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24% growth, £19.9m turnover in ‘immense’ year for Leeds medtech

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Tissue Regenix Group chairman Jonathan Glenn has called 2022 a year of “immense progress” as the Leeds-based regenerative medicines group grew revenues by 24 per cent and achieved profitability at EBITDA level in the fourth quarter.

Revenues for the full year to December 31, 2022, were US$24.5m (£19.9m), with sales of its BioRinse and dCELL products performing above the trend with growth of 26% and 25% respectively.

The loss for the full year was $2.6m/£2.1m, a marked improvement on 2021’s $5m/£4).

The medtech ended the period in a strong cash position with £4.8m in the bank, and also has access to an increased credit facility of US$10m.

The company said in its report that it is focused on its ‘4S strategy,’ covering supply, sales revenue, sustainability and scale.

Glenn added: “Execution of this strategy will continue to provide us with the opportunity to build shareholder value as we broaden our opportunities in regenerative medicine, addressing many critical unmet clinical needs around the globe,” said chairman Glenn.

The company’s annual report did note some caveats with regard to the long-term effects of the pandemic, staff shortages and supply chain challenges, but said that thanks to the success of its current product line, the pipeline of new products under development and the distribution base ithas established, the board is optimistic about the short and long-term future.

The company’s core BioRinse and dCELL products are used in orthopaedics, dentistry, wound care and artificial ligaments and have enjoyed particular success in the US market, where Tissue Regenix also has a significant San Antonio, Texas facility. The group had an average of 79 employees and six Directors over the course of 2022.

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