TIDMTRX
RNS Number : 3411L
Tissue Regenix Group PLC
05 September 2023
Prior to publication, the information contained within this
announcement was deemed by the Company to constitute inside
information as stipulated under the UK Market Abuse Regulation.
With the publication of this announcement, this information is now
considered to be in the public domain.
Tissue Regenix Group plc
('Tissue Regenix', the 'Group' or the 'Company')
Interim results for the six months ended 30 June 2023
Tissue Regenix Group plc (AIM: TRX), the regenerative medical
devices company, reports its unaudited interim results for the six
months ended 30 June 2023 ('H1 2023'). This was a period of
continued growth particularly within Tissue Regenix's BioRinse (R)
and dCELL (R) businesses, positioning the Group favourably for
growth in H2 2023.
Financial highlights
-- Group revenues increased by 19% to USD14.1 million (H1 2022:
USD11.8 million), driven by the strong performance of BioRinse and
dCELL
-- Gross profit for the period increased to 49% (H1 2022: 46%)
driven primarily by efficiencies from the Phase 1 expansion
-- Adjusted EBITDA profit* of USD0.4 million against an adjusted
EBITDA loss of USD0.5 million in H1 2022. This is a significant
achievement and the Group has now been profitable on an adjusted
EBITDA basis for the last twelve months
-- Cash position as at 30 June 2023 of USD4.1 million (30 June
2022: USD6.2 million), sufficient to support current business
growth plan
-- BioRinse portfolio returned sales of USD9.4 million (H1 2022:
USD7.8 million); a 20% increase against the comparative period
-- Sales for the dCELL portfolio, including DermaPure (R)
products and OrthoPure(R) XT , up 29% to USD3.1 million (H1 2022:
USD2.4 million)
-- Sixth consecutive reporting period of growth and the fifth
consecutive period of double-digit half-on-half growth compares
favourably to our markets which have grown in the mid-single
digits
*Adjusted EBITDA profit: profit before interest, taxes,
depreciation, amortisation, and share-based payments
Commercial and operational highlights
-- 15% year-on-year increase in processing throughput during H1
2023, as a result of the Phase 1 capacity expansion
-- 37% increase in finished product availability for the OrthoPure XT product in H1 2023
-- The reorganisation of the Group's US commercial operation for
the dCELL business continued to show growth across the regions. In
H1 2023, 25 new distributors were added for the dCELL line. The
benefits of this were seen in the 29% revenue growth which was
accompanied by an overall 24% increase in unit distribution. Sales
growth in the period was aided by contributions from OrthoPure
XT
-- Addition of a UK distributor for OrthoPure XT and
distribution agreements for China and Australia
Daniel Lee, Chief Executive Officer of Tissue Regenix Group plc,
said: "We are extremely pleased with the growth seen by the Company
in H1 2023, which is our sixth consecutive reporting period of
growth. We retain a strong cash position to support our current
business growth plans and we continue to reap the benefits and
efficiencies of the Phase 1 capacity expansion at our San Antonio
facility .
"We continue to see increased sales for our dCELL and BioRinse
product families which have contributed to our first 12 months of
profitability on an adjusted EBITDA basis. It has been a strong
period for Tissue Regenix, having outperformed the market in
respect of growth in our key businesses and in H2 2023 we look
forward to continuing our successes through additional partnerships
and product lines. We continue to build on our momentum and expect
2023 to be another year of above market growth."
Investor Presentation
Daniel Lee, Chief Executive Officer, and David Cocke, Chief
Financial Officer, will host a live online presentation relating to
the interim results via the Investor Meet Company platform at 4.30
p.m. BST today. The presentation is open to all existing and
potential investors.
Investors can sign up to Investor Meet Company for free and
register for the presentation here:
https://www.investormeetcompany.com/tissue-regenix-group-plc/register-investor
A copy of the interim results report will be made available on
the Company's website later today at www.tissueregenix.com
For more information :
Tissue Regenix Group plc www.tissueregenix.com
David Cocke, Chief Financial Officer Via Walbrook PR
FinnCap Group (Nominated Adviser and Broker) Tel: +44(0)20 7220 500
Emily Watts/Geoff Nash/George Dollemore
- Corporate finance
Nigel Birks/Harriet Ward - ECM
Walbrook PR Ltd Tel: +44 (0)20 7933 8780
Alice Woodings /Lianne Applegarth TissueRegenix@walbrookpr.com
About Tissue Regenix ( www.tissueregenix.com )
Tissue Regenix is a leading medical device company in
regenerative medicine. The Company's patented decellularisation
technology (dCELL(R)) removes DNA and other cellular material from
animal and human soft tissue, leaving an acellular tissue scaffold
not rejected by the patient's body that can be used to repair
diseased or damaged body structures. Current applications address
many crucial clinical needs in sports medicine, foot and ankle
injuries, and wound care. Tissue Regenix is headquartered in the UK
with its principal operations in the US.
