Trinity Biotech Publishes Fourth Quarter and Fiscal Year 2024 Financial Results & Provides a Business Update
- Revenue growth: Q4 2024 revenues increased 18.1% YoY to $15.9M
- Point-of-Care segment showed strong growth: 158% increase in Q4 2024 vs Q4 2023
- WHO approval obtained for offshore manufacturing of HIV tests
- Successful consolidation of manufacturing sites leading to reduced headcount and costs
- Additional $4.5M liquidity secured through amended credit agreement with Perceptive Advisors
- Cash balance improved to $5.2M in Q4 2024 from $3.7M in Q4 2023
- Net loss widened to $17M in Q4 2024 from $5.5M in Q4 2023
- Gross margin declined to 30.8% in Q4 2024 from 34.0% in Q4 2023
- Clinical laboratory revenue decreased 8.6% YoY in Q4 2024
- Expected significant revenue drop in Q1 2025 to $7-8M due to manufacturing transitions
- Increased financing expenses from $1.7M to $4.3M in Q4
- Dilution through ATM program with 4,081,403 ADSs sold for $8.3M gross proceeds
Insights
Trinity Biotech executing major restructuring with significant short-term revenue impacts, showing progress toward improved future profitability despite current losses.
Trinity Biotech's Q4 2024 results demonstrate a company in active transformation, with revenue of
What's particularly noteworthy is the substantial revenue fluctuation expected in Q1 2025 (projected at only
Despite the top-line growth, the company's financial condition remains concerning. Gross margin deteriorated to
Trinity's cash management shows improvement with their position increasing to
The contrasting performance between segments is revealing: Point-of-Care revenue surged
The extensive restructuring expenses (
Trinity Biotech's CGM development progresses amid major restructuring, with strong HIV test growth offsetting broader clinical diagnostics decline.
Trinity Biotech's continued advancement of their continuous glucose monitoring (CGM) technology represents a critical strategic initiative amid their broader company transformation. The recently completed pre-pivotal testing of their updated CGM sensor marks a significant development milestone, though specific performance metrics remain pending. This positions Trinity to potentially enter the rapidly expanding diabetes management solutions market, which represents a substantial growth opportunity beyond their traditional diagnostics portfolio.
What's technically significant is Trinity's product segment performance divergence. Their Point-of-Care portfolio demonstrated exceptional growth with a
Meanwhile, the hemoglobins product line – crucial for diabetes monitoring – showed mixed performance with a
The manufacturing consolidation efforts reflect a strategic reconfiguration of Trinity's production capabilities. Particularly noteworthy is the World Health Organization approval for offshore manufacturing of HIV tests in December 2024, enabling a more cost-effective production model. The successful transfer of manufacturing processes for hemoglobin testing from Kansas City to other facilities, along with the consolidation of autoimmune test production from Buffalo to Jamestown, demonstrates execution on complex technical transfers while maintaining regulatory compliance.
The company's investment prioritization is evident in their
DUBLIN, May 15, 2025 (GLOBE NEWSWIRE) -- Trinity Biotech plc (Nasdaq: TRIB) a commercial stage biotechnology company focused on diabetes management solutions and human diagnostics, including wearable biosensors, today announced results for the quarter ended December 31, 2024 and the fiscal year then ended.
Key Highlights and Developments
- Management continues to make significant progress on the execution of the profitability focused initiatives announced in 2024 as part of its Comprehensive Transformation Plan, many of which are now completed or at the final stages of execution and expected to deliver near term profitability improvements:
- Consolidation & Offshore Manufacturing:
- We obtained World Health Organisation (“WHO”) approval in December 2024 to permit the later-stage manufacturing process of TrinScreen HIV and Uni-Gold HIV at our outsourced provider. This offshore manufacturing structure is now active, with an initial focus on Uni-Gold HIV.
- As previously announced, we planned to transfer some of the more technical aspects of production of both of our rapid HIV tests to our offshore partner. This transfer has been successfully completed We have applied for WHO approval for this extended offshore production process for TrinScreen HIV and expect approval in Quarter 3 2025. We expect to apply for WHO approval for Uni-Gold HIV for the extended process shortly, with approval expected in late Quarter 3 2025. Once in place we expect these initiatives to be gross margin accretive.
