Revenue and operating profits have increased at medtech innovator Tissue Regenix despite facing challenges including a failed sale attempt and market headwinds.
The Leeds-based regenerative tissue specialist, which also operates a Texas base, saw revenue increase to $28.6m in 2024, from $26.3m as it converted a $614,000 operating loss into a $349,000 operating profit. Pre-tax losses narrowed from $1.88m to $546,000.
Bosses said the business is now well placed to grow significantly in coming years, but cautioned about market uncertainty, in the US and further afield, as well as regulatory and financial headwinds. They said the focus was now on what it calls its '4S' strategy - supply, sales revenue, sustainability and scale.
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News of the 2024 performance follows Tissue Regenix's decision to abandon attempts to sell itself earlier this year. The firm had been looking for a suitor but struggled against valuations it felt did not represent its prospects or a company typical of the sector.
In a joint statement, chair Jonathan Glenn and chief executive officer Daniel Lee said the firm's BioRinse products would likely drive revenue growth but also said geographic reach of its dCELL and BioRinse portfolios may be tempered due to trading issues with the EU and other markets.
Mr Glenn said: "It has been another successful year for the group, reporting record adjusted Ebitda profitability and top line growth across all divisions. Our commitment to the 4S strategy and our growth pillars has provided a strong foundation for the business which now continues to deliver year-on-year.
"In November 2024, we announced a strategic review of the business which included soliciting offers for the company. During this review, it was determined that the company's valuation during this period bore no resemblance to Tissue Regenix's prospects or record of strong delivery.
"Despite varying degrees of interest in the company, the equity value could not be used as a basis for a strategic transaction, and the strategic review was concluded in April 2025. The board's priorities remain in the best interests of our shareholders, and we continue to look forward with a solid business that is constantly adapting to create greater efficiencies and deliver greater shareholder value.
"Finally, I would like to thank David for his contribution to the business over the last four years, a period in which the business has achieved profitability and consecutive record revenue growth. On behalf of the board and the group, I wish David all the best in his retirement."