In August 2017, Tissue Regenix acquired CellRight
Technologies(R). This biotech company specialises in regenerative
medicine and is dedicated to developing high-quality, innovative
tissue scaffolds to enhance healing opportunities in defects
created by trauma and disease. CellRight's human tissue products
may be used in spine, trauma, general orthopaedic, dental and
ophthalmological surgical procedures.
Tissue Regenix Group plc
Chair's Statement
Introduction
In 2021, we introduced our 4S strategy consisting of Supply ,
Sales revenue, Sustainability and Scale. These pillars have
remained the key performance indicators by which we measure the
business, and it is extremely pleasing to see the results that the
Group is now delivering. Led by the executive management, the
entire team at Tissue Regenix has shown what can be achieved when
all the different elements of the business are driving towards one
goal. While we are pleased with our achievements to date there
remains a lot of opportunities ahead of us.
We have created a commercially focussed global regenerative
medtech company in a high-growth sector focused on soft tissues and
bone, with a multi-billion-dollar addressable market opportunity in
the United States ('US') alone.
Our core product portfolio has two technology platforms:
-- dCELL: used to produce allograft (DermaPure) and xenograft
(OrthoPure XT) soft tissue products to promote healing and
regeneration; and
-- BioRinse: natural bone filler solutions verified to be
osteoinductive to stimulate and regenerate native bone growth.
These technologies have been used to create regenerative
products with applications in biosurgery, orthopaedics and
dentistry. In addition, we have broadened our range of services to
include distributing allograft tissue products outside of the US
and to utilise any excess tissue supply and provide value-added
services in offering tissue to other tissue processors.
Continued momentum in H1 2023
In this set of interim figures, we present our maiden adjusted
EBITDA profit for a six-month period, and we look forward to
continuing to build on this. In fact, the Group has been profitable
on an adjusted EBITDA basis for the last twelve months. This has
been achieved despite the continued investment into the Group,
which is critical for sustained and long-term growth.
Trading in the period has again been strong, with total revenues
up by 19% to USD14.1 million (H1 2022: USD11.8 million), driven by
the strong performance of both BioRinse and dCELL. Gross profit for
the period has increased to 49% (H1 2022: 46%) as the planned
efficiencies from the Phase 1 expansion flowed through. The cash
position of the Group as at 30 June 2023 of USD4.1 million (30 June
2022: USD6.2 million; 31 December 2022: USD5.9 million) supports
our current business growth plan. Combined with the revolving
credit facility that was increased to USD10.0 million in January
2023 (which is not required according to our business plan) the
Company's liquidity is strong.
Outlook for H2 2023
We have had a strong start to 2023 and the second half has
continued in the same vein. There are lingering issues in the
supply chain, with labour disruptions and the wider economic
uncertainties but the Company is managing these headwinds well. The
Board remains confident about the future as the product portfolio
continues to grow, the management team continue to deliver improved
performance, and the additional investment we made in the
facilities in 2021 ensures we are operationally geared to deliver
on our strategic plan. As we make strides in our regulatory and
commercial efforts outside of the US ('OUS'), we anticipate future
growth potential from these approvals and distribution agreements.
We continue to build on our momentum and expect 2023 to be our
first full year of profitability on an adjusted EBITDA basis.
Jonathan Glenn
Chair
Tissue Regenix Group plc
Business Review
As Chief Executive Officer it is always gratifying to say that
we have delivered upon a promise. At the 2022 year-end we stated in
our Annual Report, "we remain firmly on track for significant
growth in 2023." I am pleased to report that in H1 2023 we have
continued to make progress across all areas of the business but the
growth in our BioRinse and dCELL businesses has been particularly
pleasing. Our first half achievements position us favourably for
continued growth in H2 2023, which has already started well, and
the Board remains confident in meeting market expectations.
Based on the feedback from our customers, distributors and
partners, business pace is returning to levels last seen in 2019.
Supply chain delivery times, regulatory review delays and personnel
shortages continue to impact growth for all participants in the
healthcare market, but we are navigating our way through these
obstacles and showing growth ahead of industry comparators. Our
BioRinse business continues to expand with both existing and new
customers, driven mainly by our demineralised bone matrix ('DBM')
family, AmnioWorks(R) product line, and released donor tissue
('RDT').
Revenue
We ended H1 2023 with year-on-year sales up 19% at USD14.1
million (H1 2022: USD11.8 million) driven by strong performances in
both of our technology platforms; BioRinse and dCELL. The majority
of this revenue growth has been driven by the strength of our
products and our US distribution partners. We anticipate that our
international distribution partnerships for our allograft and
xenograft tissue products to contribute to revenue in 2024 and
beyond. Furthermore, this performance marks the sixth consecutive
reporting period of growth for the Group and the fifth consecutive
period of double-digit half-on-half growth.
The BioRinse portfolio returned sales of USD9.4 million (H1
2022: USD7.8 million); a 20% increase against the comparative
period. This growth was the result of continued and increased
demand for our diversified product portfolio with existing and new
customers, and expansion of our ability to provide RDT to various
strategic partners.
