Tissue Regenix Group PLC (LON:TRX) is focused on the development and commercialisation of two proprietary processing technologies for the repair of soft tissue (dCELL®) and bone (BioRinse®). It has a broad portfolio of products used in biosurgery, orthopaedics and dental markets. Investment in tissue processing, manufacturing capacity and strong commercial partners, together with its “4S” strategy, has generated six consecutive reporting periods of strong growth, with TRX turning EBITDA-positive in 2023. New growth in 2024 will deliver a fully profitable, cash-generative, group. The cash will be invested to expand capacity even further through Phase 2, starting in 2025.
- Strategy: Tissue Regenix Group PLC is building a global regenerative medicine business around its proprietary technology platforms, underpinned by compelling clinical outcomes. Phase 1 of its investment programme has grown sales to a point where TRX is cash-generative, which will be used to expand capacity further with Phase 2.
- 2023 results: Sales rose 20%, to $29.5m ($24.5m), with BioRinse (+25%) the main growth driver, supported by dCELL (+17%). Operating efficiencies and good cost control saw TRX become EBITDA-positive in 2023. Gross cash was above forecast at $4.65m, with flexibility provided by a $10m revolving debt facility.
- Outlook: Management will continue to build on its successful “4S” strategy to drive sales growth and sustainability. The US remains the main driver, but TRX is looking to expand its geographical reach further in 2024 through commercial distribution agreements, accelerating the profitability and cash generation.
