Trinity Biotech Plc - TRIB STOCK NEWS

Trinity Biotech plc (Nasdaq: TRIB) held its Annual General Meeting (AGM) on September 30, 2022, at its headquarters in Bray, Ireland. Shareholders approved several resolutions, including:

• Increasing authorized share capital by 600 million A ordinary shares.
• Reappointing Grant Thornton as statutory auditors.
• Re-election of directors Aris Kekedjian, Michael Sung Soo Kim, and Seon Kyu Jeon.
• Renewing authority for share repurchases within prescribed limits.

However, Resolution 9 regarding treasury share re-allocation was not approved.

Trinity Biotech (TRIB) reported Q1 2022 revenues of $18.8 million, a 26.6% decline from $25.6 million in Q1 2021. Point-of-Care revenues increased 14.6% to $2.2 million, driven by higher HIV test sales in Africa. However, Clinical Laboratory revenues fell 29.9% to $16.6 million due to decreased COVID-19 product sales. Gross profit decreased to $7.3 million, with a gross margin of 38.7%, down 3.9% from last year. The company reported a Q1 loss after tax of $12.3 million compared to a profit of $1.6 million in the prior year. Adjusted EBITDA was $0.9 million.

Trinity Biotech (Nasdaq: TRIB) will report its financial results for Q1 FY2022 on June 30, 2022.

The company has scheduled a conference call at 11:00 AM ET on the same day to discuss these results. Interested parties can join by dialing in or via a webcast link provided in the release.

This call is crucial for stakeholders seeking insights into the company's performance amid ongoing challenges in the diagnostic market.

Trinity Biotech (Nasdaq: TRIB) has secured a CE Mark for its rapid Covid-19 antigen test, allowing its use across the European Union and other CE-recognizing countries. The test boasts a quick 10-minute result time, 99% sensitivity, and 99% specificity, providing a reliable alternative to current testing methods. Unlike traditional nasopharyngeal swabs, this test uses a less invasive anterior nasal swab, enhancing patient comfort. Manufactured in Bray, Ireland, the company aims to expand its testing portfolio while exploring regulatory approvals in other regions.

Trinity Biotech (Nasdaq: TRIB) announced the successful closing of a $45 million strategic investment from MiCo Ltd on May 3, 2022. This investment includes approximately 11.2 million ADSs priced at $2.25 each and a $20 million unsecured junior convertible note with a 1.5% interest rate. The funds will primarily be used to repay part of the company's $81.25 million term loan, potentially saving $4 million annually in interest. The investment aims to enhance Trinity Biotech's capital structure and facilitate growth opportunities in the diagnostics industry.

Trinity Biotech (TRIB) reported fiscal year 2021 revenues of $93.0 million, down 8.8% from $102.0 million in 2020. Point-of-Care revenues rose by 12.2% to $10.3 million, driven by HIV sales in Africa. Clinical Laboratory revenues fell 10.9% to $82.6 million, primarily due to a decline in PCR Viral Transport Media sales. Gross margins decreased to 41.0% from 47.6%. Operating profit before one-off items decreased to $13.8 million, with profit after tax at $0.9 million, contrasting with a loss of $6.4 million in 2020. Q4 2021 saw revenues drop 40.4% year-over-year to $19.5 million.

Dublin-based Trinity Biotech (TRIB) announced a strategic $45 million investment from MiCo Ltd, a KOSDAQ-listed biomedical company. This investment includes 11.2 million ADSs priced at $2.25 each, representing a 130% premium. MiCo will hold 29.9% of TRIB's voting shares. Additionally, a seven-year unsecured convertible note of $20 million at 1.5% interest will be issued. Funds will primarily reduce TRIB's $81.25 million loan, cutting annual interest costs by $4 million. The partnership aims to enhance TRIB's point-of-care diagnostics and leverage MiCo’s technology for growth.

Trinity Biotech (TRIB) has received WHO approval for its new HIV screening product, TrinScreen™ HIV. This rapid test yields results in under 12 minutes and targets a significantly larger market than its predecessor, with an estimated size exceeding USD 150 million. The company, known for its Uni-Gold™ HIV confirmatory test in Africa, anticipates strong sales growth due to enhanced brand reputation and an experienced marketing team. TrinScreen™ HIV will be produced at their Bray, Ireland facility, and there are potential opportunities in emerging markets globally.

Trinity Biotech (Nasdaq: TRIB) has successfully completed its refinancing, closing a $81.25 million senior secured term loan with Perceptive Advisors. This loan will help retire approximately $99.7 million of exchangeable senior notes issued by its subsidiary. The CEO expressed enthusiasm for partnering with Perceptive Advisors to advance the company's growth. Trinity Biotech specializes in developing diagnostic systems for point-of-care and clinical laboratory markets, with a global presence in over 75 countries.