StockMarketWire.com - Regenerative medical devices company Tissue Regenix posted a deeper annual loss as sales slipped and it wrote down the value of its CellRight Technologies business, acquired in 2017.

Pre-tax losses for the year through December amounted to £10.2 million, compared to year-on-year losses of £7.7 million, and included a £6.1 million impairment charge on CellRight.

Revenue fell 1.6% to £12.8 million, while gross profit fell 2% to £5.9 million.

'2020 was a challenging year, but under the circumstances, a successful period for the group and we are pleased to have maintained consistent revenues and gross profit despite the many challenges of Covid-19,' chief executive Daniel Lee said.

'The year was primarily highlighted by our financial performance relative to other industry participants, and securing the necessary funding to support the organisation and invest in the required capacity expansion programme.'

'Alongside this, we secured a number of additional distribution and white label agreements for organic growth in the US and extending our geographical outreach through the receipt of the CE Mark for OrthoPure which allowed us to begin our commercialisation efforts within the EU.'

'As Covid restrictions subside and with the backdrop of a material global backlog of elective surgeries, we expect strong growth in product demand in the second half of 2021 and are well positioned to capture and service this need with our extensive product lines.'


At 9:29am: [LON:TRX] Tissue Regenix Group PLC share price was 0p at 0.41p



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