For the year ended December 31, 2019, the regenerative medicine specialist posted a 12% rise in revenues to £13.03mln and narrowed its operating loss to £7.2mln from £8.69mln in the prior year.
The revenue rise was boosted by a 25% increase in sales of the company’s dCELL products in BioSurgery as well as a 5% increase in sales of its BioRinse products for orthopaedics and dentistry. The group’s joint venture, GBM-v, also saw its sales expand by 13% in the year to £2.08mln.
Post-period, Tissue Regenix said revenues in the first quarter of its current year had risen 18%, despite a cyberattack on its facility in San Antonio, Texas.
Looking ahead, the firm’s interim chairman Jonathan Glenn said in the results statement that there was “strong underlying demand” for the company’s product portfolio, and that a £14.62mln fundraising launched on May 22 will allow the group to “accelerate the planned capacity expansion” of its US manufacturing facility and capabilities.
However, interim chief executive Gareth Jones said, despite the group’s confidence in their long-term strategy, it was “unable to provide clarity on the financial outlook for 2020 until there is greater visibility around the impact of the [coronavirus] pandemic in the market”.