Tissue Regenix Group (TRX) H1 2024 earnings summary

Executive summary

• Achieved eighth consecutive period of growth and seventh consecutive period of double-digit, half-on-half growth, with revenues up 16% year-over-year to $16.4m for H1 2024, driven by BioRinse and dCELL platforms.

• Adjusted EBITDA more than doubled to $1.1m, and the group posted a maiden pre-tax profit of $0.1m, reversing a $0.9m loss in H1 2023.

• Gross profit margin improved to 53% from 49% in H1 2023, reflecting operational efficiencies and favorable product mix.

• Cash position at $3.5m as of 30 June 2024, with increased inventory and expanded revolving credit facility to $6m to support growth.

• Continued execution of strategic growth pillars and operational flexibility despite market headwinds.

Financial highlights

• Group revenues increased to $16.4m (H1 2023: $14.1m), with BioRinse up 12% to $10.5m, dCELL up 34% to $4.2m, and GBM-V JV up 6% to $1.7m.

• Gross profit margin at 53% (H1 2023: 49%).

• Adjusted EBITDA profit reached $1.1m (H1 2023: $0.4m), margin at 6.7%.

• Maiden profit before taxation of $0.1m, compared to a $0.9m loss in H1 2023; basic and diluted loss per share improved to (0.40)c from (1.27)c.

• Cash and cash equivalents at $3.5m; increased revolving credit facility to $6m.

Outlook and guidance

• Positioned to continue above-market growth, supported by strong cash balance, operational improvements, and completion of Phase 2 San Antonio facility in 2025.

• Focus on obtaining regulatory approvals outside the US to scale business in new markets.

• Expansion plans include further capacity increases and entry into additional geographic regions.

• Board exploring further expansion opportunities, leveraging strong performance and cash position.