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Tissue Regenix says sales in CellRight and BioSurgery divisions started year strongly

Published: 03:02 26 Mar 2018 EDT

Skin graft operation
CellRight made an operating profit of £277,000 in the four months it spent under Tissue Regenix’s ownership

Regenerative medtech company Tissue Regenix PLC (LON:TRX) said sales in both CellRight and BioSurgery have had a strong start to the year.

The board said trading in 2018 remains in line with its expectations.

In its full-year results statement covering 2017, the chief executive officer, Steven Couldwell, said the group had reached a significant inflection point as a commercial entity.

Following the acquisition of CellRight in August 2017,  the group now has two complementary regenerative technology platforms and a comprehensive product portfolio.

WATCH: Tissue Regenix focused on securing further strategic partnerships

Revenue in 2017 increased by 263% to £5.23mln from £1.44mln in 2016 (the comparative figures for 2016 are for an 11-month period), with CellRight contributing £2.17mln of that revenue.

The group’s Dermapure product saw sales increase 46% year-on-year to £1.9mln from £1.3mln.

CellRight made an operating profit of £277,000 in the four months it spent under Tissue Regenix’s ownership. The group as a whole made an operating loss before exceptional items of £9.7mln, versus a loss the year before of £11.1mln.

The loss before tax narrowed to £10.77mln from £10.95mln the previous year.

Cash absorbed by operations was £9.79mln, compared to £10.81mln the year before; the group ended 2017 with cash and cash equivalent of £16.42mln, up from £8.17mln at the end of 2016 following a £40mln fund-raising in August.

Since the end of the reporting period, the group has announced strategic partnerships with ARMS Medical for DermaPure and with Arthrex for the distribution of CellRight’s ‘BioRinse’ portfolio.

“Moving forward strategic partnerships of this nature will be of increasing importance to the company, as we look for ways to increase our market penetration and maximise our research and manufacturing capabilities to deliver differentiated products, and a long-term return on investment,” Couldwell said.

“With the initial integration of the companies now complete we are optimistic around the group's potential for 2018 and beyond," he added.

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