Tissue Regenix Group (TRX) H1 2025 earnings summary

Executive summary

• Revenue declined 6% year-over-year to $13.8 million in H1 2025 due to commercial, regulatory, and reimbursement challenges, with softness in sales and ongoing commercial issues.

• Adjusted EBITDA fell to $0.2 million from $0.9 million in H1 2024, reflecting lower revenues and gross profit.

• Gross profit margin dropped to 42% from 55% in H1 2024, mainly due to increased inventory costs and lower production yields.

• Leadership changes include a new Executive Chairman and Interim CFO, with a renewed focus on commercial execution and cost structure review; two non-executive directors resigned.

• Strategic review concluded with no suitable offers; company to remain independent and focus on long-term sustainable growth.

Financial highlights

• Group revenues fell 6% in H1 2025 to $13.8 million; BioRinse down 7% to $9.8 million, dCELL down 4% to $4.0 million.

• OrthoPure XT sales increased 52% as traction builds in the EU.

• Adjusted EBITDA: $0.2 million (H1 2024: $0.9 million); loss before tax increased to $1.0 million.

• Gross profit margin at 42%, impacted by increased inventory costs and lower production yields.

• Cash collections remain strong at a 98% rate, with cash position at $1.1 million as of 30 June 2025.

Outlook and guidance

• Board and management are focused on strengthening commercial capabilities, cost discipline, and sustainable revenue growth.

• Positive demand signals for BioRinse and dCELL products, with growth anticipated as regulatory issues resolve.

• Regulatory delays, especially with Certificates to Foreign Governments, are expected to persist and impact export timing.

• Continued focus on geographic expansion, especially in EMEA, and new product launches.

• Inventory and cost of goods sold estimates under review, with updates expected by end of October.