Focusing on the development of regenerative products
Annual Report and Financials
for year ended 31 December 2020
Stock Code: TRX
TISSUE REGENIX GROUP ("TISSUE REGENIX") IS AN INTERNATIONAL, PIONEERING MEDICAL TECHNOLOGY COMPANY
CONTENTS
Overview | 02 |
Who we are | 02 |
Highlights | 03 |
Chairman's statement | 04 |
At a glance | 08 |
Product pipeline | 09 |
Strategic report | |
Capacity Expansion Project | 10 |
Our markets | 12 |
Our divisions | 13 |
Business model | 14 |
Our strategic growth drivers | 16 |
Future milestones: | |
strategy in action | 20 |
Key performance indicators | 22 |
Our management team | 24 |
CEO | |
operational review | 28 |
Financial overview | 34 |
Risks | 38 |
Sustainability | 44 |
s172 statement | 46 |
Governance | |
Profile of the current Directors | 50 |
Corporate governance | 52 |
Directors' remuneration report | 58 |
Directors' report | 60 |
Statement of Directors' | |
responsibilities | 62 |
Financials | |
Independent Auditor's Report | 63 |
Consolidated statement | |
of comprehensive income | 69 |
Consolidated statement | |
of financial position | 70 |
Consolidated statement | |
of changes in equity | 71 |
Consolidated statement | |
of cash flows | 72 |
Notes to the consolidated | |
financial statements | 73 |
Company statement | |
of changes in equity | 97 |
Company statement | |
of financial position | 98 |
Company statement | |
of cash flows | 99 |
Notes to the Company | |
financial statements | 100 |
Notice of Annual General | |
Meeting | 105 |
01
TISSUE REGENIX GROUP PLC
WHO WE ARE
TISSUE REGENIX GROUP
Focusing on the development of regenerative products using our two platform technologies, dCELL®, addressing soft tissue needs, and BioRinse®, providing sterile bone allografts.
We are currently helping to transform the treatment of patients in key surgical applications: BioSurgery, Orthopaedics (sports medicine/spine), Dental, General, Plastic Surgery, Urology/Gynaecology, Ophthalmology, and Cardiac.
Investment case
01 | Two novel regenerative | |
medicine platforms for the | ||
treatment of soft tissues, | ||
02 | bone and birth tissues | |
International | ||
manufacturing | ||
capabilities | ||
03 | Expansive distribution | |
and commercialisation | ||
opportunities | ||
04 | Innovative product | |
portfolio and pipeline | ||
05 | Tissue processing | |
science and | ||
development expertise | ||
06 | Differentiated clinical | |
outcomes | ||
Our vision
To establish Tissue Regenix as a global leader in the science and innovation of regenerative medicine. Transforming patient care and delivering favourable health economic outcomes.
Our values
Dedication to
patients
Passion for
innovation
Drive for
excellence
Uncompromising
integrity
Group snapshot
- £12.8m revenue FY2020
- £9.6m cash at 31 December 2020
- £13.8m (net) equity fundraise, June 2020
- Capacity expansion programme commenced in San Antonio
- Distribution via strategic partners, direct specialist sales and distribution partners
- Two new product launches undertaken during 2020
02
ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020
HIGHLIGHTS
Financial
- Completed an equity fundraise via placement of ordinary shares raising net proceeds of £13.8m, June 2020
- Implemented cost reduction initiatives reducing the overhead cost base by £400,000
Revenue growth by product
Annual growth (including impact of FX)
FY18 | FY19 | FY20 | |
BioRinse® | 31% | 5% | 11% |
dCELL® | 79% | 25% | (22)% |
£12.8m
Group sales decreased (2019: £13.0m) -2%, driven by:
- Orthopaedics and Dental revenue of £7.4m, +11% (£2019: £6.7m)
- Joint venture GBM-v achieved sales of £2.1m (2019: £2.1m)
- DermaPure® sales decreased by 22% to £3.3m (2019: £4.2m)
£9.6m
Cash balance at 31 December 2020 (2019: £2.4m)
Operational
Operations
- Capacity expansion programme commenced in San Antonio, July 2020
- CE Mark approval for OrthoPure® XT, June 2020
- Relocation of UK facility to Garforth, Leeds, October 2020
- Operational improvement initiatives implemented at San Antonio facility
OVERVIEW
R&D, Clinical
- 19 new DermaPure® clinical case studies undertaken for new applications
- 2 case studies commenced for BioRinse® orthopaedic applications
- OrthoPure® XT prospective and two-year follow up clinical data white papers publicly available
- Continuation of OrthoPure® XT clinical data collection
Commercial
- New strategic collaboration with a top 10 global healthcare company for white label manufacturing
- EU and UK distribution agreements signed for OrthoPure® XT
- Additional commercial opportunities secured for growth product lines such as AmnioWorks™, diversifying the sales portfolio
Management / Governance
- Daniel Lee appointed as Chief Executive Officer
- Jonathan Glenn appointed interim Non-Executive Chairman
- Corporate governance review undertaken and initiatives being implemented
Post balance sheet events
-
Trevor Phillips and Brian Phillips
(no relation) appointed as Independent Non-Executive Directors - David Cocke appointed Chief Financial Officer, January 2021
- Restructuring of US Operations, estimated to save c.$700k on an annualised basis, January 2021
- Occupation of initial phase of the facility expansion in San Antonio, Texas, March 2021
- Jonathan Glenn appointed Non-Executive Chairman, February 2021
77 | 4 |
Product Line | |
employees | Extensions |
in Pipeline |
3 | 7 |
Global | |
Manufacturing | Countries |
Supplied to | |
Facilities | |
03
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Disclaimer
Tissue Regenix Group plc published this content on 28 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 April 2021 10:27:01 UTC.