During the first half, the regenerative medicines specialist streamlined its logistics network and enhanced its operational procedures, said chairman John Samuel, commenting on the company’s first-half results.
“These initiatives have enabled us to increase production capabilities within the San Antonio facility, the benefits of which will come to fruition in the second half of the year,” he added.
Tissue Regenix’s financial performance is likely to be second-half weighted as the aforementioned initiatives increase overall capacity, the company re-confirmed.
Still, it made a solid start as its sales rose £500,000 to £6.1mln during the six months ended June 30, boosted by revenues from its DermaPure skin repair product, which grew by 33% to £2mln.
Expansion plans are being backed by a £16.2mln (US$20mln) credit facility from MidCap Financial. At the end of the period the firm’s cash balance was £10.1mln following a £6.1mln drawdown from MidCap.
In common with companies at this formative stage of commercial development, Tissue Regenix was loss-making in the first half – to the tune of £3.6mln at the EBITDA level. That was broadly in line with the deficit this time last year.
Commercially, the group accelerated “US market penetration” in the early part of the year, while expanding the group purchasing coverage for DermaPure.
Operationally, it has begun a second shift for its BioRinse products, while improvements to the supply chain continued to deliver “efficiencies”.