Portfolio news .

Tissue Regenix Group (AIM:TRX), the regenerative medical devices company, announces its final results for the year ended 31 December 2021.

Financial Highlights

• Returned to double digit revenue growth up 20% to US$19.7m (2020: US$16.5m) due to a strong performance in the US
  • BioRinse ®(orthopaedics and dental) revenue of US$12.7m, up 33% (2020: US$9.5m)
  • Joint venture GBM-v increased revenue of US$2.8m, up 5% (2020: US$2.6m)
  • dCELL^® (DermaPure®) sales remained consistent at US$4.2m (2020: US$4.2m)
• Gross Profit increased to US$8.5m (2020: US$7.5m)
• Operating Loss reduced to US$4.9m (2020: US$12.4m) 
• Cash balance at 31 December 2021 of US$7.7m, supports current business growth plan

Operational Highlights

• Completion of the Phase 1 facility expansion at the San Antonio, Texas facility, in June 2021 on time and on budget
• Launch of dCELL^® product line extensions; DermaPure® Meshed, VNEW™ and MatrixND™
• Reorganisation of the dCELL^®commercial operations to reinvigorate sales growth
• Successfully secured several new strategic partners and distributors resulting in a 36% increase in units shipped during 2021
• ISO 13485 accreditation for the Garforth, Leeds facility received in February 2021
• Completion of restructuring of the dCELL^®operations in January 2021 which will reduce the overhead cost base by c. US$700k on an annualised basis
• Sales for DermaPure® products to ARMS Medical were up 24%

Post balance sheet events

• Exercised option to increase the current revolving credit facility from US$3.0m to US$5.0m; provides financial flexibility
• Distribution agreement signed with Geistlich Biomaterials Italia for the distribution of OrthoPure XT in Italy

Daniel Lee, Chief Executive Officer of Tissue Regenix, commented:   "Our organisation continued to demonstrate success despite all the ongoing challenges associated with the pandemic. Our positive financial performance during such uncertain circumstances have set our trajectory to be even greater in 2022 as our Group and our partners emerge from under the pandemic's cloud that has limited our growth. With our focus on the 4S's - Supply, Sales Revenue, Sustainability and Scale - these will serve us in building shareholder value as we expand our opportunities and global growth in regenerative medicine. 2021 represented the first full year of my responsibilities as CEO of the Tissue Regenix Group and I am delighted by the progress the organisation has made."

 

Annual Report and Accounts and Notice of AGM

As part of the Company's move to electronic reporting, the Annual Report and Accounts, notice of AGM and accompanying form of proxy, will be available later this morning on the Company's website, www.tissueregenix.com , in accordance with AIM Rule 20. For those who opted to receive hard copies of the Annual Report, these will be posted today.

The AGM will be held at DLA Piper, 160 Aldersgate St, Barbican, London EC1A 4HT, on Tuesday 26 April 2022 at 1.00pm. At the time of writing there are no restrictions in place that would prevent us from holding a physical meeting and inviting all of our shareholders to attend, so we are proceeding on the assumption that we will be able to do so. The Board will, however, monitor developments closely in case the position changes and, if it does, we will notify you of any changes in our plans for the AGM both by a regulatory news service announcement and via our website at https://www.tissueregenix.com/. Shareholders are invited to submit any question to the Board about the Annual Report and Accounts or the AGM by contacting Walbrook PR at [email protected].

The results of the votes on the proposed resolutions will be announced by RNS as soon as practicable after the conclusion of the AGM.

For more information:

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

About Tissue Regenix (www.tissuergenix.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 damaged body structures. Current applications address many critical clinical needs such as in sports medicine, foot and ankle, 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 wound care scaffolds that enhance healing opportunities of defects created by trauma and disease. CellRight's human osteobiologics may be used in spine, trauma, general orthopaedic, dental, and ophthalmological surgical procedures.