- We continued to make significant progress in consolidating our main haemoglobin manufacturing activities that have historically been carried out at our Kansas City plant into two of our other sites. We have successfully transferred two of the major manufacturing processes to other Group sites and have significantly reduced headcount at our Kansas facility. The Kansas facility’s main manufacturing activities are now in wind-down which we expect to be fully completed by the end of 2025. However, in light of the uncertainty regarding international tariffs, these plans remain subject to change.
- As previously announced, we intended to consolidate the main manufacturing activities of our autoimmune test manufacturing site in Buffalo, New York into our Jamestown, New York site. We have successfully completed that site consolidation with a resulting significant reduction in headcount.
- Centralisation & Offshore Corporate Services:
- We have added additional functions to our new centralised corporate services site, with the resultant reduction in headcount in other locations.
- Consolidation & Offshore Manufacturing:
- Due to the significant aforementioned changes, Quarter 1 2025 was a transitional quarter as we focussed on delivering structural changes to drive long term profitability for the business. As a result, we deferred manufacturing of certain products while we changed manufacturing locations, with a resultant impact on Quarter 1 2025 revenue. In addition, given the uncertainty regarding demand for our rapid HIV tests as a result of the U.S. Executive Order on Reevaluating and Realigning United States Foreign Aid, we further pulled back HIV test production in Quarter 1 2025. Primarily as a result of these changes, we expect our Quarter 1 revenue for 2025 to be within the range of US
$7.0 million to US$8.0 million , which is substantially below the Quarter 1 2024 revenue. As our new more efficient manufacturing structure ramps up, and much of the uncertainty regarding the demand for our rapid HIV tests has dissipated with us seeing strong demand for future orders, we expect our revenues to increase back up to a comparable level to 2024 over the course of late Quarter 2 to Quarter 3 2025, but with much improved profitability compared to the prior year.
Diabetes CGM Developments
- We continue to progress the development of our next generation continuous glucose monitoring (“CGM”) solution for diabetes management.
- We have recently completed a further round of pre-pivotal testing on our updated CGM sensor. We are currently analysing the results from that trial and expect to announce the results from that trial in due course.
Fourth Quarter Results
Total revenues for Q4, 2024 were
2024 Quarter 4 | 2023 Quarter 4 | Increase/ (Decrease) | |
US$’000 | US$’000 | % | |
Clinical laboratory | 10,313 | 11,279 | ( |
Point-of-Care | 5,544 | 2,149 | |
Total | 15,857 | 13,428 | |
Our Point-of-Care (‘PoC’) portfolio generated revenue of
Our clinical laboratory revenue was
Gross profit for the quarter was
Net loss for the quarter was
Liquidity
The Group’s cash balance increased to
At the Market Program
On July 12, 2024, the Company entered into an At the Market Offering Agreement with Craig-Hallum Capital Group LLC, as sales agent. As of December 31, 2024, the Company had sold 4,081,403 ADSs under the ATM Program, for aggregate gross proceeds of
Fiscal Year 2024 Results
Total revenues for continuing operations for fiscal year 2024 were
Full Year 2024 | Full Year 2023 | Increase/ (Decrease) | |
US$’000 | US$’000 | % | |
Clinical laboratory | 44,122 | 47,741 | ( |
Point-of-Care | 17,433 | 9,091 | |
Total | 61,555 | 56,832 | |
Clinical laboratory revenues decreased by
Point-of-Care revenues for the year 2024 grew strongly (+
Gross profit for 2024 amounted to
Total loss for 2024 amounted to
Research and development expenses increased from
Selling, general and administrative expenses decreased for 2024 by
Net financing expense at
Further Amended Credit Agreement with Perceptive to Enhance Liquidity and Drive Comprehensive Transformation Plan
On May 14, 2025, the Company entered into an amended credit agreement with its primary lender, Perceptive Advisors. This amendment provides additional liquidity, further enhancing the Company’s near-term financial position as it advances its Comprehensive Transformation Plan and continues development of its innovative CGM technology.
Under the terms of the agreement, further additional liquidity in the amount of approximately
This summary of the amended credit agreement is qualified in its entirety by reference to the full agreement filed as an exhibit to the Company’s Form 6-K filed with the SEC on May 15, 2025.
