Tissue Regenix Group: Strong Outlook In Orthopaedics
Edison | Jul 28, 2016 06:57AM ET
Tissue Regenix Group Plc (LON:TRX) investment story is built on dCELL, a versatile regenerative medical technology, and its potential across the subsectors: wound care, orthopaedics and cardiac implants.
Orthopaedics holds significant promise as the family of dCELL OrthoPure grafts is targeted at high-growth global markets where there are few effective alternatives. We have updated our sum-of-the-parts valuation model to £338m, a slight reduction due to revised product timeline launches, costs and revenue forecasts.
Orthopaedic sports medicine market potential
The global orthopaedics market is reportedly worth c $45.5bn and is growing at 35% pa. TRX is focused on 20% of that market – sports medicine and orthobiologics, specifically joint repair products (shoulder, knee and hip), which is estimated to be worth $2.1bn and growing at 7-14% pa.
Market expansion is being driven by growth in the population aged over 50 years old, rising obesity rates and increased participation in sports, leading to sport-related injuries. Overall, the market is moving in favour of soft tissue biological allografts, in search of alternatives to the gold-standard autografts of bone and soft tissue.
However, while orthopaedic metal implants prices are falling as they increasingly become commodity products, biologics are becoming increasingly attractive acquisition targets for medical device companies seeing price erosion in metal implants.
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