Tissue Regenix Group says "disciplined approach" paying off at half-year stage
London, UK
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September 05, 2023 08:37 AM Eastern Daylight Time
Tissue Regenix Group PLC (AIM:TRX) chief executive Danny Lee and chief financial officer David Cocke speak to Thomas Warner from Proactive London after the regenerative medicine company released its interim results for the first six months of 2023. Cocke reports that the company reported a remarkable 19% growth, marking the sixth consecutive period of growth since the pandemic's onset.
Their BioRinse and T-cell segments demonstrated substantial growth, with the former up by 20% and the latter by 29%. Gross profit increased to 49%, owing to efficiency gains from their Phase One expansion. He suggests that the company's growth strategy, driven by a "disciplined approach" to supply, sales revenue, sustainability, and scale, has been fundamental to their success.
Lee also discusses the launch of a new product under the BioRinse brand, focused on producing safe, sterile tissue for sports medicine applications in the lucrative US market, estimated at approximately $300 million. The new product will primarily be used for tendon and ligament repairs in joints like the knee, ankle and elbow. Looking ahead, the company remains committed to continued growth, both in their core business and expansion into new markets, such as the United States.
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