Forward-Looking Statements
This release includes statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Reform Act”), including but not limited to statements related to Trinity Biotech’s cash position, financial resources and potential for future growth, market acceptance and penetration of new or planned product offerings, and future recurring revenues and results of operations. Trinity Biotech claims the protection of the safe harbor for forward-looking statements contained in the Reform Act. These forward-looking statements are often characterized by the terms “may,” “believes,” “projects,” “expects,” “anticipates,” or words of similar import, and do not reflect historical facts. Specific forward-looking statements contained in this release may be affected by risks and uncertainties, including, but not limited to, our ability to capitalize on the Waveform transaction and of our recent acquisitions, our continued listing on the Nasdaq Stock Market, our ability to achieve profitable operations in the future, the impact of tariffs on the Company’s revenues and raw materials purchases, the impact of the spread of COVID-19 and its variants, potential excess inventory levels and inventory imbalances at the company’s distributors, losses or system failures with respect to Trinity Biotech’s facilities or manufacturing operations, the effect of exchange rate fluctuations on international operations, fluctuations in quarterly operating results, dependence on suppliers, the market acceptance of Trinity Biotech’s products and services, the continuing development of its products, required government approvals, risks associated with manufacturing and distributing its products on a commercial scale free of defects, risks related to the introduction of new instruments manufactured by third parties, risks associated with competing in the human diagnostic market, risks related to the protection of Trinity Biotech’s intellectual property or claims of infringement of intellectual property asserted by third parties and risks related to condition of the United States economy and other risks detailed under “Risk Factors” in Trinity Biotech’s annual report on Form 20-F for the fiscal year ended December 31, 2024 and Trinity Biotech’s other periodic reports filed from time to time with the United States Securities and Exchange Commission. Forward-looking statements speak only as of the date the statements were made. Trinity Biotech does not undertake and specifically disclaims any obligation to update any forward-looking statements.
About Trinity Biotech
Trinity Biotech is a commercial stage biotechnology company focused on diabetes management solutions and human diagnostics, including wearable biosensors. The Company 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 and has recently entered the wearable biosensor industry, with the acquisition of the biosensor assets of Waveform Technologies Inc. and intends to develop a range of biosensor devices and related services, starting with a continuous glucose monitoring product. Our 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 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.
Trinity Biotech plc Consolidated Income Statements | |||||||||||
(US | Three Months Ended December 31, 2024 (unaudited) | Three Months Ended December 31, 2023 (unaudited) | Twelve Months Ended December 31, 2024 (unaudited) | Twelve Months Ended December 31, 2023 | |||||||
Revenues | 15,857 | 13,428 | 61,555 | 56,832 | |||||||
Cost of sales | (10,980 | ) | (8,861 | ) | (40,114 | ) | (37,382 | ) | |||
Gross profit | 4,877 | 4,567 | 21,441 | 19,450 | |||||||
Gross margin % | 30.8 | % | 34.0 | % | 34.8 | % | 34.2 | % | |||
Other operating income | (1,829 | ) | - | (1,787 | ) | 141 | |||||
