16th Oct 2025 15:56
(Alliance News) - Tissue Regenix PLC on Thursday saw its shares edge lower as it reported a restatement of earnings for financial 2024 and the first half of financial 2025 from a profit to a loss, pairing this with several board changes.
Shares in Tissue Regenix fell 6.3% to 8.43 pence on Thursday afternoon in London. They have fallen 84% over the past year.
The Leeds, England-based regenerative medical devices firm said there will be a restatement of financial 2024 adjusted earnings before interest, tax, depreciation and amortisation to a loss of USD1.0 million from USD1.9 million in earnings.
This comes after a review of financial inaccuracies in relation to the company's year-end inventory and cost of sales.
This restatement has had a "cascading effect" on the first half of 2025 adjusted Ebitda of USD200,000, said the company, which has been restated to an Ebitda loss of USD2.3 million.
Tissue Regenix said the restatement does not affect the company's revenue numbers for financial 2024.
Tissue Regenix also announced on Thursday changes to its board.
Chief Executive Officer Daniel Lee will leave the board with immediate effect.
Jay LeCoque, newly appointed executive chair of Tissue Regenix, will become the acting chief executive and executive chair with immediate effect.
Kirsten Lund, former Tissue Regenix finance director from 2019 until 2022, and currently EMEA business director and company secretary, has been re-appointed chief financial officer with immediate effect and will join the board shortly.
Tissue Regenix's new senior management team are initiating a cost reduction initiative of over USD2 million.
Cash position as of June 30 was USD1.1 million, with debt facilities of USD16.0 million of which USD10.4 million is drawn down.
LeCoque said: "Since joining the Group just 40 days ago on 7 September, we have undertaken significant changes to improve our financial, operational and commercial performance. I am aware that this restatement has caused immediate concerns for our shareholders and our priorities remain focused on delivering a sustained recovery for the business.
"The board remains confident that by executing on these plans, we can deliver on the group's potential to develop a great business that creates meaningful value for both patients and shareholders.
"I am pleased to welcome Kirsten back into her role as CFO and look forward to working with her to rebuild the financial and operational strength of this business. We remain committed to updating the shareholders on our progress as our new senior management team work together to refocus the Group on delivering sustainable, long-term earnings growth for our shareholders."
By Roya Shahidi, Alliance News reporter
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