Tissue Regenix Group PLC (AIM:TRX, OTC:TSSNF) shares rose 3% after it said its first-half revenues grew in double digits, putting it on track to meet full-year forecasts.
The regenerative medical devices specialist said sales to June 30 were around US$11.8mln, up 25% year on year, or 27% at constant currencies.
Its cash position is sufficient to fund its growth ambitions, the group added.
In a trading update, TRX said the healthcare markets in the United States were beginning to return to pre-pandemic levels.
Investors were also told its BioRinse products continued their ‘robust growth’ and the commercial reorganisation of the dCELL line has begun to show benefits.
“[Tissue Regnix] is well-positioned to deliver persistently strong sales growth, which will drive margin expansion and highlight the low rating of the shares,” said research house Hardman in an update note.
It believes the shares, currently changing hands for 50p, are undervalued. Using an enterprise value to sales multiple of four times generates a valuation of £92mln, or 2.7-times the current market capitalisation.