Tissue Regenix ready to build on strong performance through pandemic
- Tissue Regenix encouraged by recovery in elective surgery
- Tissue Regenix delivers first-half results that show a strong recovery as it builds its portfolio
Quick facts: Tissue Regenix Group PLC
Price: 0.637 GBX
Market Cap: £44.8 m
About the company
Tissue Regenix Group is a pioneering, international medical technology company, focusing on the development of regenerative products utilising its two platform technologies, dCELL®, addressing soft tissue needs, and BioRinseTM, providing inductive bone allografts.
The company is helping to transform the treatment of patients in three key areas: BioSurgery, Orthopaedics & Dental and Cardiac.
How it is doing
Tissue Regenix PLC said elective surgery rates have started to recover strongly after the disruption caused by the Coronavirus (COVID-19) pandemic.
Barring another series of lockdown restrictions there should be a significant increase in procedures carried out in the second half of 2021, the AIM-listed group added, which would build on the momentum seen in the first six months of the year.
Group revenues in the six months to end June, 2021 rose 12% to £6.8mln and 21% on a constant currency basis.
The med-tech business, which has developed a range of skin grafts, bone and tooth implants, said orthopaedic and dental sales rose 26% to £4.3mln, driven by the US market where product shipments advanced 44%.
The regenerative medical devices company has expanded the space for supporting administrative departments and built and qualified two additional clean rooms. The two clean rooms are being used to process and pack tissue products, bringing the company's total number of clean rooms to seven.
The medical technology company has entered the UK and specific EU markets with OrthoPure XT and established white label manufacturing capabilities with a large global partner.
What management says
Tissue Regenix Group PLC (AIM:TRX, OTC:TSSNF) CEO Danny Lee and CFO David Cocke joined Proactive's Stephen Gunnion with details of the company's interim results, which show a strong recovery following the coronavirus (COVID-19) pandemic with revenues up 21% in constant currency.
Lee telling Proactive that Tissue also successfully completed Phase 1 of its facility expansion in the period and successfully completed development of two additional products to its portfolio.
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