Tissue Regenix in Leeds sees its revenues increase to £6.8m

Regenerative medical devices firm Tissue Regenix saw its revenues increased by 12 per cent to £6.8m for the six months to June 30, 2021.

An analytical scientist at work in the labs at Tissue Regenix.

The Leeds-based business said its orthopaedic and dental division recorded a 26 per cent increase in revenues to £4.3m, driven by strong underlying performance in the US market. It reported gross profit of £3.1m.

Daniel Lee, CEO of Tissue Regenix, said: "I am proud of how the group operated during a challenging 2020 and am encouraged by our strong first half results, with the group making good operational and commercial progress, as the world began its recovery from the Covid-19 pandemic."

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US product shipments increased by 44 per cent in the first half of 2021 compared with the same period in 2020.

During the period, the firm appointed David Cocke as chief financial officer. While Trevor Phillips and Brian Phillips were appointed to the board as independent non-executive directors.

Mr Lee said: "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 the first half of 2021 and look forward to this being further built on in the second half.

"We are committed to creating long-term, sustainable value for shareholders and I am greatly encouraged by this promising set of results."

The firm said while some uncertainty remains about the pace of the economic recovery and specifically with the rise of the Delta variant leading to potential volatility in elective procedural activity in certain key markets, it believes the impact of this will be less than that experienced the previous year.

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