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Revenues increase to 47% pro forma to £11.6m

Up to $20m credit facilities secured

Tissue Regenix Group (AIM:TRX) ("Tissue Regenix" or "The Group") the regenerative medical devices company, today announces its annual results for the period ending 31 December 2018.

Financial Highlights

• Increased pro forma revenues by 47% to £11.6m (2017: £5.2m)
  • DermaPure - sales increased by 75% to £3.4m (2017: £1.9m) reflecting changes to sales strategy and infrastructure
  • Orthopaedics and Dental sales of BioRinse products grew 31% on a pro forma basis to £6.4m
  • GBM-v sales grew by 62% to £1.8m (2017: £1.1m)
• Gross profit increased to £2.6m (2016: £0.7m)
• Operating loss before exceptional items narrowed to £8.2m (2017: £9.7m)
• Cash at 31 December 2018 of £7.8m

Operational Highlights

• Signed initial US distribution agreement with Arthrex, Inc. for selected BioRinse products, which was extended in Q4 to include Europe
• Received Human Tissue Authority license for the import of human tissue products from the US to UK facility to support International sales growth
• Successful technical transfer of DermaPure production to San Antonio facility ahead of schedule
• Two year clinical data for OrthoPure XT submitted for CE mark
• Ongoing discussions with potential strategic partners

Corporate and Recent Highlights

• Credit facilities of up to $20m secured to invest in additional capital expenditure, to sustain future business growth, generate further clinical and health economic real world data to support brand differentiation within dCELL and BioRinse, and for general corporate and working capital purposes, as announced separately today
• Secured additional GPO agreement; coverage now at 95%
• Successful FDA audit of San Antonio facility

Current trading

The Company exited 2018 with a positive momentum and believes it can deliver continued growth in 2019 and beyond. This growth will be driven by its revised focus on the development of strategic partnerships, identified opportunities in additional geographic territories, and additional product launches in its pipeline. The Company continues to trade in line with management expectations for 2019, with a significant weighting towards the second half of the year due to a continued increase in supply across both the BioSurgery and Orthopaedics divisions in Q2, a strong order book and additional upcoming product launches.

Steve Couldwell, CEO, Tissue Regenix Group, commented:

"2018 was an extremely successful year for the Group, as we continued to expand the attractiveness of our product portfolio with both clinicians and procurement professionals.

"During the year, we significantly grew our top line sales whilst navigating through the integration of the acquisition of CellRight technologies, which completed in August 2017. We are now beginning to experience both commercial and operational synergies of combining the businesses.

"We have continued to develop our commercial partnerships and have a strong pipeline of both new product launches and product line extensions, which are expected in the near term.  We remain committed to optimising operations and have introduced new shift patterns to meet increasing demand. We are optimistic these benefits will continue into the future.

"The additional capital secured through the credit facilities allows us to focus on further scaling the manufacturing capacity of the business and pursue further partnership opportunities, driving the business trajectory towards self-sustainability.  With the commercial foundations now firmly set and the financial position of the Group stronger, I look forward to another year of exciting business development and continued business growth."

For more Information:

Tissue Regenix Group plc	Tel: 0330 430 3073 / 07920272 441
Caitlin Pearson, Head of Communications
Stifel Nicolaus Europe Limited (Nominated Adviser and Broker)	Tel:  0207 710 7600
Jonathan Senior / Alex Price / Ben Maddison
FTI Consulting	Tel: 0203 727 1000
Brett Pollard / Victoria Foster Mitchell / Mary Whittow

About Tissue Regenix

Tissue Regenix is a leading medical devices company in the field of regenerative medicine. Tissue Regenix was formed in 2006 when it was spun-out from the University of Leeds, UK. The company's patented decellularisation ('dCELL®') technology removes DNA and other cellular material from animal and human soft tissue leaving an acellular tissue scaffold which is not rejected by the patient's body and can then be used to repair diseased or worn out body parts. Current applications address many critical clinical needs such as sports medicine, heart valve replacement and wound care.

In November 2012 Tissue Regenix Group plc set up a subsidiary company in the United States - 'Tissue Regenix Wound Care Inc.', January 2016 saw the establishment of joint venture GBM-V, a multi- tissue bank based in Rostock, Germany.

In August 2017 Tissue Regenix acquired CellRight Technologies®, a biotech company that specializes in regenerative medicine and is dedicated to the development of innovative osteoinductive and wound care scaffolds that enhance healing opportunities of defects created by trauma and disease. CellRight's human osteobiologics may be used in spine, trauma, general orthopedic, foot & ankle, dental, and sports medicine surgical procedures.

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