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Tissue Regenix Group plc (AIM: TRX), the regenerative medical devices company, reports its unaudited interim results for the six months ended 30 June 2024 ('H1 2024'), delivering continued progress across many areas of the business and marking the Group's eighth consecutive reporting period of growth.

Financial highlights

• Group revenues increased by 16% to USD16.4 million (H1 2023: USD14.1 million), driven by strong performance in the key technology platforms BioRinse^® and dCELL^®
  • BioRinse sales increased 12% to USD10.5 million (H1 2023: USD9.4 million)
  • dCELL sales were up 34% to USD4.2 million (H1 2023: USD3.1 million), driven by the Group's DermaPure^® products
  • The Group's joint venture, GBM-V, generated revenues of USD1.7 million (H1 2023: USD1.6 million), an increase of 6%
    • Adjusted EBITDA* profit more than doubled to USD1.1 million (H1 2023: USD0.4 million)
    • Profit before taxation of USD0.1 million (H1 2023: USD0.9 million loss)
    • Gross profit increased to 53% (H1 2023: 49%; 31 December 2023: 48%) due to greater efficiencies and a favourable product mix
    • Cash position of USD3.5 million (H1 2023: USD4.1 million; 31 December 2023: USD4.7 million)
    • Eighth consecutive reporting period of growth and the seventh consecutive period of double-digit, half-on-half growth

Commercial and operational highlights

• A 29% year-on-year increase in tissue processing throughout H1 2024
• OrthoPure XT® sales initiated in the Swiss market with the Group's distribution partner, Geistlich Pharma
• Impressive growth for the dCELL division (34% H1 2024 vs H1 2023) due in part to the addition of 24 new distributors and shipping of 17% more units in H1 2024 versus the same period in 2023
• In June 2024, acquired the building in San Antonio that the Company has occupied since 2021 as part of the Phase 1 and 2 expansion plans
  • The Phase 2 expansion plans to provide additional operational capacity are fully funded by the current business plan, with completion anticipated in 2025
• Demineralised bone products ('DBM'), the major revenue contributor in the base BioRinse business, grew 26% during H1 2024
• Continued execution of the Group's 4S strategy and growth pillars

Jonathan Glenn, Chair of Tissue Regenix Group plc, said: "It has been another impressive half for the Group and I am pleased to report continued success through the execution of the Group's 4S strategy. The management team has done a stellar job of driving the business forward through headwinds in certain segments and continues to identify expansion opportunities geographically as well as through new surgical indications. During H1 2024, there has been continued growth across all business segments and an improvement in profitability from H1 2023. We retain a strong cash position to see us through our current business plans, including the Phase 2 capacity expansion of the Group's facility in San Antonio, which is expected to complete in 2025."

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

Investor Briefing

Daniel Lee, Chief Executive Officer, and David Cocke, Chief Financial Officer, will host a live online presentation relating to the interim results via the Investor Meet Company platform at 4.30pm today, Tuesday 10 September 2024. 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