Despite facing challenges during this difficult time, Leeds-based medical device company Tissue Regenix has hailed “a number of milestones” in its interim results. The listed company reported revenue of £6.1 million for the six months to 30 June 2020, with a similar figure recorded in 2019. Meanwhile, Group EBITDA losses reduced to £2.1 million from £3.6 million the year before.
“The first half of 2020 presented a number of challenges but, despite this, we achieved a number of milestones which will strengthen our market positioning going forward. Delivering revenues for the first half of the year comparable to the same 2019 period demonstrates that, despite Covid-19 related market disruption, demand for our products remains strong,” said Gareth Jones, interim chief executive at Tissue Regenix Group.
During the period, medical companyTissue Regenix entered into a collaboration with a global healthcare company for white label manufacturing of a new soft tissue orthopaedic product. It also completed an equity fundraise of £13.8 million in June 2020.
“The recent fundraising has positioned us to capitalise on these opportunities, in particular, enabling us to commence the US facility capacity expansion project and to support our ongoing working capital requirements. Moreover, the launch of new products, in conjunction with an ever-increasing customer base, provides us with greater access to new markets and opportunities in the future,” added Gareth.
Following the year end, the company has revealed plans to relocate its UK head office and manufacturing facility to Garforth, and begun an expansion project at its site in the US.