The Leeds-based firm saw gross profit remain steady at £5.9m, compared to £6m the previous year, with a 46 per cent gross profit margin. It also reported an operating loss of £9.8m, which was driven largely by a non-cash impairment charge of £6.1m arising from the annual impairment test on its CellRight Technologies.

Daniel Lee was appointed as CEO in November 2020.

He said: “I am honoured to have been appointed as CEO to lead the group through its next stages of development. 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.

“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 OrthoPureXT 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.

“Having been with the group for two years as president of US Operations, I was familiar with much of the business.

“However, since moving into this role, I can see expansive opportunities that lie before us to enable our global growth in regenerative medicine.”