Research & development expenses | (1,453 | ) | (1,117 | ) | (4,543 | ) | (4,379 | ) | |||
Selling, general and administrative expenses | (8,371 | ) | (6,939 | ) | (28,815 | ) | (31,152 | ) | |||
Selling, general and administrative expenses – Restructuring costs | (1,903 | ) | - | (4,181 | ) | - | |||||
Once off items | (1,872 | ) | (1,872 | ) | |||||||
Impairment charges | (962 | ) | (290 | ) | (1,408 | ) | (11,105 | ) | |||
Operating Loss | (11,513 | ) | (3,779 | ) | (21,165 | ) | (27,045 | ) | |||
Financial income | (903 | ) | 611 | - | 1,171 | ||||||
Financial expenses | (3,381 | ) | (2,337 | ) | (9,565 | ) | (11,053 | ) | |||
Net financing expense | (4,284 | ) | (1,726 | ) | (9,565 | ) | (9,882 | ) | |||
Loss before tax | (15,797 | ) | (5,505 | ) | (30,730 | ) | (36,927 | ) | |||
Income tax credit | (585 | ) | 3 | (486 | ) | 59 | |||||
Loss for the period on continuing operations | (16,382 | ) | (5,502 | ) | (31,216 | ) | (36,868 | ) | |||
Profit/(Loss) for the period on discontinued operations | (573 | ) | - | (573 | ) | 12,850 | |||||
Loss for the period (all attributable to owners of the parent) | (16,955 | ) | (5,502 | ) | (31,788 | ) | (24,018 | ) | |||
Loss per ADS (US cents) | (127.9 | ) | (71.8 | ) | (177.0 | ) | (313.8 | ) | |||
Diluted loss per ADS (US cents) | (127.9 | ) | (71.8 | ) | (177.0 | ) | (313.8 | ) | |||
Weighted average no. of ADSs used in computing basic earnings per ADS* | 13,259,461 | 7,665,514 | 17,959,674 | 7,654,970 | |||||||
Weighted average no. of ADSs used in computing diluted earnings per ADS* | 13,259,461 | 7,665,514 | 17,959,674 | 7,654,970 | |||||||
*As of February 23, 2024, Trinity Biotech changed the ratio of its American Depositary Shares (“ADS”) from one (1) ADS representing four (4) ‘A’ ordinary shares to one (1) ADS representing twenty (20) ‘A’ ordinary shares. The above loss per ADS calculations reflects this change.
Trinity Biotech plc Consolidated Balance Sheets | |||||
December 31, 2024 US$ ‘000 (unaudited) | December 31, 2023 US$ ‘000 | ||||
ASSETS | |||||
Non-current assets | |||||
Property, plant and equipment | 4,621 | 1,892 | |||
Goodwill and intangible assets | 51,343 | 16,270 | |||
Financial assets | 2,455 | - | |||
Deferred tax assets | 3,553 | 1,975 | |||
Derivative financial asset | 166 | 178 | |||
Other assets | 28 | 79 | |||
Total non-current assets | 62,166 | 20,394 | |||
Current assets | |||||
Inventories | 19,374 | 19,933 | |||
Trade and other receivables | 16,065 | 13,901 | |||
Income tax receivable | 518 | 1,516 | |||
Cash, cash equivalents and deposits | 5,167 | 3,691 | |||
Total current assets | 41,124 | 39,041 | |||
TOTAL ASSETS | 103,290 | 59,435 | |||
EQUITY AND LIABILITIES | |||||
Equity attributable to the equity holders of the parent | |||||
Share capital | 4,190 | 1,972 | |||
Share premium | 63,397 | 46,619 | |||
Treasury shares | (24,922 | ) | (24,922 | ) | |
Accumulated deficit | (79,117 | ) | (48,644 | ) | |
Translation reserve | (5,461 | ) | (5,706 | ) | |
Equity component of convertible note | 6,709 | 6,709 | |||
Other reserves | 23 | 23 | |||
Total deficit | (35,181 | ) | (23,949 | ) | |
Current liabilities | |||||
Income tax payable | 364 | 279 | |||
Trade and other payables | 26,782 | 12,802 | |||
Exchangeable senior note payable | 210 | 210 | |||
Provisions | 2,454 | 50 | |||
Lease liabilities | 2,285 | 1,694 | |||
Total current liabilities | 32,095 | 15,035 | |||
Non-current liabilities | |||||
Senior secured term loan | 72,391 | 40,109 | |||
Derivative financial liability | 1,658 | 526 | |||
Convertible note | 15,401 | 14,542 | |||
Lease liabilities | 10,477 | 10,872 | |||
Contingent consideration | 1,813 | - | |||
Provisions | 75 | - | |||
Deferred tax liabilities | 4,561 | 2,300 | |||
