Tissue Regenix flags first half in line with expectations

16th Jul 2024 15:37

(Sharecast News) - Regenerative medical device company Tissue Regenix reported a strong first-half performance in a trading update on Tuesday, in line with its own expectations.

The AIM-traded firm said group revenue for the six months ended 30 June were expected to be around $16.4m, a 16% increase from $14.1m in the same period in 2023, setting a first-half record.

That marked the seventh consecutive reporting period of growth for the group.

The 'BioRinse' segment continued to deliver solid growth in the first half of 2024, driven by increased efficiencies.

At the same time, the commercial reorganisation of the dCELL segment showed significant benefits, contributing to robust growth within the period.

Following the announcement of its first year of adjusted EBITDA profitability in 2023, Tissue Regenix said it expected to achieve further growth in adjusted EBITDA for the first half of 2024 compared to the same period last year.

The group said its cash position remained sufficient to support its current business expansion plans.

"After delivering maiden profitability with our 2023 numbers, it is particularly pleasing to announce another period of progress, not only financially but also operationally," said chief executive officer Daniel Lee.

"Our 4S strategy continues to deliver benefits, and our tactical growth pillars should drive further growth and deliver the results that are expected by our stakeholders.

"We are firmly committed and confident in keeping Tissue Regenix on its positive trajectory, which began in 2021."

At 1405 BST, shares in Tissue Regenix Group were down 9.46% at 67p.

Reporting by Josh White for Sharecast.com.