Tissue Regenix in Leeds expects revenue to reach £13m
Wound specialist Tissue Regenix said it expects to deliver revenue and earnings in line with its revised expectations after it was impacted by the limited availability of donor material and poorer yields.
Leeds-based Tissue Regenix, which uses animal and human tissue to replace damaged human body parts, anticipates revenue of £13m for the year ended December 31, 2019, an annual increase of 12 per cent.
The firm said the issues that dogged it in the first half of the year also impacted product availability and sales performance in the second half.
John Samuel, executive chairman of Tissue Regenix, said: “During 2019, the company has faced various operational challenges.
“However, we have increased utilisation and throughput of our US facility to meet the expected increase in demand for our products.
“Through both organic growth and collaboration with strategic partners, we remain confident in our ability to reach profitability, once our new facility becomes available.”
In November, the firm said it had renegotiated the terms of its lending facility with MidCap Financial Trust.
The facility was likely to breach one of its loan terms, Tissue Regenix said, based on the data available to the company.
successfully renegotiated the loan with MidCap Financial Trust, agreeing an immediate repayment of $5.5m of the outstanding term loan. MidCap has agreed to waive the prepayment fee and defer a portion of the exit fee.
The remaining balance of $2m of the term loan currently drawn down by the company will remain in place.