Tissue Regenix Group PLC on Tuesday reported double-digit topline growth in the first half of 2023, as it announced the launch of a product line.
The Leeds, England-based medical device company said in the six months ended June 30, pretax loss narrowed to $922,000 from $1.6 million a year prior, as revenue jumped 19% to $14.1 million from $11.8 million the year before.
This was driven by a strong performance from its BioRinse and dCELL product lines, which returned sales of $9.4 million and $3.1 million respectively.
Chief Executive Officer Daniel Lee said: ‘We have had a strong start to [the second half of] 2023, and we expect this performance to continue, allowing us to deliver a profitable year on an adjusted earning before interest, tax, depreciation and amortisation basis.’
On Tuesday Tissue Regenix also announced it has launched its BioRinse product line in the US and internationally to target the $300 million sports medicine allograft market.
The BioRinse sterilisation technology platform produces sterile soft tissue products for tendon and ligament reconstruction.
Lee said: ‘The initial reaction of our commercial partners has been positive and will aid our commercial efforts in both the domestic and rest of the world markets.’
Shares in Tissue Regenix were up 5.2% at 52.60 pence each in London on Tuesday morning.
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