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%.
Underlying losses [EBITDA] fell to £1.1mln (H1 2020: £2.1mln) due to the sales growth and tight cost management said the statement, while cash at the period end was £6.6mln.
“Market indications for a post-pandemic recovery are encouraging,” it said.
“Having completed Phase 1 of the expansion, which provided the increased capacity to deal with this demand, the group is now well-positioned to capitalise on opportunities in H2 2021.
“In addition, we will continue to strengthen our portfolio of products and identify opportunities for strategic partnerships.”