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Tissue Regenix Group (AIM:TRX) ("Tissue Regenix" or the "Group"), the regenerative medical devices company, announces its unaudited interim results for the six months to 30 June 2021.

Financial highlights

• Group revenues increased by 12% to £6.8m (H1 2020: £6.1m, at 21% constant currency)
• Orthopaedic and Dental division recorded a 26% increase in revenues (37% constant currency) to £4.3m (H1 2020: £3.4m), driven by strong underlying performance in the US market
• Gross profit of £3.1m (H1 2020: £2.9m), delivered at a 46% gross margin (2020: 46%)
• EBITDA loss reduced 48% to £1.1m (H1 2020: £2.1m) due to sales growth and tight expense management
• Cash position of £6.6m (H1 2020: £13.7m)

Commercial highlights

• US product shipments increased by 44% in H1 2021 compared with the same period in 2020

Operational highlights  

• Restructuring of US commercial operations providing savings of US c.$350k in H1 2021
• Phase one expansion of the San Antonio facility completed on time and on budget
• Both government backed loans (part of the COVID-19 relief programme) have been forgiven
• Appointment of David Cocke as Chief Financial Officer
• Trevor Phillips and Brian Phillips appointed to the Board as Independent Non-Executive Directors

Post balance sheet events

• Two additional products added to the Biosurgery portfolio, DermaPure Mesh and VNEW®

Daniel Lee, Chief Executive Officer of Tissue Regenix Group plc, said:  "I am proud of how the Group operated during a challenging 2020 and am encouraged by our strong H1 results, with the Group making good operational and commercial progress, as the world began its recovery from the COVID-19 pandemic.

"The additions of Brian Phillips and Trevor Phillips to the Board, as well as David Cocke as CFO, have brought together a strong, commercially focussed team to drive Tissue Regenix forward as the Group builds momentum following the pandemic. I am delighted to welcome them to the Board and look forward to working with them as we broaden the Group's portfolio and increase market penetration.

"I am incredibly pleased with the progress the Group has made in H1 2021 and look forward to this being further built on in H2. We are committed to creating long-term, sustainable value for shareholders and I am greatly encouraged by this promising set of results."

Investor Presentation

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

For more information

Tissue Regenix Group plc	www.tissueregenix.com Via Walbrook PR
David Cocke, Chief Financial Officer
Stifel Nicolaus Europe Limited (Nominated Adviser and Broker)	Tel:+44(0)20 7710 7600
Ben Maddison / Alex Price
Walbrook PR Ltd	Tel:+44 (0)20 7933 8780 [email protected]
Alice Woodings / Lianne Cawthorne

About Tissue Regenix

( www.tissueregenix.com )

Tissue Regenix is a leading medical devices company in the field of regenerative medicine. 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 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 soft tissue scaffolds that enhance healing opportunities of defects created by trauma and disease. CellRight's human osteobiologics may be used in spine, trauma, general orthopaedic, foot & ankle, dental, and sports medicine surgical procedures.