Sales for the dCELL portfolio, with our DermaPure products, were
up 29% to USD3.1 million (H1 2022: USD2.4 million) continuing the
positive trajectory in 2022. This was due to the increased
commercial activity resulting from the commercial reorganisation
efforts in the US as well as contributions from OrthoPure XT.
In Germany, the joint venture business, GBM-V, remained stable.
Donor supply limited sales revenue in H1 2023, which is expected to
be a temporary situation. The joint venture generated flat revenue
of USD1.6 million (H1 2022: USD1.6 million).
We have spoken on several previous occasions of our drive
towards profitability without compromising our growth, our market
position, or our R&D capacity. This is not an easy balance to
walk but it is one that we are managing successfully. In Q4 2022,
we reported adjusted EBITDA profitability, a milestone for the
organisation, and in H1 2023, we achieved an adjusted EBITDA profit
of USD0.4 million against an adjusted EBITDA loss of USD0.5 million
in H1 2022. This demonstrates our commitment to profitability in
2023 and beyond, and illustrates the Company's solid financial
position.
Operations: The 4S Strategy
Throughout the first six months of 2023 we continued to focus on
our 4S strategy: driving Supply, Sales revenue, Sustainability and
Scale. Our focus on tissue supply has enabled us to maintain
adequate inventories to meet all our processing needs through the
demand ebbs and flows experienced during the period. To maintain
this streamlined process, we decided to utilise any excess tissue
supply with value-added services and offer this tissue to other
tissue processors. This also provides the additional benefit of
optimising tissue sourcing relationships with our recovery partners
as well as improving sales revenue. Consequently, the management of
our tissue inventories has become another growth opportunity for
our organisation.
We continue to benefit from our Phase 1 capacity expansion as we
identify additional efficiencies in our San Antonio processing
operations. As a result, we have minimised the impact of staffing
issues experienced by ourselves and others in the industry. We
noted a 15% year-on-year increase in processing throughput during
H1 2023, and believe that there are further benefits to come. One
example of an efficiency improvement was moving release testing for
our franchise-leading DBM products to an alternative lab which
reduced release times by 12%. This will enable us to make more
products available and be more responsive to any increases in
market demand.
Our UK operation has responded to our increased commercial
efforts for the OrthoPure XT product. In H1 2023, production
increases resulted in a 37% increase in finished product
availability. We expect demand to increase as we work to further
increase supply in H2 2023 as well as our need to provide
additional capacity to meet this commercial growth.
Commercial development
Our commercial diversity has been the core of the organic growth
in H1 2023. Participation in multiple disciplines has minimised our
reliance on any single product line or sector whilst broadening our
market reach. The ability to remain responsive and proactive to our
customers' and strategic partners' needs is a cornerstone of
providing excellence in service when demand dictates. The growth
pillars of continuing to service our existing customers and
strategic partners, as well as adding new strategic partners in
markets within them, are core to our ongoing success.
The reorganisation of our US commercial operation for the dCELL
business continued to show growth across the regions with direct
and focussed management. In H1 2023, we added 25 new distributors
to the dCELL line alone. The benefits of this were seen in the 29%
revenue growth which was accompanied by an overall 24% increase in
unit distribution, especially the premium value units. ARMS
Medical, our urological/gynaecological sales partner, experienced
9% growth in H1 2023 over the same period in 2022.
Yet another growth pillar for our organisation is to begin
efforts to more broadly distribute allograft tissue products OUS.
We have been successful in developing a strong distribution network
in the US and we look forward to replicating this model and growing
our market share in other jurisdictions. We have identified several
parties to distribute human tissue products in the European Union
('EU') and the United Kingdom ('UK'). We anticipate initiating
distribution in H2 2023 pending the completion of regulatory
approvals for the EU and other markets outside the US.
During the first half of 2023 the OrthoPure XT product continued
to gain adoption in our current EU markets. We continued to address
the global interest in the OrthoPure XT, the only non-human
biologic option for certain anterior cruciate ligament
reconstruction procedures. In the period, we announced the signing
of an UK distributor and distribution agreements for China and
Australia which will require additional regulatory and clinical
approvals. To support the adoption of this novel product we are
preparing a manuscript on the five-year clinical results from the
OrthoPure XT trial which will be submitted to a noted European
orthopaedic journal for publication.
The Group is continually looking for new areas to expand
distribution and intends to be well positioned for additional
global growth opportunities with both our allograft and xenograft
products in H2 2023 and beyond.
Share consolidation
In late April 2023, we implemented a 100:1 share consolidation.
The Board believed that a consolidation of the Company's Ordinary
Share Capital would result in a more appropriate number of shares
in issue for the Company. Further detail on the share consolidation
can be found in Note 4 of the interim statements.
Outlook
The growth we have seen in H1 2023 is a testament to the
dedication and passion of the entire team at Tissue Regenix. We
have had a strong start to H2 2023 and we expect this performance
to continue allowing us to deliver a profitable year on an adjusted
EBITDA basis. Our growth strategies revolve around building
opportunities with existing and new customers and broadening our
distribution opportunities wherever we see opportunities, both
within the US and across the globe. After the years of
reorganisation and rationalisation that we have gone through, the
recent periods have been immensely pleasing and I am hugely excited
about the future for Tissue Regenix.
