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Tissue Regenix posts higher 2019 revenues, expects strong demand for product portfolio

The regenerative medicine specialist also saw its operating loss narrow to £7.2mln from £8.69mln in the prior year

Tissue Regenix Group PLC - Tissue Regenix posts higher revenues in 2019, expects strong demand for product portfolio

Tissue Regenix Group PLC (LON:TRX) has reported higher revenues for 2019 as the firm saw sales rise across all of its main business divisions.

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.

READ: Tissue Regenix receives CE mark for OrthoPure XT

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”.

Quick facts: Tissue Regenix Group PLC

Price: 0.33 GBX

AIM:TRX
Market: AIM
Market Cap: £23.21 m
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