Tissue Regenix enjoys a return to double-digit growth despite hurdles
WOUND SPECIALIST Tissue Regenix has reported a return to double-digit growth in 2021 after a year of “robust trading”, despite the challenges of the pandemic and foreign exchange headwinds.
The Leeds-based firm said that total revenue rose 13 per cent to £14.4m in the year to December 31 and it had a cash position of £5.7m at the year end, which will support its current business growth plan.
The firm said that its BioRinse (CellRight) division performed strongly in 2021, aided by the completion of the first phase of the expansion of the group’s manufacturing capacity in San Antonio, Texas.
Overall growth in the division was 24 per cent, thanks to a strong underlying performance in the US market.
Although the Delta variant of coronavirus hit sales revenue in the third quarter and early fourth quarter of 2021, trading in November and December rebounded from these temporarily reduced levels.
The Omicron variant has caused disruption in the US healthcare system and supply chains worldwide. The potential impact of this on the group remains unknown, but management is hopeful that any potential effects will be shortterm.
Daniel Lee, chief executive of Tissue Regenix, said: “2021 was another challenging year for healthcare due to the Covid variants. Despite these obstacles, Tissue Regenix performed admirably as it manoeuvred around the delay of elective surgeries, fluid healthcare guidance and directives, supply chain disruptions and personnel shortages.
“By continuing to expand its product portfolio and increasing its processing efficiency and donor storage capacity, the company has delivered robust financial and operational performance in 2021.
“While we recognise the challenges of Covid-19, we continue to see strong demand for our products and are optimistic that this demand will continue to deliver sales revenue growth as we drive towards profitability.”
2021 was another challenging year for healthcare. Daniel Lee, chief executive of Tissue Regenix