Total non-current liabilities | 106,376 | 68,349 | |||
TOTAL LIABILITIES | 138,471 | 83,384 | |||
TOTAL EQUITY AND LIABILITIES | 103,290 | 59,435 | |||
Trinity Biotech plc Consolidated Statements of Cash Flows | |||||||||||
Three Months Ended December 31, 2024 US$ ‘000 (unaudited) | Three Months Ended December 31, 2023 US$ ‘000 (unaudited) | Twelve Months Ended December 31, 2024 US$ ‘000 (unaudited) | Twelve Months Ended December 31, 2023 US$ ‘000 | ||||||||
Cash flows from operating activities | |||||||||||
Loss for the period | (16,955 | ) | (5,502 | ) | (31,789 | ) | (24,018 | ) | |||
Adjustments to reconcile loss to cash generated by/(used in) operating activities: | |||||||||||
Depreciation | 317 | 2 | 675 | 831 | |||||||
Amortisation | 109 | 460 | 1,190 | 946 | |||||||
Income tax credit | 585 | (3 | ) | 486 | (59 | ) | |||||
Financial income | - | (611 | ) | - | (1,171 | ) | |||||
Financial expense | 4,284 | 2,337 | 9,565 | 11,053 | |||||||
Share-based payments | 140 | (1,009 | ) | 1,316 | 2,069 | ||||||
Foreign exchange gains on operating cash flows | 708 | 385 | 1,010 | 238 | |||||||
Impairment charge | 962 | 290 | 1,408 | 11,105 | |||||||
Gain on sale of business | - | - | - | (12,718 | ) | ||||||
Other non-cash items | 7,010 | 2,602 | 6,863 | 2,548 | |||||||
Operating cash inflows/(outflows) before changes in working capital | (2,840 | ) | (1,049 | ) | (9,276 | ) | (9,176 | ) | |||
Net movement on working capital | 6,423 | 1,359 | 4,075 | (2,693 | ) | ||||||
Cash generated by/(used in) operations | 3,583 | 310 | (5,201 | ) | (11,869 | ) | |||||
Income taxes (paid)/received | (233 | ) | (65 | ) | 1,010 | 312 | |||||
Net cash generated by/(used in) operating activities | 3,350 | 245 | (4,191 | ) | (11,557 | ) | |||||
Cash flows from investing activities | |||||||||||
Payments to acquire intangible assets | (2,579 | ) | (641 | ) | (9,659 | ) | (1,901 | ) | |||
Acquisition of property, plant and equipment | (157 | ) | (250 | ) | (405 | ) | (803 | ) | |||
Payments to acquire financial asset | - | - | - | (700 | ) | ||||||
Proceeds from sale of business (net of transaction costs) | - | - | (12,904 | ) | 28,160 | ||||||
Net cash generated by/(used in) investing activities | (2,736 | ) | (891 | ) | 22,968 | 24,756 | |||||
Cash flows from financing activities | |||||||||||
Issue of ordinary share capital including share premium (net of issuance costs) | 545 | - | 7,391 | - | |||||||
Net proceeds from new senior secured term loan | 2,000 | - | 30,176 | 5,000 | |||||||
Expenses paid in connection with debt financing | - | - | - | (147 | ) | ||||||
Repayment of senior secured term loan | - | - | - | (10,050 | ) | ||||||
Penalty for early settlement of term loan | - | - | - | (905 | ) | ||||||
Interest paid on senior secured term loan | - | (1,129 | ) | (5,946 | ) | (7,314 | ) | ||||
Interest paid on convertible note | (75 | ) | (75 | ) | (300 | ) | (300 | ) | |||
Interest paid on exchangeable notes | - | (4 | ) | (8 | ) | (8 | ) | ||||
Payment of lease liabilities | (665 | ) | (558 | ) | (2,503 | ) | (2,318 | ) | |||
Net cash used in financing activities | 1,805 | (1,766 | ) | 28,810 | (16,042 | ) | |||||
Decrease in cash and cash equivalents | 2,419 | (2,412 | ) | 1,651 | (2,843 | ) | |||||
Effects of exchange rate movements on cash held | (92 | ) | (158 | ) | (175 | ) | (44 | ) | |||
Cash and cash equivalents at beginning of period | 2,840 | 6,261 | 3,691 | 6,578 | |||||||
Cash and cash equivalents at end of period | 5,167 | 3,691 | 5,167 | 3,691 | |||||||
Contact: Trinity Biotech plc Susan O’Connor (353)-1-2769800 | LifeSci Partners, LLC Eric Ribner (1)-646-751-4363 investorrelations@trinitybiotech.com |
RedChip Companies Inc. Dave Gentry, CEO (1)-407-644-4256 TRIB@redchip.com | |