Daniel Lee
Chief Executive Officer
Tissue Regenix Group plc
Financial Review
Revenue
During H1 2023, revenue increased 19% to USD14.1 million (H1
2022: USD11.8 million) due to a continued strong performance seen
across both technology platforms. The BioRinse division recorded a
20% increase in revenues at USD9.4 million (H1 2022: USD7.8
million), driven by strength in our core demineralised bone grafts
and increases in transfers of released donor tissue. The dCELL
division recorded a 29% increase in revenues to USD3.1 million (H1
2022: USD2.4 million) as the effects of the commercial
reorganisation that started in late 2021 continued to show positive
results in addition to sales of OrthoPure XT. Our German joint
venture, GBM-V, was stable to the prior period at USD1.6 million
(H1 2022: USD1.6 million), due to temporarily reduced donor tissue
availability which we believe to be a temporary issue.
Gross profit
Gross profit for H1 2023 increased to 49% (H1 2022: 46%) as the
efficiencies realised in the Phase 1 expansion flowed through to
the gross profit line. Gross profits are also up from the full year
ended 31 December 2022 level of 46%.
Loss for the year
The operating loss for H1 2023 reduced to USD0.2 million (H1
2022: USD1.2 million). As forecasted, the Group has become
profitable on an adjusted EBITDA basis for the period; an adjusted
EBITDA profit of USD0.4 million against an adjusted EBITDA loss of
USD0.5 million in H1 2022.
Finance charges for the period include USD0.25 million which
represents an exit fee on a portion of the 2019 term loan financing
with MidCap which became due and payable when the facility was
refinanced in January 2023.
R&D tax credits have decreased from historical levels which
was expected as more resources are directed away from the
development phase, and the business looks to commercialise more
products.
Cash position
The cash position of the Group as at 30 June 2023 was USD4.1
million (30 June 2022: USD6. 2 million; 31 December 2022: USD5.9
million). In January 2023, the Group elected to increase its
current revolving credit facility from USD5.0 million to USD10 .0
million and extend the maturity term to 2028. Repayment of the term
loan will be made in equal instalments commencing in 2024. Although
this financing is not dictated by the current business plan, which
is fully funded by the Group's current cash position, the
additional liquidity was considered to be a prudent measure.
Tissue Regenix Group plc
Condensed Consolidated Statement of Income
For the six months ended 30 June 2023
Unaudited Unaudited Audited
six months six months year ended
ended 30 ended 30 June 31 December
June 2022 2022
Notes 2023 USD'000 USD'000
USD'000
--------------------------------- ------- ----------- -------------- ------------
Revenue 2 14,098 11,836 24,476
Cost of sales (7,174) (6,415) (13,218)
--------------------------------- ------- ----------- -------------- ------------
Gross profit 6,924 5,421 11,258
Administrative expenses (7,158) (6,669) (13,268)
Operating loss (234) (1,248) (2,010)
Finance income 16 2 8
Finance charges (704) (401) (826)
--------------------------------- ------- ----------- -------------- ------------
Loss on ordinary activities
before taxation (922) (1,647) (2,828)
Taxation 61 60 232
--------------------------------- ------- ----------- -------------- ------------
Loss for the period (861) (1,587) (2,596)
--------------------------------- ------- ----------- -------------- ------------
Loss for the period attributable
to:
Owners of the parent company (893) (1,604) (2,695)
Non-controlling interest 32 17 99
--------------------------------- ------- ----------- -------------- ------------
(861) (1,587) (2,596)
--------------------------------- ------- ----------- -------------- ------------
Loss per Ordinary Share
Basic and diluted, cents per
share 3 (1.27) (2.28) (3.83)
--------------------------------- ------- ----------- -------------- ------------
Tissue Regenix Group plc
Condensed Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2023
Unaudited Unaudited Audited
six months six months year ended
ended 30 ended 30 31 December
June June 2022
2023 2022 USD'000
USD'000 USD'000
--------------------------------- ----- ----------- ----------- ------------
Loss for the period (861) (1,587) (2,596)
Other comprehensive income
Items that may be subsequently
reclassified to profit or loss:
Foreign currency translation
differences 186 (896) (653)
---------------------------------------- ----------- ----------- ------------
Total comprehensive loss for
the period (675) (2,483) (3,249)
---------------------------------------- ----------- ----------- ------------
Total comprehensive loss for
the period attributable to:
Owners of the parent company (707) (2,500) (3,348)
Non-controlling interest 32 17 99
---------------------------------------- ----------- ----------- ------------
(675) (2,483) (3,249)
--------------------------------------- ----------- ----------- ------------
Tissue Regenix Group plc
Condensed Consolidated Statement of Financial Position
As at 30 June 2023
Unaudited Unaudited Audited
as at as at as at
30 June 30 June 31 December
2023 2022 2022
Notes USD'000 USD'000 USD'000
------------------------------- ------- --------- --------- ------------
