StockMarketWire.com - Regenerative medical devices company Tissue Regenix posted a full-year loss, after rising sales were more than offset by expenses.

Pre-tax losses for the year through December amounted to £7.7m, compared to losses of £8.9m on-year.

Revenue rose 12% to £13.0m, while gross profit edged up to £6.0m, from £5.9m.

Tissue Regenix said its revenue in the first quarter of the new financial year had increased 18%, despite cyberattack at its San Antonio facility.

Chief executive Gareth Jones said the company had implemented efficiency improvements, which manifested in donor throughput more than doubling during 2019 at the San Antonio facility.

The company, however, had also experienced manufacturing capacity constraints and operational challenges.

'We remain committed to assessing our ongoing operational cost base to ensure that funds are deployed in the most efficient manner and efficiencies maximised, as we work towards a position of break-even,' Jones said.

'We remain confident in our long-term strategy to grow the business.'

'However, whilst sales were not materially impacted during the first quarter of 2020 ... the board is unable to provide clarity on the financial outlook for 2020 until there is greater visibility around the impact of the Covid-19 pandemic in the market.'


At 9:03am: [LON:TRX] Tissue Regenix Group PLC share price was +0.01p at 0.43p



Story provided by StockMarketWire.com