Trinity Biotech Announces It Has Begun Shipments of Its New HIV Screening Test, TrinScreen HIV to Kenya
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The commercial shipment of Trinity Biotech's new rapid HIV screening test, TrinScreen HIV, to Kenya represents a significant development in the company's operational expansion. This move aligns with the increasing demand for efficient HIV screening in sub-Saharan Africa, where the majority of the global HIV screening tests are conducted. The initial purchase order for 2.5 million tests, with a commitment for a total of 10 million tests, suggests a robust entry into the Kenyan market, which is one of the largest HIV screening programs in Africa.
Considering the global HIV screening market estimate of 150 million tests annually, Trinity Biotech's penetration into this market could substantially increase its revenue streams and market share. The adoption of the revised WHO guidelines by several African countries further indicates a potential for regional expansion beyond Kenya, leveraging the endorsement of TrinScreen HIV by the Kenyan Ministry of Health. Stakeholders should monitor Trinity Biotech's ability to maintain supply chain efficiency and manage the increased operational demands that come with scaling up to meet the full 10 million test commitment.
From a financial perspective, Trinity Biotech's initiation of TrinScreen HIV shipments is poised to have a considerable impact on the company's revenue, given the scale of the Kenyan HIV screening program. The disclosed financial backing by organizations such as Global Fund and USAID for the procurement of these tests provides a layer of security in revenue forecasting for 2024. It is important to assess the potential increase in Trinity Biotech's profitability margins, considering economies of scale that could reduce the cost per unit as production ramps up.
Investors should also evaluate the implications of this deal on Trinity Biotech's stock performance. The company's success in securing such contracts could lead to positive investor sentiment, driving stock value upward. However, it is essential to remain cautious and consider the potential risks associated with reliance on a single large contract and the need for a diversified customer base to mitigate country-specific and geopolitical risks.
The introduction of TrinScreen HIV into the Kenyan market is a strategic move that could have significant public health implications. Rapid HIV screening tests are crucial in areas with high HIV prevalence, as they enable early diagnosis and timely treatment, which is vital for controlling the spread of the virus. TrinScreen HIV's integration into the new HIV testing algorithm starting January 2024 will likely enhance the effectiveness of Kenya's HIV screening program.
It is critical to analyze the performance and reliability of TrinScreen HIV compared to existing tests. The product's accuracy, ease of use and speed of result delivery are key factors that will determine its adoption rate and overall impact on public health outcomes. Trinity Biotech's long-term success in the market will depend on the sustained performance of TrinScreen HIV in real-world settings and its ability to adapt to evolving health care needs and potential future revisions to testing guidelines.
DUBLIN, Ireland, Dec. 27, 2023 (GLOBE NEWSWIRE) -- Trinity Biotech plc (Nasdaq: TRIB) (the “Company”), a leading developer and manufacturer of diagnostic products for the point-of-care and clinical laboratory markets, today announces it has begun commercial shipments to Kenya of its new rapid HIV screening test, TrinScreen HIV.
The Kenyan HIV screening programme is one of the largest in Africa, with an estimated 10 million HIV screening tests performed annually. The Company has begun commercial shipments as part of the initial purchase order the Company received for 2.5 million tests, with further shipments under that purchase order scheduled for early 2024. Trinity understands that the Kenyan Ministry of Health has received commitments from all relevant sponsors (including Global Fund and USAID) to fund the procurement from the Company of all 10 million rapid screening HIV tests required by Kenya for 2024, and the Company expects to receive and fill additional purchase orders during 2024. The implementation of the new HIV testing algorithm, that includes TrinScreen HIV, is expected to start in January 2024.
“We are pleased to announce we have commenced shipments of TrinScreen HIV to Kenya, which is a major milestone for Trinity Biotech, who has been a key player in providing HIV tests to Africa for many years,” said John Gillard, Chief Executive Officer. “Several other countries in Africa are adopting the revised WHO guidelines which prompted the update in the Kenyan HIV testing algorithm. This adoption by Kenya is an endorsement of our new product, TrinScreen HIV, and provides Trinity Biotech with a significant opportunity to penetrate deeper into the HIV screening market across all of Africa. The total estimate for the global HIV screening market is 150 million tests annually, with the majority of testing conducted in sub-Saharan Africa.”
Forward Looking Statements
Certain statements made in this release that are not historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words “estimate”, “project”, “intend”, “expect”, “believe” and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties. Many factors could cause the actual results, performance or achievements of Trinity Biotech to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, but not limited to, the results of research and development efforts, the effect of regulation by the U.S. Food and Drug Administration and other agencies, the impact of competitive products, product development commercialization, continued listing on the Nasdaq Stock Market and technological difficulties. For additional information regarding these and other risks and uncertainties associated with Trinity Biotech’s business, reference is made to our reports filed from time to time with the U.S. Securities and Exchange Commission. We undertake no obligation to update or revise any forward-looking statements for any reason.
About Trinity Biotech Plc
Trinity Biotech develops, acquires, manufactures and markets diagnostic systems, including both reagents and instrumentation, for the point-of-care and clinical laboratory segments of the diagnostic market. The products are used to detect infectious diseases and to quantify the level of Haemoglobin A1c and other chemistry parameters in serum, plasma and whole blood. Trinity Biotech sells direct in the United States, Germany, France and the U.K. and through a network of international distributors and strategic partners in over 75 countries worldwide. For further information, please see the Company's website: www.trinitybiotech.com.
| Contact: | Trinity Biotech plc | LifeSci Advisors, LLC |
| Mícheál Roche | Eric Ribner | |
| (353)-1-2769800 | (1)-646-751-4363 | |
| E-mail: investorrelations@trinitybiotech.com |
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