Tissue Regenix losses narrow on cost cutting


Regenerative medical devices company Tissue Regenix posted a narrower first-half loss after it cut overheads.

Pre-tax losses for the six months through June amounted to £2.7m, compared to losses of £4.4m on-year.

Revenue was broadly flat at £6.1, but the overhead cost base was reduced to £5.5m, down from £7.1m.

Tissue Regenix had previously announced a relocation of its UK facility to Garforth, Leeds as part of ongoing cost cutting.

It had achieved some commercial milestones during the half year, including entering into a collaboration with a global healthcare company for white label manufacturing of a new soft tissue orthopaedic product.

'The first half of 2020 presented a number of challenges but, despite this, we achieved a number of milestones which will strengthen our market positioning going forward,' interim chief executive Gareth Jones said.

'Delivering revenues for the first half of the year comparable to the same 2019 period demonstrates that, despite Covid-19 related market disruption, demand for our products remains strong.'

'Due to the ongoing uncertainty around the Covid-19 restrictions, it remains difficult for the Board to provide forward looking guidance however, I am pleased with the progress that the company continues to make and remain confident in the future prospects of the business.'

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