Leeds-based medical device firm Tissue Regenix has revised its 2024 financial results after uncovering inaccuracies in inventory and cost of sales reporting. The adjustment shifted the company’s adjusted EBITDA from a previously reported $1.9m profit to a $1m loss.
The restatement also affects its 2025 half-year results, changing an earlier reported adjusted EBITDA of $200,000 to a $2.3m loss. In response, the company has announced changes to its leadership team. Daniel Lee has stepped down as chief executive, and executive chairman Jay LeCoque has taken on the role of acting CEO.
Former group finance director and current EMEA business director Kirsten Lund has been reappointed as chief financial officer.
The new leadership team is implementing a cost-reduction programme exceeding $2m to improve gross margins and EBITDA performance. A revised commercial strategy is also being rolled out to strengthen the company’s financial position and rebuild investor confidence.