Assets
Non-current assets
Property, plant and equipment 5,755 5,701 5,740
Right-of-use assets 3,144 3,232 3,203
Intangible assets 15,129 15,001 15,061
------------------------------- ------- --------- --------- ------------
24,028 23,934 24,004
------------------------------- ------- --------- --------- ------------
Current assets
Inventory 11,358 10,066 10,882
Trade and other receivables 5,343 4,020 4,803
Corporation tax receivable 145 294 401
Cash and cash equivalents 4,064 6,172 5,949
------------------------------- ------- --------- --------- ------------
20,910 20,552 22,035
------------------------------- ------- --------- --------- ------------
Total assets 44,938 44,486 46,039
------------------------------- ------- --------- --------- ------------
Liabilities
Non-current liabilities
Loans and borrowings (5,958) (5,154) (5,258)
Deferred tax (460) (580) (520)
Lease liability (3,147) (3,287) (3,216)
(9,565) (9,021) (8,994)
------------------------------- ------- --------- --------- ------------
Current liabilities
Trade and other payables (5,148) (4,315) (5,510)
Loans and borrowings (250) - (1,000)
Lease liability (143) (123) (134)
------------------------------- ------- --------- --------- ------------
(5,541) (4,438) (6,644)
------------------------------- ------- --------- --------- ------------
Total liabilities (15,106) (13,459) (15,638)
------------------------------- ------- --------- --------- ------------
Net assets 29,832 31,027 30,401
------------------------------- ------- --------- --------- ------------
Equity
Share capital 4 15,950 15,950 15,950
Share premium 134,179 134,179 134,179
Merger reserve 16,441 16,441 16,441
Reverse acquisition reserve (10,798) (10,798) (10,798)
Reserve for own shares (1,257) (1,257) (1,257)
Share-based payment reserve 930 1,682 824
Cumulative translation reserve (1,772) (2,201) (1,958)
Retained deficit (123,022) (122,036) (122,129)
------------------------------- ------- --------- --------- ------------
Equity attributable to owners
of the parent company 30,651 31,960 31,252
Non-controlling interest (819) (933) (851)
------------------------------- ------- --------- --------- ------------
Total equity 29,832 31,027 30,401
------------------------------- ------- --------- --------- ------------
Tissue Regenix Group plc
Condensed Consolidated Statement of Changes in Equity
As at 30 June 2023
Reserve
Reverse for Share-based Cumulative
Share Share Merger acquisition own payment translation Retained Non-controlling Total
capital premium reserve reserve shares reserve reserve deficit Total Interest equity
USD'000 USD'000 USD'000 USD'000 USD'000 USD'000 USD'000 USD'000 USD'000 USD'000 USD'000
--------------- -------- -------- -------- ------------ -------- ------------ ------------ ---------- -------- ---------------- --------
At 31 December
2021
(audited) 15,947 134,173 16,441 (10,798) (1,257) 1,573 (1,305) (120,432) 34,342 (950) 33,392
--------------- -------- -------- -------- ------------ -------- ------------ ------------ ---------- -------- ---------------- --------
Transactions
with
owners in
their capacity
as owners:
Exercise of
share
options 3 6 - - - - - - 9 - 9
Share-based
payments - - - - - 109 - - 109 - 109
-------- --------
Total
transactions
with owners
in their
capacity as
owners 3 6 - - - 109 - - 118 - 118
--------------- -------- -------- -------- ------------ -------- ------------ ------------ ---------- -------- ---------------- --------
Loss for the
period - - - - - - - (1,604) (1,604) 17 (1,587)
--------------- -------- -------- -------- ------------ -------- ------------ ------------ ---------- -------- ---------------- --------
Other
comprehensive
income:
Currency
translation
differences - - - - - - (896) - (896) - (896)
--------------- -------- -------- -------- ------------ -------- ------------ ------------ ---------- -------- ---------------- --------
Total other
comprehensive
income for
the period - - - - - - (896) - (896) - (896)
--------------- -------- -------- -------- ------------ -------- ------------ ------------ ---------- -------- ---------------- --------
Total
comprehensive
income for
the period - - - - - - (896) (1,604) (2,500) 17 2,483
--------------- -------- -------- -------- ------------ -------- ------------ ------------ ---------- -------- ---------------- --------
At 30 June
2022
(unaudited) 15,950 134,179 16,441 (10,798) (1,257) 1,682 (2,201) (122,036) 31,960 (933) 31,027
--------------- -------- -------- -------- ------------ -------- ------------ ------------ ---------- -------- ---------------- --------
Transactions
with
owners in
their capacity
as owners :
Transfer to
retained
deficit In
respect
of lapsed,
expired
and exercised
options - - - - - (998) - 998 - - -
Share-based
payments - - - - - 140 - - 140 - 140
--------------- -------- -------- -------- ------------ -------- ------------ ------------ ---------- -------- ---------------- --------
Total
transactions
with owners
in their
capacity as
owners - - - - - (858) - 998 140 - 140
--------------- -------- -------- -------- ------------ -------- ------------ ------------ ---------- -------- ---------------- --------
Loss for the
period - - - - - - - (1,091) (1,091) 82 (1,009)
