Tissue Regenix Group PLC (AIM:TRX, OTC:TSSNF) battled the twin challenges of coronavirus (COVID-19) and foreign exchange ‘headwinds’ to meet management’s financial expectations.
In a trading update, the regenerative medical devices specialist said 2021 revenues were £14.4mln, up 13% year-on-year, or 20% at constant currencies.
The star performer of the portfolio was the BioRinse sterilisation product, which saw a 24% uptick in sales (34% at static exchange rates).
The company's cash position was £5.7mln on December 31, which it said supported its current business growth plan.
“By continuing to expand its product portfolio and increasing its processing efficiency and donor storage capacity, the company has delivered robust financial and operational performance in 2021,' chief executive Daniel Lee said.
“While we recognise the ongoing challenges of COVID-19, we continue to see strong demand for our products and are optimistic that this demand will continue to deliver sales revenue growth as we drive towards profitability."