Building a Leading Regenerative Medicines Business
Final results for the year ended 31 December 2023
March 2024
Disclaimer
This presentation, which has been prepared by, and is the sole responsibility of, Tissue Regenix Group plc (the "Company"), has been prepared solely in connection with the Company's Annual financial results for the 12 month period ended 31st December 2023. For the purposes of this notice, this "Presentation" shall mean the slides that follow, any oral presentation of the slides by the Company or any person on its behalf, any question-and answer session that follows any oral presentation, hard copies of this document and any materials distributed in connection with this Presentation. This Presentation, its contents and any information provided or discussed in connection with it are strictly private and confidential and may not be reproduced, redistributed or transmitted, directly or indirectly, to any other person or published, in whole or in part, for any purpose, without the prior written consent of the Company (provided that you may disclose this Presentation on a confidential basis to your legal, tax or investment advisers (if any) for the purposes of obtaining advice).
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of this notice and you acknowledge that you understand the legal and regulatory sanctions attached to the misuse or improper disclosure or distribution of this Presentation. | 2 |
Presenters
DANIEL LEE | DAVID COCKE |
Chief Executive Officer | Chief Financial Officer |
Joined Jan 2019, appointed to CEO in Nov 2020 | Joined Jan 2021 |
• Over 30 years' experience in medical device and biologics | • Over 30 years' experience in the medical device industry |
• Former President of US Operations at CellRight Technologies | • Founding partner of NuPak Medical, contract manufacturer of |
and Former CEO of Scaffold Biologics and Aperion Biologics | sterile disposable medical devices, former CFO at Aperion Biologics |
(2008-2017) and experience at Salomon Brothers and GE Capital |
- B.E.S in Materials Science and Engineering from the Johns Hopkins University and M.S. in Biomedical Engineering from the University of Alabama
- B.B.A. in Business Honors from the University of Texas at Austin and M.B.A. from the University of Virginia
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Company Overview
Pioneering medical technology company in the field of regenerative medicine
dCELL® & BioRinse®- two platform technologies utilising bone and soft
tissues for the treatment of numerous surgical and non-surgical indications
International manufacturing capabilities - US, UK & Germany
Extensive and expanding product portfolio
Strategic partnerships with industry leaders and market distributors
Multi-billion-dollar addressable market, transforming patient care and delivering favourable health economic outcomes
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2023 Highlights
Financial Highlights
Group revenues increased by 20% to $29.5m (2022: $24.5m)
Gross profit for the year increased to 48% (2022: 46%)
Adjusted EBITDA profit of $925k against an adjusted EBITDA loss of $626k in 2022
The cash position as at 31 Dec 2023 of $4.7m (31 Dec 2022: $5.9m)
- Cash position increased in the H2 2023
Divisional Revenue Highlights
To $20.1m (2022: $16.0m)
25% result of continued and increased demand for the diversified product portfolio with existing and new customers
17% | To $6.2m (2022: $5.3m) |
due to the increased commercial activity | |
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2023 Highlights
2023 Commercial and Operational Highlights
28% year-on-year increase in donor processing throughput during 2023, as a result of additional efficiencies realized from the Phase 1 capacity expansion
Addition of new BioRinse® product line for all sports medicine allografts and dCell® product line extensions for DermaPure® Mesh and VNEW
Regulatory approval of logistics partner for allograft distribution in the EU and signing of distribution partner in Spain
Distribution agreements for OrthoPure® XT in the UK, China and Australia
