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Regenerative medical devices outfit Tissue Regenix (LON:TRX) saw sales for the six months ended 30th June rise by 61% to £5.6 million with gross margins improving by 12.1 percentage points to 56%. The group continued to book an EBITDA loss, but it narrowed to £3.5 million from £5.1 million during the same period of last year.
CEO Steve Couldwell commented that: “We have delivered a strong first half performance. I am pleased with the growing momentum across our business and we increased market penetration in our key clinical areas as a result of the good progress against our refined strategy. Central to our commercial success has been the strategic distribution agreements with Arthrex, for US distribution of the BioRinse portfolio, ARMS medical for the exclusive distribution of DermaPure in the Urogynaecology space and Pennine Healthcare, the first UK distribution agreement for our enlarged Group. We continue to increase our focus on commercial execution to drive the sales of both dCELL®, through DermaPure, and the growing demand for the BioRinse portfolio from direct and OEM customers.
“As the demand for our products continues to increase we are proactively reviewing our capacity capabilities to ensure that we can scale the business to meet future production requirements. We have identified a number of potential new commercial opportunities which we are actively pursuing and anticipate our current momentum will continue. We remain committed to our objective of being break-even in 2020.”
Shares in Tissue Regenix climbed by 10.06% to 9.63p.