--------------- -------- -------- -------- ------------ -------- ------------ ------------ ---------- -------- ---------------- --------
Other
comprehensive
income:
Currency
translation
differences - - - - - - 243 - 243 - 243
--------------- -------- -------- -------- ------------ -------- ------------ ------------ ---------- -------- ---------------- --------
Total other
comprehensive
income for
the period - - - - - - 243 - 243 - 243
--------------- -------- -------- -------- ------------ -------- ------------ ------------ ---------- -------- ---------------- --------
Total
comprehensive
income for
the period - - - - - - 243 (1,091) (848) 82 (766)
--------------- -------- -------- -------- ------------ -------- ------------ ------------ ---------- -------- ---------------- --------
At 31 December
2022
(audited) 15,950 134,179 16,441 (10,798) (1,257) 824 (1,958) (122,129) 31,252 (851) 30,401
--------------- -------- -------- -------- ------------ -------- ------------ ------------ ---------- -------- ---------------- --------
Transactions
with
owners in
their capacity
as owners:
Share-based
payments - - - - - 106 - - 106 - 106
Total
transactions
with owners
in their
capacity as
owners - - - - - 106 - - 106 - 106
--------------- -------- -------- -------- ------------ -------- ------------ ------------ ---------- -------- ---------------- --------
Loss for the
period - - - - - - - (893) (893) 32 (861)
--------------- -------- -------- -------- ------------ -------- ------------ ------------ ---------- -------- ---------------- --------
Other
comprehensive
income:
Currency
translation
differences - - - - - - 186 - 186 - 186
--------------- -------- -------- -------- ------------ -------- ------------ ------------ ---------- -------- ---------------- --------
Total other
comprehensive
income for
the period - - - - - - 186 - 186 - 186
--------------- -------- -------- -------- ------------ -------- ------------ ------------ ---------- -------- ---------------- --------
Total
comprehensive
income for
the period - - - - - - 186 (893) (707) 32 (675)
--------------- -------- -------- -------- ------------ -------- ------------ ------------ ---------- -------- ---------------- --------
At 30 June
2023
(unaudited) 15,950 134,179 16,441 (10,798) (1,257) 930 (1,772) (123,022) 30,651 (819) 29,832
--------------- -------- -------- -------- ------------ -------- ------------ ------------ ---------- -------- ---------------- --------
Tissue Regenix Group plc
Condensed Consolidated Statement of Cash Flows
For the six months ended 30 June 2023
Unaudited Unaudited Audited
six months six months year ended
ended 30 ended 30 31 December
June June 2022
2023 2022 USD'000
USD'000 USD'000
------------------------------------------ ----------- ----------- ------------
Operating activities
Loss on ordinary activities before
taxation (922) (1,647) (2,828)
Adjustments for:
Finance income (16) (2) (8)
Finance charges 704 401 826
Depreciation of property, plant and
equipment 191 179 353
Depreciation of right-of-use assets 64 51 164
Amortisation of intangible assets 225 402 618
Share-based payments 106 109 249
Unrealised foreign exchange loss/(gain) 57 (315) (239)
------------------------------------------- ----------- ----------- ------------
Operating cash inflow/(outflow) before
movements in working capital 409 (822) (865)
Increase in inventory (476) (347) (1,163)
(Increase)/decrease in trade and
other receivables (540) 81 (702)
(Decrease)/increase in trade and
other payables (371) 71 1,249
------------------------------------------- ----------- ----------- ------------
Net cash used in operations (978) (1,017) (1,481)
Research and development tax credits
received 278 188 187
Net cash used in operating activities (700) (829) (1,294)
------------------------------------------- ----------- ----------- ------------
Investing activities
Interest received 16 2 8
Purchase of property, plant and equipment (217) (172) (381)
Capitalised development expenditure (224) (339) (709)
Net cash used in investing activities (425) (509) (1,082)
------------------------------------------- ----------- ----------- ------------
Financing activities
Proceeds from exercise of share options - 9 9
Proceeds from loans and borrowings - 661 1,708
Repayment of loans and borrowings (62) - -
Interest and fees paid on loans and
borrowings (522) (231) (450)
Lease liability payments (66) (53) (66)
Lease interest payments (143) (152) (291)
------------------------------------------- ----------- ----------- ------------
Net cash (used in)/generated from
financing activities (793) 234 910
------------------------------------------- ----------- ----------- ------------
Net decrease in cash and cash equivalents (1,918) (1,104) (1,466)
Cash and cash equivalents at beginning
of period 5,949 7,709 7,709
Effect of movements in exchange rates
on cash held 33 (433) (294)
------------------------------------------- ----------- ----------- ------------
Cash and cash equivalents at end
of period 4,064 6,172 5,949
------------------------------------------- ----------- ----------- ------------
Tissue Regenix Group plc
Notes to the Condensed Consolidated Financial Statements
For the six months ended 30 June 2023
1. Basis of preparation
This report was approved by the Directors on 4 September
2023.
