Tissue Regenix Group PLC (AIM:TRX, OTC:TSSNF) said it is "optimistic" as it heads towards pre-pandemic activity levels backed by strong demand for its regenerative medicine products.
“This demand will drive sales revenue growth as the group moves towards profitability,” investors were told.
In 2021, the developer of biosurgery and orthopaedic technology posted double-digit growth as its revenues advanced 20% to US$19.7mln.
This resulted in a much-reduced operating loss, which fell to US$4.9mln in the 12 months ended 31 December from US$12.4mln previously.
Importantly, its cash position was US$7.7mln – enough to support its current business growth plan. It has recently also increased its revolving credit facility to £3.8mln (US$5mln).
Among the highlights of the year was the completion of the expansion of Tissue’s Texas facility on time and on budget last June. It also received official certification for its Leeds operation.
The company launched its dCELL product line extensions in 2021 and secured several new commercial partnerships. It has built on this momentum in recent weeks with a distribution agreement with Geistlich Biomaterials.
"Our organisation continued to demonstrate success despite all the ongoing challenges associated with the pandemic,” said chief Daniel Lee.
“Our positive financial performance during such uncertain circumstances have set our trajectory to be even greater in 2022 as our group and our partners emerge from under the pandemic's cloud that has limited our growth.”
The focus going forward (as it has been for the year just gone) will be supply, sales revenue, sustainability and scale, he added.
“These will serve us in building shareholder value as we expand our opportunities and global growth in regenerative medicine,” he said.