"4S" Strategy continues to drive the Group's strategy: Supply, Sales Revenue, Sustainability and Scale
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Core Product Portfolio and Line Extensions
High Growth Product Lines Focused On Bone, Soft and Birth Tissues
Processing | dCELL® | ||||||
Platform | (bone and birth tissue) | (soft tissue) | |||||
By revenue | $20.1m in 2023 | $6.2m in 2023 | |||||
(USD) | |||||||
Flagship / high | ConCelltrate® | AmnioWorksTM | DermaPure® | ||||
growth Products | |||||||
New product | • | Expansion of private label opportunities | • | Expansion of private label opportunities | • | DermaPure® Mesh 4 x 6 | |
line extensions | • | Sports medicine grafts | • | VNEW® M | |||
• | Foot / Ankle | • | Wound care | ||||
• | Hernia | ||||||
• | Spine | • | Ophthalmology | ||||
Applications | • | Plastic surgery | |||||
• | Dental | • | Wound care | ||||
• | Urogynaecology | ||||||
• | Orthopaedics | ||||||
• | Sports medicine | ||||||
✓ 100% Demineralized Bone Matrix | ✓ | Aesthetics | ✓ | Take - 99% DNA removal | |||
✓ | Sterile | ✓ | Integration | ||||
Differentiators | ✓ | Clinical outcomes | |||||
✓ | Each lot verified for osteoinductivity | ✓ | Handling | ||||
✓ | Stored at room temperature | 7 | |||||
✓ | Handling and use properties | ✓ | Stored at room temperature | ||||
Product Highlights
Annual | 2019 | 2020 | 2021 | 2022 | 2023 |
Growth | |||||
BioRinse | +1% | +11% | +33% | +26% | +25% |
dCELL | +20% | -21% | +0% | +25% | +17% |
GBM-V | +6% | +1% | +5% | +12% | +2% |
BioRinse- Strong sales growth in US market
- BioRinse US - exceptionally strong performance 25% growth from 2022
- Indicative of the continued confidence in our products
- Strong performance of distributors and strategic partners
dCELL - US reorganisation continues to reinvigorate sales growth
- Commercial reorganisation shows results-salesup 17% for 2023
- OrthoPure XT - market expansion of the only commercially available xenograft for sports medicine indications
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New Product Line Launches
DermaPure® | VNEW® M | |||||
Mesh 4 x 6 | Sports Medicine | |||||
Soft Tissue | ||||||
Product line extension and smaller version of product introduced in 2021
Meshed 3:1 is designed for greater
New processing protocols designed to minimize processing effects to produce sterile soft tissue products
Alternative precut dermal graft designed to facilitate pelvic organ prolapse (POP) repair procedures
surface area coverage | Meets market expectations and |
enables us to be more competitive |
Products requested by the market demand and our strategic partners will enable to us to continue to enhance our
growth potential in the near term
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Multi-Billion-Dollar Addressable Market
Global Bone Graft Substitutes market projected to grow at 6.1% CAGR to c. $6.0 billion by 2029
- Increase in prevalence of spinal fusion or other chronic diseases and trauma emergencies
- Market demand and growth returning to pre-pandemic levels
- Rise in awareness related to tissue engineering in global markets
- Key competitors include MTF, LifeNet, RTI Surgical, CTS, AlloSource and XTANT
DBM
U.S. Skin Substitute market projected to grow at 2.2% CAGR to c. $2.0 billion by 2028
- Focus areas are wound management, sports related injuries and uro-gynaecology
(through partnership with ARMS Medical)
- Key competitors include Integra, Organogenesis, MiMedx and ColoPlast
Types of | Allograft | |
Synthetic | Bone Graft | inc. |
Substitutes | cellular |
Xenograft
Global Soft Tissue Biologics market projected to grow at 5.0% CAGR to $3.9 billion by 2028
- Focus area is ligament repair
- Key competitors are MTF, LifeNet, RTI Surgical, CTS, AlloSource and Corin Group
Growing faster than the markets we compete in due to superior product performance, responsive customer service and
adaptability to client needs
Source: GRc Consulting
1 - https://reports.valuates.com/market-reports/ALLI-Auto-1B403/tissue-engineering
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Tissue Regenix Group plc published this content on 17 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 April 2024 09:55:00 UTC.