LONDON: Tissue Regenix Group (AIM: TRX), a pioneer in regenerative medical devices, has reported its audited final results for the year ending December 31, 2023. The company has achieved record revenues and, for the first time, a positive adjusted EBITDA for the full year.
Financial Milestones:
The company has seen a top-line revenue growth of 20%, marking the sixth consecutive period of half-on-half, double-digit revenue growth, with an average of over 20% for the past three years. BioRinse® revenues surged by 25% to USD 20.1 million, driven by the growth in flagship products and Released Donor Tissue. dCELL® revenues also saw a significant increase of 17% to USD 6.2 million. The group’s joint venture, GBM-V, reported a modest growth of 2% to USD 3.2 million.
A notable financial highlight is the positive adjusted EBITDA of USD 925k, a reversal from the previous year’s loss of USD 626k. This achievement was propelled by increased sales revenue, improved gross margins, and effective management of administrative expenses. The gross profit stood at USD 14.0 million, with the gross margin increasing to 48%.
Operational Achievements:
Tissue Regenix has received approval from the Irish Health Products Regulatory Authority, enabling the distribution of tissue within the European Union from its logistics partner in Ireland. The company has also expanded its global footprint by entering into an agreement with Spineart España SLU to distribute allograft tissue in Spain.
The year 2023 saw the signing of BioRinse agreements with five new strategic partners and six stocking distributors, targeting the spinal and dental markets. The company added 66 new distributors for dCELL, which is 206% more than the targeted number.
Additionally, Tissue Regenix secured an exclusive distribution agreement with Kingsung Medical Group for OrthoPure® XT in China and initiated the regulatory approval process.
Further expanding its reach, the company signed distribution agreements for OrthoPure XT in the United Kingdom and Australia. In a significant operational boost, Tissue Regenix sourced 31% more musculoskeletal and dermis donors and released 38% more donors compared to the previous year.
The company’s cash position at the end of the year was USD 4.7 million, reflecting an increase from the first half of 2023.
Tissue Regenix’s remarkable performance in 2023 sets a new precedent in the regenerative medical devices industry, showcasing the company’s resilience and strategic growth amidst challenging market conditions.
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.”