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Trinity Biotech PLC (TRIB) specializes in innovative diagnostic solutions for global healthcare challenges, from infectious disease detection to diabetes management technologies. This news hub provides investors and healthcare professionals with essential updates on the company's strategic developments, regulatory milestones, and market positioning.
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Trinity Biotech (Nasdaq: TRIB) will announce its second quarter fiscal year 2022 financial results on November 3, 2022. A conference call is scheduled for the same day at 11:00 am ET to discuss the results. Interested parties can join via multiple dial-in options or access a simultaneous webcast. A replay will be available until November 10, 2022. Forward-looking statements in the release caution about various risks, including regulatory challenges and competitive pressures. Additional details can be found on their website.
Trinity Biotech plc (Nasdaq: TRIB) has appointed Tom Lindsay as an independent non-executive director, enhancing its Board of Directors with his extensive experience in the diagnostics sector. Lindsay brings over 35 years of expertise, including leadership roles in point of care diagnostics at Alere Inc. His consultancy in international diagnostics and position at Genedrive plc further complement his credentials. Meanwhile, two non-executive directors, Seon Kyu Jeon and Michael Sung Soo Kim, have departed the board, signaling a shift as the company seeks to bolster product development and distribution, particularly in Asia.
Trinity Biotech plc (Nasdaq: TRIB) appointed Aris Kekedjian as CEO effective October 3, 2022, succeeding co-founder Ronan O’Caoimh, who remains on the Board. Kekedjian brings over 30 years of leadership experience from General Electric and other companies. His role comes as Trinity Biotech seeks to transform in the diagnostic landscape, focusing on decentralized testing and digital health solutions post-COVID-19. His substantial options package aligns his interests with shareholders, reflecting a strategic shift in leadership aimed at fostering growth in a digitized diagnostic ecosystem.
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.
