Tissue Regenix Group (TRX) H2 2024 earnings summary

Executive summary

• Achieved 9% year-over-year revenue growth to $28.6m in 2024, driven by strong dCELL division performance and commercial reorganization efforts.

• dCELL division led growth with a 23% increase, supported by new distributors and expanded EU presence.

• Delivered record adjusted EBITDA, up over 150% from the prior year, and reported first-ever annual operating profit.

• Strategic review process concluded with decision to remain independent after no suitable offers, as share price was undervalued.

• Management remains focused on growth, profitability, and driving shareholder value.

Financial highlights

• Revenue rose to $28.6m from $26.3m year-over-year; group revenues increased by 9%, with dCELL up 23% and BioRinse up 4%.

• Adjusted EBITDA profit reached $1.9m, up from $0.7m in 2023, and operating profit of $349k achieved for the first time.

• Year-end cash position of $1.9m, down from $4.7m, with inventory levels increased to support growth.

• Inventories increased significantly due to regulatory delays impacting market openings.

• Loss for the period narrowed to $681k from $1.66m.

Outlook and guidance

• Positioned to maintain growth trajectory in 2025, with expectations for continued revenue and profitability improvements.

• Continued execution of '4S' strategy and growth pillars to drive operational flexibility and market expansion.

• Regulatory approvals anticipated to unlock new market opportunities and drive further growth.

• Cash balance supports existing growth plans; regulatory approvals and reimbursement remain key challenges for international expansion.

• Management remains focused on operational flexibility and efficiency to adapt to market changes.