Hardman & Co Research on Tissue Regenix (TRX):

Turning profitable and cash-generative

TRX is focused on the development and commercialisation of two proprietary processing technologies for the repair of soft tissue (dCELL®) and bone (BioRinse®). It has a broad portfolio of regenerative medicine products for the biosurgery, orthopaedics and dental markets. 2022 results highlighted the benefits from recent investment in capacity and commercialisation, with the company turning EBITDA-positive in 4Q’22. Further strong growth is expected in 2023, with TRX becoming cash-generative and nearing profitability. Additional operating efficiencies have been identified, moving Phase 2 of the capacity expansion programme into 2025.

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