19 Mar 2024

Tissue Regenix Group plc (AIM: TRX), the regenerative medical devices company, announces its audited final results for the year ended 31 December 2023, with record revenues and a positive adjusted EBITDA* for the full year, a first for Tissue Regenix.

Financial Highlights

  • Top line revenue growth for the Group of 20%
  • This performance marks the sixth consecutive period of half-on-half, double digit revenue growth (averaging over 20% for the last three years)
  • BioRinse® revenues increased by 25% to USD20.1m (2022: USD16.0m), driven by growth in our flagship products and Released Donor Tissue
  • dCELL® revenues increased by 17% to USD6.2m (2022: USD5.3m) as the commercial reorganisation implemented in 2022 continued to mature
  • The Group's joint venture, GBM-V, grew modestly by 2% to USD3.2m (2022: USD3.1m)
  • Positive adjusted EBITDA of USD925k (2022 loss: USD626k), a first for Tissue Regenix
    • Driven by increased sales revenue and improved gross margin; aided by management of administrative expenses
  • Gross profit of USD14.0m (2022: USD11.3m)
    • Gross margin increased to 48% (2022: 46%)
  • Cash position at 31 December 2023 of USD4.7m (2022: USD5.9m)
    • Cash balance increased from H1 2023

Operational Highlights

  • Received approval from the Irish Health Products Regulatory Authority (IHPRA), allowing the Company to distribute tissue within the European Union from its third-party logistics partner in the Republic of Ireland
  • Announced an agreement with Spineart España SLU to distribute allograft tissue into Spain
  • Signed BioRinse agreements with five new strategic partners and six stocking distributors targeting the spinal and dental markets
  • Added 66 new distributors for dCELL in 2023, 206% greater than targeted
  • Signed an exclusive distribution agreement with Kingsung Medical Group, for the distribution of OrthoPure® XT in China and initiated the regulatory approval process for China
  • Signed distribution agreements for OrthoPure XT in the United Kingdom and Australia
  • Sourced 31% more musculoskeletal and dermis donors and released 38% more donors versus 2022

Jonathan Glenn, Chair of Tissue Regenix, commented: "2023 was another year of solid progress for the Group. We have seen record revenues, Tissue Regenix's first full year positive adjusted EBITDA, improved cash conversion and many operational highlights including further regulatory approvals, and new and improved relationships with our many partners. The diligent focus of our highly motivated team is allowing us to broaden the Group's capacity, continue to grow the business at an impressive rate and, importantly, build shareholder value. The Board of Tissue Regenix is confident and excited about the future and looks forward to further significant progress in 2024."

*Adjusted EBITDA: profit before interest, taxes, depreciation, amortisation, and share based payments

Annual Report and Accounts and Notice of Annual General Meeting (AGM)

As part of the Company's move to electronic reporting, the Annual Report and Accounts, notice of AGM and accompanying form of proxy, will be available later this morning on the Company's website, www.tissueregenix.com, in accordance with AIM Rule 20. For those who opted to receive hard copies of the Annual Report, these will be posted today.

The Company's AGM will be held at DLA Piper, 160 Aldersgate St, Barbican, London EC1A 4HT on 25 April 2024 at 11.00am. Shareholders are invited to ask the Board questions about the Annual Report and Accounts or the AGM by email emailing Walbrook PR at TissueRegenix@walbrookpr.com.

The results of the votes on the proposed resolutions will be announced by RNS as soon as practicable after the conclusion of the AGM.

Investor Briefing

Daniel Lee, Chief Executive Officer, and David Cocke, Chief Financial Officer, will host a live online presentation relating to the final results via the Investor Meet Company platform at 11.00am today. The presentation is open to all existing and potential shareholders.

Investors can sign up to Investor Meet Company for free and register for the presentation here:

https://www.investormeetcompany.com/tissue-regenix-group-plc/register-investor

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Disclaimer

IP Group plc published this content on 19 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 March 2024 14:53:06 UTC.