The Company is domiciled in England and the Company's shares are
admitted to trading on the AIM market in the UK.
The Company has chosen not to adopt IAS 34 Interim financial
statements in the preparation of the condensed consolidated interim
financial statements.
The financial statements are presented in United States Dollar
('USD'). All amounts have been rounded to the nearest thousand
unless otherwise indicated.
The current and comparative periods to June have been prepared
using the accounting policies and practices consistent with those
adopted in the annual financial statements for the year ended 31
December 2022, and with those expected to be adopted in the Group's
financial statements for the year ending 31 December 2023.
Comparative figures for the year ended 31 December 2022 have
been extracted from the statutory financial statements for that
period which carried an unqualified audit report, did not contain a
statement under section 498(2) or (3) of the Companies Act 2006 and
have been delivered to the Registrar of Companies.
The financial information contained in this report does not
constitute statutory financial statements as defined by section 434
of the Companies Act 2006, and should be read in conjunction with
the Group's financial statements for the year ended 31 December
2022. This report has not been audited or reviewed by the Group's
auditors.
2. Segmental information
The following table provides disclosure of the Group's revenue
by geographical market based on the location of the customer:
Unaudited Unaudited Audited
six months six months year ended
ended 30 ended 30 31 December
June June 2022
2023 2022 USD'000
USD'000 USD'000
-------------- ------------ ------------ ---------------
US 12,134 10,228 20,711
Rest of World 1,964 1,608 3,765
--------------- ------------ ------------ -------------
14,098 11,836 24,476
--------------- ------------ ------------ -------------
Segmental information is presented below .
Unaudited
total
six months
dCELL BioRinse GBM-V Central ended 30
2023 2023 2023 2023 June
USD'000 USD'000 USD'000 USD'000 2023
USD'000
Income Statement
--------------------------------- -------------------- ------------ ----------- ----------- --------------
Revenue 3,114 9,373 1,611 - 14,098
--------------------------------- -------------------- ------------ ----------- ----------- --------------
Gross profit 1,572 4,822 530 - 6,924
--------------------------------- -------------------- ------------ ----------- ----------- --------------
Depreciation (3) (210) - (42) (255)
--------------------------------- -------------------- ------------ ----------- ----------- --------------
Amortisation - (225) - - (225)
--------------------------------- -------------------- ------------ ----------- ----------- --------------
Operating profit/(loss) 116 839 64 (1,253) (234)
Net finance income/(charges) 2 (701) - 11 (688)
--------------------------------- -------------------- ------------ ----------- ----------- --------------
Profit/(loss) before
taxation 118 138 64 (1,242) (922)
Taxation 1 60 - - 61
--------------------------------- -------------------- ------------ ----------- ----------- --------------
Profit/(loss) for
the period 119 198 64 (1,242) (861)
--------------------------------- -------------------- ------------ ----------- ----------- --------------
Unaudited
total
six months
dCELL BioRinse GBM-V Central ended 30
2022 2022 2022 2022 June
USD'000 USD'000 USD'000 USD'000 2022
USD'000
Income Statement
--------------------------------- -------------------- ------------ ----------- ----------- --------------
Revenue 2,413 7,825 1,598 - 11,836
--------------------------------- -------------------- ------------ ----------- ----------- --------------
Gross profit 1,074 3,738 609 - 5,421
--------------------------------- -------------------- ------------ ----------- ----------- --------------
Depreciation (5) (194) (2) (29) (230)
--------------------------------- -------------------- ------------ ----------- ----------- --------------
Amortisation - (402) - - (402)
--------------------------------- -------------------- ------------ ----------- ----------- --------------
Operating (loss)/profit (243) 50 85 (1,177) (1,285)
Net finance charges - (358) - (4) (362)
--------------------------------- -------------------- ------------ ----------- ----------- --------------
(Loss)/profit before
taxation (243) (308) 85 (1,181) (1,647)
Taxation - - - 60 60
--------------------------------- -------------------- ------------ ----------- ----------- --------------
(Loss)/profit for
the period (243) (308) 85 (1,121) (1,587)
--------------------------------- -------------------- ------------ ----------- ----------- --------------
Audited
total
year ended
dCELL BioRinse GBM-V Central 31 December
2022 2022 2022 2022 2022
USD'000 USD'000 USD'000 USD'000 USD'000
Income Statement
-------------------------------- -------------------- ------------ ----------- ----------- --------------
Revenue 5,301 16,049 3,126 - 24,476
-------------------------------- -------------------- ------------ ----------- ----------- --------------
Gross profit 1,829 8,258 1,171 - 11,258
-------------------------------- -------------------- ------------ ----------- ----------- --------------
Depreciation (10) (394) - (113) (517)
-------------------------------- -------------------- ------------ ----------- ----------- --------------
Amortisation - (618) - - (618)
-------------------------------- -------------------- ------------ ----------- ----------- --------------
Operating (loss)/profit (994) 678 409 (2,103) (2,010)
Net finance charges - (818) - - (818)
-------------------------------- -------------------- ------------ ----------- ----------- --------------
(Loss)/profit before
taxation (994) (140) 409 (2,103) (2,828)
Taxation 112 120 - - 232
-------------------------------- -------------------- ------------ ----------- ----------- --------------
(Loss)/profit for
the period (882) (20) 409 (2,103) (2,596)
-------------------------------- -------------------- ------------ ----------- ----------- --------------
3. Loss per Ordinary Share
Basic loss per Ordinary Share is calculated by dividing the net
loss for the period attributable to owners of the parent company,
by the weighted average number of Ordinary Shares in issue during
the period, excluding own shares held jointly by the Tissue Regenix
Employee Share Trust and certain employees.
