period with a “strong cash position” of £9.5mln.

Tissue Regenix highlighted 10% growth in sales in its Orthopaedics and Dental division despite the effects of the pandemic, although it said revenues from its DermaPure biosurgery division had been more significantly impacted as US hospitals postponed elective surgical procedures.

What the boss says: Daniel Lee, chief executive 

"The group returned a strong performance for 2020 against the challenging backdrop of the ongoing COVID-19 pandemic.

"We were successful in maintaining a sales line consistent with previous years and additionally securing further strategic partners and private label agreements in an industry where many companies experienced a downturn in demand as hospital resources were redirected.

“With two new products launched during the year and the commencement of our capacity expansion programme following the fundraise completed in June 2020, the group is well-positioned to address market demand and new opportunities as market conditions normalise."

 

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Tissue Regenix Group says 'maintaining level of sales is true testament to...

Tissue Regenix Group PLC's (LON:TRX) Daniel Lee talks to Proactive London about his experience in the sector, his new appointment as CEO as well the firm's performance for 2020.  In a trading update for the year to December 31, Lee says the revenues for the year will be £12.8mln, in line...

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