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Leeds-based medical device company Tissue Regenix has reported a “positive financial performance” in its full-year results and is said to be well-placed for 2022.

The listed company reported revenue of $19.7m (£15.1m) for the year ended 31 December 2021, up from $16.5m (£12.7m) in 2020.“Positive” full-year results for medical device company

Operating losses reduced to $4.9m (£3.8m) from $12.4m (£9.5m) the previous year.

During the year, Tissue Regenix completed Phase 1 of the expansion of its manufacturing facility in San Antonio, Texas.

Daniel Lee, chief executive at Tissue Regenix, said: “Our organisation continued to demonstrate success despite all the ongoing challenges associated with the pandemic.

“Our positive financial performance during such uncertain circumstances have set our trajectory to be even greater in 2022 as our group and our partners emerge from under the pandemic’s cloud that has limited our growth.

“With our focus on the 4Ss – Supply, Sales Revenue, Sustainability and Scale – these will serve us in building shareholder value as we expand our opportunities and global growth in regenerative medicine.

“2021 represented the first full year of my responsibilities as CEO of the Tissue Regenix Group and I am delighted by the progress the organisation has made.”