Diluted loss per Ordinary Share is calculated by dividing the
net loss for the period attributable to owners of the parent
company, by the weighted average number of Ordinary Shares in issue
during the period adjusted for the dilutive effect of potential
Ordinary Shares arising from the Company's share options and
jointly owned shares.
The calculation of the basic and diluted loss per Ordinary Share
is based on the following data:
Unaudited Unaudited Audited
six months six months year ended
ended ended 31 December
30 June 30 June 2022
2023 2022 USD'000
USD'000 USD'000
--- ------------------------------- --- ------------- ------------ ---------------
Losses
------------------------------------ ------- ------------ ---------------- ---------------
Losses for the purpose of basic
and diluted loss per Ordinary
Share being net loss for the
period attributable to owners
of the parent company (893) (1,604) (2,695)
------------------------------------ ------- ------------ ------------ ----------------
Number Number Number
--- ------------------------------- --- ------------- ------------ ---------------
Number of shares
------------------------------------ ------- ------------ ------------ ----------------
Weighted average number of
Ordinary Shares for the purpose
of basic and diluted loss per
Ordinary Share 70,357,949 70,335,304 70,345,218
------------------------------------ ------- ------------ ------------ ----------------
Basic and diluted, cents per
share (1.27) (2.28) (3.83)
------------------------------------ ------- ------------ ------------ ----------------
Due to the losses incurred from continuing operations in the
periods reported, there is no dilutive effect from the existing
share options and jointly owned shares.
The information shown above has been restated to reflect the
share consolidation in all periods presented, which became
effective on 28 April 2023. See note 4.
4. Share capital
Unaudited Unaudited Audited
as at as at as at
30 June 30 June 31 December
2023 2022 2022
USD'000 USD'000 USD'000
-------------------------- --------- ---------- ------------
Allotted issued and fully
paid
Ordinary Shares of 0.1
pence 91 9,167 9,167
Deferred Shares of 0.4
pence 6,783 6,783 6,783
Class 2 Deferred Shares
of 9.9 pence 9,076 - -
---------------------------- --------- ---------- ------------
15,950 15,950 15,950
-------------------------- --------- ---------- ------------
The Ordinary Shares are fully paid and entitle the holder to
full voting rights, to full participation and to distribution of
dividends.
The Deferred Shares are not listed on AIM, do not give the
holders any right to receive notice of, or to attend or vote at,
any general meetings, and have no entitlement to receive a dividend
or other distribution other than to a return of capital in the
event of a winding up (and only after the holders of the Ordinary
Shares have received the sum of GBP1 million per share).
On 28 April 2023, the Company consolidated every 100 Ordinary
Shares of 0.1 pence each into one 'Consolidated Share'. Immediately
following the consolidation, each Consolidated Share was
sub-divided into one New Ordinary Share and one New Class 2
Deferred Share. The sub-division was structured in such a way that
each of the New Ordinary Shares retained the nominal value of 0.1p
each. The New Ordinary and Class 2 Deferred Shares have the same
rights as the existing Ordinary and Deferred Shares,
respectively.
Issued Ordinary Share capital
On 21 June 2022, the Company issued 2,717,391 Ordinary Shares of
0.1 pence each at a price of 0.0276 pence per share, raising gross
proceeds of USD9,203 (GBP7,500), in respect of the exercise of
share options.
Movements in share capital during the period were as
follows:
Class 2
Ordinary Deferred Deferred
shares shares shares
Number Number Number
--------------------------- ------------- ---------- -------------
At 1 January 2022 7,033,077,499 - 1,171,971,322
Allotment of shares 2,717,391 - -
----------------------------- ------------- ---------- -------------
At 30 June 2022 and 31
December 2022 7,035,794,890 - 1,171,971,322
Share issue 10 - -
----------------------------- ------------- ---------- -------------
Immediately prior to share
consolidation 7,035,794,900 - 1,171,971,322
----------------------------- ------------- ---------- -------------
Share consolidation 70,357,949 70,357,949 -
----------------------------- ------------- ---------- -------------
At 30 June 2023 70,357,949 70,357,949 1,171,971,322
----------------------------- ------------- ---------- -------------
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END
IR BCGDCUBGDGXS
(END) Dow Jones Newswires
September 05, 2023 02:00 ET (06:00 GMT)
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